KBC Budget Object Codes
This information pertains to using object codes to set up account budgets in Kuali Budget Construction ONLY.
How to Budget using Expense and Income (Revenue) Object codes-
- Expense object codes are used in expense accounts and income object codes are used in income (revenue) accounts.
- Expense budgets are entered as debits (no sign in front of the number).
- Exception- ID income object code budgets (05XXX object codes) are expense object codes and are entered in expense accounts, but are entered as credits, using the (-) minus sign in front of the amount.
- Income budgets are entered as credits, represented by the minus sign (-) in front of the amount.
- Certain types of income must be entered in a very specific account, segregated from other income. See instructions below.
- Use general categories when budgeting, such as supplies, travel, telephone, etc.
- To represent budgeting at the object class level, we often choose expense object codes ending in 000 to indicate a general category rather than a more specific category.
- Example – you may wish to budget for all supplies (object class 15) by using the object code 15000 in your budget allocation, and all travel (18 object class) may be entered in the object code 18000.
- More about Expense Object Codes (KBC) and Income Object Codes (KBC) how they work in the General Ledger.
More Instructions and References (LINK UNDER CONSTRUCTION) for using Income object codes for the following in KBC:
- FIF – Facilities Improvement Fund (includes the FIF Rates)
- Student Aid Rate (the percentage charge against tuition income)
- Fringe Benefits rates
- Which accounts and which object codes to use for specific types of income budgets.
Last updated: 1/20/2017, Laura Ponder.