Welcome to General Accounting
The General Accounting office assists staff with accounting-related inquiries and processes journal vouchers and interdepartmental requisitions. In addition, our office provides support for the Controller’s Office including preparation of tax-related documents, preparation of financial statements and audit support, reconciling accounts, tracking fixed assets, accounting for debt service, and accounting for gifts and endowment/investment activity.
Guide to Understanding Accounting Codes
Clark University’s accounting system operates electronically and generates a general ledger and related subsidiary reports of monthly expenses and budget status. Each accounting entity is made up of four segments, or codes that define exactly to which department account funds are directed to, and from which account funds are being withdrawn.
Below are the types of accounting codes used in Banner.
The Fund code includes up to six characters indicating the type of fund to which the account belongs. The first two digits of the code indicate the fund source of the account.
- 10XXXX – Operating expenses. 10OPER, 10COPA, 10RENT, and 10HOUS all fall into this category.
- 15XXXX – Designated funds that are segregated from operational funds for reasons determined by management. Short term project, special events, and student organizations fall into this category.
- 20XXXX – Restricted spending accounts primarily funded by earnings from an endowment.
- 21XXXX – Funds restricted by donor for particular purposes. This category is also funded by earnings.
- 2AXXXX – 2ZXXXX, 23XXXX – 24XXXX – Federal, state, local, and private grants.
- 40XXXX – Student loan funds.
- 60XXXX – True endowments and funds functioning as endowments.
- 71XXXX – Annuity funds.
- 72XXXX – Unit trust funds.
- 80XXXX – Plant funds for the physical facilities of the University.
Organization Code (ORGN)
The Organization code (ORGN) primarily correlates to a departmental budget, and general indicates a department or a cost center or projects within a department. Some organizational codes are restricted to University revenues.
Program Code (PROG)
The program code is PROG.
Accounting Code (ACCT)
The Accounting code (ACCT) correlates to the exact expenditure of the account.
- 1XXX – Asset, referring to the balance sheet account.
- 2XXX – Liability, also referring to the balance sheet account.
- 3XXX – Control account to the General Ledger.
- 4XXX – Net asset and/or a fund balance.
- 5XXX – Revenues.
- 6XXX – Compensation, including payroll and fringe benefits.
- 7XXX – General expenditure account.
Capital Asset Policy
The Capital Asset Policy is designed to ensure a uniform understanding of Clark University’s capitalization policy for fixed assets.
Business and Financial Services at Clark University
General Accounting Office
Shaich Family Alumni and Student Center
Fourth Floor, Room 409
939 Main Street
Worcester, MA 01610
Monday – Friday
8 a.m. to 5 p.m.