{"id":1027,"date":"2023-12-06T16:33:44","date_gmt":"2023-12-06T22:33:44","guid":{"rendered":"https:\/\/wp.stolaf.edu\/business-office\/?page_id=1027"},"modified":"2026-05-04T15:43:40","modified_gmt":"2026-05-04T20:43:40","slug":"accounting","status":"publish","type":"page","link":"https:\/\/wp.stolaf.edu\/business-office\/accounting\/","title":{"rendered":"Accounting"},"content":{"rendered":"
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Chart of Accounts Structure<\/strong><\/p>\n\n\n\n

As part of the transition to Oracle, a new account coding string was created. As much as possible, the values that were used in Lawson will remain the same in Oracle. However, they may have changed to a different account segment. Please contact accounting@stolaf.edu if you have questions about what account coding to use.<\/p>\n\n\n\n

Lawson Account Structure<\/strong><\/p>\n\n\n\n

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<\/p>\n\n\n\n

Oracle Account Structure<\/strong><\/p>\n\n\n\n

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<\/p>\n\n\n\n

G\/L Account Values<\/strong><\/p>\n\n\n\n

A listing of the account segment values can be viewed from the Financial Reporting page of Oracle. Under the \u201cSystem Reports\u201d section, select \u201cChart of Account Values.\u201d An Excel file will be automatically downloaded. You can then search for a value to see what account segment it is categorized as.<\/p>\n\n\n\n

Lawson to Oracle Mapping Table<\/strong><\/p>\n\n\n\n

A mapping table was created to help determine the coding that should be used in Oracle based on what was used with Lawson. Only account segment combinations that had been used in Lawson since fiscal year 2021 will be included in the mapping table. The mapping table is available at the following link<\/a>. <\/p>\n\n\n\n

Please note that this mapping table should not be used for grants or capital projects. Please contact Greta Anderson (andersog@stolaf.edu) if you have questions about how to code to a grant. Please contact Tara Thieling (theil1@stolaf.edu) if you have questions about how to code to a capital project.<\/p>\n\n\n\n

Cost Center Access<\/strong><\/p>\n\n\n\n

As of August 2024, cost center security access controls have been changed. Employees can now charge expenses, invoices, and view reports for any cost center, though charges still need to be approved and accepted by that cost center manager. This change was made to improve processes and reporting for faculty and staff so that all can have access to the information they need. Please note that employees are expected to only access information on the St. Olaf system when it is necessary in the course of their duties.  Employees are expected to maintain the confidentiality of college information data.<\/p>\n\n\n\n

Cost Center Managers<\/strong><\/p>\n\n\n\n

A cost center manager is responsible for approving expenses and invoices to the cost center that they are responsible for managing. <\/p>\n\n\n\n

A listing of the cost center managers can be viewed from the Financial Reporting page of Oracle. Under the \u201cSystem Reports\u201d section, select \u201cCost Center Manager Report.\u201d Select “Apply”, and then an Excel file will be automatically downloaded. You can then search for a cost center to view the respective cost center manager.<\/p>\n\n\n\n

<\/strong>Prepaid Expenses and Deferred Revenue<\/strong><\/p>\n\n\n\n

Prepaid Expenses\u00a0<\/em><\/p>\n\n\n\n

Prepaid expenses are payments made in advance for goods or services to be received or used over the next few months or years (ex. amounts paid for future travel expenses).  They are listed as assets on the balance sheet rather than included as an expense for the current fiscal year.  As the service is consumed over time, the value is moved from assets to expenses. <\/p>\n\n\n\n

Deferred Revenue<\/em><\/p>\n\n\n\n

Deferred revenue is money received in advance for goods or services not yet delivered (ex. deposits for upcoming summer camps). It is considered a liability (a debt owed) because the college must still provide the service or refund the cash.<\/p>\n\n\n\n

Prepaid expenses and deferred revenue ensure amounts are recorded when earned or used, not when paid.\u00a0 It is important to pay invoices to vendors on time and not wait until after the fiscal year-end of May 31.\u00a0 We can account for these in the appropriate fiscal year by tracking prepaid expenses and deferred revenue.\u00a0 If you have an item that you paid near the end of the fiscal year that is actually for another fiscal year, please e-mail the business office at accounting@stolaf.edu<\/a> with the information so we can track it appropriately.<\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"

Chart of Accounts Structure As part of the transition to Oracle, a new account coding string was created. As much as possible, the values that were used in Lawson will […]<\/p>\n","protected":false},"author":9670,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"footnotes":""},"class_list":["post-1027","page","type-page","status-publish","hentry"],"acf":[],"_links":{"self":[{"href":"https:\/\/wp.stolaf.edu\/business-office\/wp-json\/wp\/v2\/pages\/1027","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wp.stolaf.edu\/business-office\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/wp.stolaf.edu\/business-office\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/wp.stolaf.edu\/business-office\/wp-json\/wp\/v2\/users\/9670"}],"replies":[{"embeddable":true,"href":"https:\/\/wp.stolaf.edu\/business-office\/wp-json\/wp\/v2\/comments?post=1027"}],"version-history":[{"count":33,"href":"https:\/\/wp.stolaf.edu\/business-office\/wp-json\/wp\/v2\/pages\/1027\/revisions"}],"predecessor-version":[{"id":2496,"href":"https:\/\/wp.stolaf.edu\/business-office\/wp-json\/wp\/v2\/pages\/1027\/revisions\/2496"}],"wp:attachment":[{"href":"https:\/\/wp.stolaf.edu\/business-office\/wp-json\/wp\/v2\/media?parent=1027"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}