The Account ChartField reflects the natural classification of a transaction. In other words, what the money is being spent on (expense) or what type of income is being received (revenue).
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Format: Account is a four-digit numeric value (####). The first number generally represents the Account type.
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Status: Account is always a required field on transactions.
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Security: Account cannot be used to establish user security.
Understand the Five Account Types
There are five different types of Accounts. Most campus users will only have exposure to Expense and Revenue Accounts, as these are used for daily operations and impact spendable balance. Some will also use Asset and Liability Accounts—for example, if you manage a stockroom, handle inventory, or collect advance deposits. The fifth Account type is Net Assets, which are used during year-end close and are not for day-to-day transactions.
Important Notes
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Users: Most campus users will only use a subset of revenue and expense Accounts.
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Tax Implications: Some Accounts have associated tax implications for suppliers.
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Defaults: Many originating systems automatically apply or default the Account to your transaction based on the type of good or service being purchased, type of travel, or type of employee payment (Marketplace, Concur, Departmental Charges, Labor Accounting, etc.).
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F&A Rate: A sponsored research project’s Facilities and Administrative calculation is based on Account.
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Prime Journals and Purchasing Restrictions: These only allow a subset of Accounts be used on transactions.
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Capitalizable Collections and Equipment: These use a subset of expense Accounts.
Account Tree and Reference Guides
Accounts are organized into an “Account Tree,” which groups Accounts by type, and then by Account group, for financial reporting. Accounts are first and foremost categorized into one of two financial statements: the Balance Sheet or Income Statement. This is the first level of our tree. The Quick Reference Guide below illustrates the Account types and some of the high level groups residing under each.
Account Quick Reference
Balance Sheet
Account |
Type |
Examples |
|
1### |
Asset |
Cash, property, inventory, accounts receivable, deferred and prepaid charges (charges paid, but goods / services not yet rendered) |
|
2### |
Liability |
Accounts payable, debt, accrued expenses (goods/services rendered, but charges not yet paid), deposits, and advance receipts |
|
3### |
Net Asset |
Accumulated net revenue / expense, only used during fiscal year-end close. |
Income Statement
Account |
Type |
Group Description |
Examples |
4000-4799 |
Revenue |
Operating Revenue |
Tuition and fees, interest / gift / endowment income, ticket sales, auxiliary (Housing and Dining income) |
48## |
Revenue |
Transfers and Assignments |
Fund assignment in / out, fund transfer in/ out |
5000-5499 |
Expense |
Personnel Expense |
All salaries, wages, and employee benefits (includes student wages) |
5500-5999 |
Expense |
Non Personnel Expense |
Student financial aid and prizes, fellowships, and other (non-wage) student support |
6#### |
Expense |
Non Personnel Expense |
Office and laboratory supplies, professional services (e.g. consulting), computer hardware and software, travel and entertainment, memberships |
7000-7097; 7100-7148; 715# |
Expense |
Internal Service Charge (ISC) |
Internal expenses: charges paid for goods / services provided by another University department such as Dining Services, OIT-Hardware Support, Printing Services. |
7098-7099; 7149 |
Revenue |
Internal Service Recovery (ISC) |
Internal revenues: income received for goods / services provided to another University department. |
View Additional Account Information
An Account Reference Report is available in the Financial Information Warehouse, Chart of Accounts folder. This comprehensive Account ChartField report is a one-stop-shop for all Account information including whether an Account is allowed on Prime Journals or purchasing transactions, what F&A base each expense is subject to and whether an expense may be potentially unallowable on a sponsored research project. A guide for this report can be found here.
Internal Service Charge and Recovery (ISC) Accounts
Our internal service charge and recovery Accounts, commonly referred to as ISC Accounts, record payments for the provision of goods or services between two University departments. We have many departments that provide goods or services to other departments, such as OIT Hardware Support, Dining Services, Building Services, and various Academic Recharge Centers. When their transactions are recorded, typically through our Departmental Charges (DC) System, they use the ISC Accounts.
If you are using the ISC Accounts (Accounts that begin with a 7###) in a transaction, all amounts in the journal entry on the ISC Accounts must total zero. In other words, total debits (charges) on the ISC (7###) Accounts must equal the total credits (income) on the ISC (7###) Accounts. Since internal charges or recoveries are not true charges paid to external suppliers or true receipts from external clients, the transactions in all ISC Accounts must net to zero for Financial Statement purposes. You should never complete a Prime Journal where an ISC (7###) Account is debited or credited, and a Non ISC Account (4###, 5### or 6###) Account is debited or credited.
Account ChartField Request
For Account requests, complete the Account ChartField Request form.