What You Should Know
Account is the natural classification of revenues (income), expenses, assets, liabilities, and net assets. The term natural classification refers to the nature of the expense (salaries, supplies), revenue (tuition, grant), asset (cash, property) or liability (accounts payable, accrued liabilities).
Account is ultimately reported in two types of Financial statements:
- Income Statement – This document itemizes financial activity into revenue and expense.
- Balance Sheet – This document categorizes financial balances into assets, liabilities and net assets (equity). Balance sheet accounts are not closed out at the end of the year and continue into the next year.
A few notes about Account:
- Most departments will only use a subset of the entire list of Accounts.
- Accounts should be properly and consistently applied regardless of type of transaction.
- Some Accounts have associated tax implications.
- The items you order in Prime Marketplace will have a commodity code which by default will match to an Account in Prime Financials.
Account consists of 4 numeric characters where the first character identifies the account type.
1 ### - Assets
2 ### - Liabilities
3 ### - Net Assets
4 ### - Revenue
5 ### - Expenses (Salary and Wage Related)
6 ### - Expenses (Purchased Goods, Services and Other Expenses)
7 ###- Expenses (Internal Service Charges, Recharge Centers and Additional Expenses)
Account ChartField Reference Guides
Reference guides for Income and Expense Accounts and Balance Sheet Accounts can be found on the ChartField Reference Guide webpage.
Account to Concur Expense Type
For the list of expense types and Prime account codes that are available for each University credit card in Concur see the Expense Type Listing page.