How are a FOP and a FOAP different?


Category:  Finance

Question:  How are a FOP and a FOAP different?
 
Answer:
A FOP refers to the three codes (Fund, Organization and Program) that identify a budget.  The three codes are combined to become one identifier for the budget:
When transactions add to (revenue) or deduct from (expense) the budget, they must include an A - Account code that identifies the transaction as well as the budget being updated.  Thus a transaction requires the FOP codes and an A code, and the order of entry on the transaction is FOAP.
 
 
To learn more:  Attend the Financial Management 101: Introduction to the FOAP Codes training class to learn more about the financial terms and business practices of Texas Tech.  This class is a pre-requisite for Budget, Procurement, and Cognos Reporting classes that assist you in the performance of your job duties.
 
Submitted by:  Byron Anderson


Article ID: 67
Created On: Tue, Jun 17, 2008 at 11:48 AM
Last Updated On: Wed, Oct 26, 2016 at 2:06 PM
Authored by: salih [salih.onder@ttu.edu]

Online URL: http://kainz.ttu.edu/phpkbv8/article.php?id=67