changes after initial setup unless there is a new reporting requirement that cannot be otherwise classified with account attributes.
Chart of Accounts: 1
Active Status: checked (default)
Account: create 6-digit numeric code according to ACCT structure definition
Title: name descriptively as it will appear on financial statements
Effective Date: today
Termination Date: <blank>
Next Change Date: <blank>
Predecessor Account: specify roll up level account, if any
Data Entry: Yes, unless the account created is a non-data-enterable roll up level account
Account Type: select from list as appropriate; account numbering should reflect the numbering conventions of the account type used
Income Type: Used for 1099-reportable income types (university expenses) only
Account Class:
C - Cost Share
F – Fixed Asset – assign to all fixed assets and accumulated depreciation accounts
I-Indirect Cost
U - Unitization
Asset Account: only assigned for account type 77 – Capital outlay
Accumulated Depreciation Account: only assigned for account type
16 – Capital assets
Depreciation Expense Account: only assigned for 16 – Capital assets
Pool Account: assigned for budget approvals at highest level
Personnel expenses
Operating expenses
Capital outlay
Fringe Account: only assigned for account type 61 – Salaries and wages
Fringe Percent: only assigned for account type 61 – Salaries and wages
Normal Balance:
D – debit for assets, labor, expenses, fund deductions
C – credit for liabilities, fund balance, revenues, fund additions
Update new code as needed in:
Predecessor Account to remap existing Account Codes to the new Account Code, if applicable.