An explanation of the finance coding structure

There are two main sets of finance codes:

1. Accounts Hierarchy (Account Code / Product Code)

2. QMUL Hierarchy (Sector / Institute / Sub-Institute / Cost Centre / Budget Code

1. Accounts Hierarchy

Account Codes describe the transaction type ie salaries, stationery etc. The structure is 4 numeric digits eg 3150 - stationery.

The code identifiers are –

Starting with 1 – Income

Starting with 2 – Staff costs

Starting with 3 – Consumables

Starting with 4 – Equipment

Starting with 5 – Estates costs

Starting with 6 – Other costs

Starting with 7 – Balance sheet codes (Assets)

Starting with 8 – Balance sheet codes (Liabilities)

Starting with 9 – Balance sheet codes (Balances)

If you require a new account code to be set up please contact Phillipa Scott, Head of Financial Accounting.

Product Codes are used to raise purchase orders and each one belongs to an Account Code. In many cases they are identical to the Account Code.

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