Fund Accounting Profile

The PowerSchool ERP Fund Accounting Profile establishes important accounting elements that apply throughout all Financial Systems software packages, such as your organizational structure for budgeting and recording ledger transactions and the account code ranges reserved for specific purposes.

As you set up the profile, keep the following considerations in mind:

• You will want your account codes divided into ranges that distinguish a record in the Account List as an asset, fund equity, liability, revenue, or expenditure account. The profile includes fields for defining each account range.
• Your account ranges should follow the guidelines provided in the current edition of Governmental Accounting, Auditing, and Financial Reporting (GAAFR) or, if applicable, your state-mandated structure.
• One method for organizing your account codes is to preface every code with a letter to identify the range where it belongs. Using this approach, you might define asset accounts in the range A1000 to A9999, liability accounts as L1000 to L9999, fund equity accounts as F1000 to F9999, expenditure accounts as E1000 to E9999, and revenue accounts as R1000 to R9999.
• The Fund Accounting System uses alphabetic sequencing for codes in the Organization Chart and Account List, as opposed to numeric sorting. In the alphabetic sort sequence, the first character of a code is of primary importance. For example, code 100 sorts ahead of code 20. Also, codes beginning with a digit will always sort ahead of a code beginning with a letter.
• In the profile page's Fund/Accounts tab, you will need to define the account numbers for the control accounts which are used in tandem with fund (Organization Chart level 1) records to form the General Ledger. For each fund you use to record financial transactions, you need to add records to the General Ledger tying the fund to each of the profile's control accounts.

Menu Path:  System Administration > Administration > Profiles > Fund Accounting Profile