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PSU operates on a fund accounting basis. The focus of fund accounting is accountability rather than profitability and is generally used by not-for-profit organizations and government entities.
The FOAPAL string of codes is used to identify every transaction in BANNER. This system allows data to be sliced and diced in many different ways at will. The index code is a convenient shortcut to a particular FOAPAL string, however it is actually not needed for the BANNER accounting system to function properly. In other words, it’s not really an accounting term, merely a tool at PSU to reduce the amount of data entry for each transaction. The chart below breaks this acronym down by its component parts.
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