Account ChartField

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.

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.

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.

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