A Budget Code allows the system to designate where a payment or refund is allocated. Budget codes are used within financial reporting to track those allocations, for auditing purposes, etc. Budget Codes can reflect any format that is currently used by your program or district Finance team/business office.
Follow the steps below to set up your program's Budget Codes:
- Point to Finance.
- Select Budget Codes.
- Select Add Code. The fields for Code Name and Code are required. The Description field is optional.
- Select Create.
Once a budget code has been added to the system, it may be attached to multiple locations when building your program offerings (i.e. enrichment Courses, Child Care Sites, Child Care Fee and Credit Adjustments and/or Facility Fee and Credit adjustments). When searching for a Code, it can be located using either the Code or the Code Name. Note: Any existing locations will not update when a new budget code is added. Those need to be changed manually to reflect the new code.
Deferred Budget Codes
It is possible to link deferred budget codes to their corresponding original code by indicating a revenue code is a deferred code when adding it. The system will require linking of an already existing regular code. When creating programs, always use the regular budget code. The financial reports will only use the corresponding deferred budget code when a payment is received in a previous fiscal year for an upcoming fiscal year. If a payment is entered after the first of the fiscal year, nothing will happen. Ledger entries only track deferred codes in relation to the next fiscal year.
When payments are received for programs using any module (i.e., Courses, Child Care, Facilities) the system will split amounts between the current fiscal year and the next fiscal year by utilizing current and deferred budget codes based on the dates of the record the transaction is paying for. For example, if a course section has 4 dates in this fiscal year and 4 dates in the next fiscal year the system will put 50% in the current budget code and 50% in the deferred budget code. This works the same for Child Care invoices and Facilities invoices.
Budget codes, including deferred budget codes, must be unique.
Adding Deferred Budget Codes
- Point to Finance.
- Select Budget Codes.
- Select Add Code. The fields for Code Name and Code are required. The Description field is optional.
- Indicate the code is a Deferred code.
- Add the Current Fiscal Year Budget Code.
- Select Create.