Account ChartField

Design

Account classifies the nature of a transaction by identifying the type of asset, liability, equity (fund balance), receipt, expenditure, InterUnit transfer, or deferred inflow/outflow involved in a transaction. Account is a required ChartField that is used along with other ChartFields to capture detailed transactional data. Account values are six (6) characters in length and are established by DFS to support State financial reporting needs. Accounts can be classified as one of the following:

• Budgetary Accounts – used only when recording budgets
• Control Accounts – restricted to system use only, for example, Bank Accounts
• Transactional Accounts – used to record financial accounting entries or budget entries

Each Account value is assigned an Account Type at the time of establishment. The Account Type designates whether it is a balance sheet or income statement Account value. This determines how Account values are treated in key processes such as year-end close processing or reporting. The numbering scheme for Account values provides a designated series of values for each Account Type which aids users in readily identifying values and allowing for future growth. Within the Account Type, there will be further groupings of Account values to support financial reporting.  The table below lists the Florida PALM Account Type Grouping, Account Types, and Account value ranges.

The following design considerations are applied when defining an Account in Florida PALM:

• Account values are standardized statewide.
• Each Account value is uniquely numbered and can be grouped in ranges to ease tree maintenance and to aid in visual identification of values.
• Account values are configured under statewide TableSet Control and are used across all agencies.
• Account is required on all transactions.
• Attributes are defined when Account values are established to aid in reporting. Account attributes are listed in the Attributes table below.
• The Tree feature is used to create and maintain hierarchical relationships between appropriate Account values. A listing of configured trees can be accessed via the Tree Viewer functionality in Florida PALM.

For the Account ChartField, a Tree allows for roll-up reporting at summarized levels and the translation of budget from the summary level Account values to detailed transactional Account values. An example of the components of the Account Reporting structure is shown in the table below, which shows Financial Reporting, Financial Reporting Account Type, Account Type Report Grouping, Detail Report Grouping, and Account Level Detail.

Attributes

A ChartField Attribute provides the ability to record additional characteristics about individual ChartField values for reference or reporting purposes. Only one attribute value can be selected for each Attribute associated with a ChartField value. Attributes are used on statewide ChartFields only and are established and maintained by DFS. The Attributes below may be updated when additional attributes are identified.

Assumptions

The following assumption is considered when defining an Account:

• Account ChartField structure should comply with governmental accounting standards.

Account ChartField Values

The Florida PALM Revenue and Expenditure Account ChartField values are state standard values and will be configured by Florida PALM to support accounting and reporting needs. Updates to values will continue through all remaining Solution Design Segments and will be posted at designated intervals.

 Assets, Liabilities, and Equity Account ChartField values were configured / deployed at CMS Wave and are updated in the Production environment, as needed by DFS A&A. To access a current list of Account ChartField values, log in to Florida PALM and access the GLR091 – ChartField Value Report located at: NavBar > Navigator > Set Up Financials/Supply Chain > Common Definitions > Design ChartFields > Reports > ChartField Reports

Maintenance

Account ChartField values are centrally maintained by DFS. Agencies are not able to add or modify Account values. Agencies can request new Account values using a ChartField Structure Request which is routed to DFS for review and configuration. As Account values are added, inactivated, or modified, the applicable Tree will be maintained to ensure accuracy of transactions and reporting. Account values have an effective date as of the start of the fiscal year in which the value was placed in use within Florida PALM.

Version History