Account ChartField
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Account ChartField

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Article summary

Design

Account classifies the nature of a transaction by identifying the type of asset, liability, equity (fund balance), revenue, expenditure, 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 to record budget entries for budget allotments and revenue estimates only in the Commitment Control module; not accessible or viewable in source modules
  • Control Accounts – restricted to system use only, for example, bank accounts
  • Transactional Accounts – used to record financial accounting entries or budget entries for budget allotments and revenue estimates

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. Table 5 lists the Florida PALM Account Type Grouping, Account Types, and Account value ranges.

Account Type GroupingAccount TypeAccount Value Range
Balance Sheet AccountsAssets100000 – 1ZZZZZ
Balance Sheet AccountsDeferred Outflows of Resources200000 – 2ZZZZZ
Balance Sheet AccountsLiabilities300000 – 3ZZZZZ
Balance Sheet AccountsDeferred Inflows of Resources400000 – 4ZZZZZ
Balance Sheet AccountsEquity (Fund Balance500000 – 5ZZZZZ
Income Statement AccountsRevenues600000 – 6ZZZZZ
Income Statement AccountsExpenditures700000 – 7ZZZZZ

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 shared 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 Appendix 1.
  • 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, which shows Financial Reporting, Financial Reporting Account Type, Account Type Report Grouping, Detail Report Grouping, and Account Level Details.

Financial ReportingFinancial Reporting Account TypeAccount Type Report GroupingDetail Report GroupingAccount Level Detail
Balance SheetAssetsCurrent AssetsCash Outside State Treasury100001 to 100999
Cash in State Treasury101000 to 101999
Non-Current AssetsInvestments104000 to 104999
Accounts Receivable105000 to 105999
Restricted Cash102000 to 102999
Long Term Investments104100 to 104999

Assumptions

The following assumption is considered when defining an Account:

  • Account ChartField structure should comply with governmental accounting standards


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

DateRevision Description
12/01/2023Original Version
11/04/2024Updated 11/01/2024; Updated per completion of solution design segment 



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