Assets represent resources available to meet current obligations. Asset GL’s start with 1XXXXX. All Asset GL’s, except for Allowances, should be a Debit balance. Allowance accounts should have a Credit balance.

Examples: Cash, Receivables and Capital Assets

• Cash:
  • GL’s 101400 – 101425
  • System Generated
  • Business Areas cannot post directly to cash GLs
  • General Fund cash is allocated to Business Areas when the budget is posted (49500X)
  • Expenses use cash throughout the year
  • At the end of the year, the remaining balance is carried forward.
• Change in Revolving Funds:
  • GL’s 10145X
  • The terms change fund, cash fund, and revolving fund are often used interchangeably. Usage is limited to approved areas only
• FI-AR Recon Account
• Travel Receivables:
  • GL 102530
  • Used for expenses that occur on a travel card or cash advances approved by the Travel office
  • The traveler prepares an expense report and expenses owed back will credit this GL to reduce the receivable
  • Reconciled monthly by Accounting Services
• Inventory:
  • GLs 107xxx
  • GL 107180 is EAM inventory – system generated postings
  • Other inventory GLs are recorded by departments
• Capital Assets:
  • GLs 155xxx – Original acquisition values of capital assets
  • GLs 156xxx – total accumulated depreciation of capital assets
  • The sum of the 155xxx & 156xxx GLs is the net book value of the capital assets
• Backstop Receivables:
  • 190060 Backstop Receivable (Asset)
  • GL 190060 posts as transfer CI 496100 in FM
  • Currently only for capital projects, and must have approval to use

Liabilities represent obligations to pay for a product received or a service provided. Liability GL’s start with 2XXXXX. Typically, Liability GL’s should be a Credit balance.

Examples: Vendor and S&W Payables

• Vendor Payables:
  • GL 201010 – vendor payables for payments pending to be paid to vendors
  • GL 201015 – GRIR
  • GL 201071 & 201080 – vendor payables related to SUA payments to vendors 
• Sales and Innkeepers Tax
  • GL’s 201300 – 201315
  • Amounts collected from customers for sales tax are recorded by Business Area as a liability
  • The tax department will clear the liability amounts from Business Areas with each payment of the tax
• S&W Payables
  • GLs 202010 & 202020
  • System generated monthly accrual for salary & wages payable
• Backstop Payable
  • 290060 Backstop Payable (Liability)
  • GL 290060 post as transfer CI 496100 in FM
  • Currently only for capital projects, and must have approval to use

Equity represents the financial position and ability to pay future obligations (liabilities). Equity GL’s start with 3XXXXX. Balances do not change during the fiscal year. At year-end (June 30^th), revenue and expenses close to the equity GL’s and the new balance carries forward on the balance sheet in period 0. New fiscal year revenue and expense will accumulate during periods 1-12

Quick Reference Guide

Balance Sheet Responsibility Grid

• Debits and credits should be consistent with the type of Balance Sheet account.
• Balances should be adjusted daily, monthly, quarterly or monthly depending on the type of Balance Sheet account.
  • Balances that are unchanged for multiple fiscal years should be understood taking into consideration the current (less than one year) versus long term (greater than one year) resource or obligation.
• Physical Access/Safeguarding
• Internal Control/Separation of Duties
• Review Z100 at year end and for the current operating period.
  • Drill into by Fund
• BPR Capital Assets Conversion GL’s
  • Assets retired in the legacy fund’s/ba’s
    • Asset value credited, accumulated depreciation debited
    • 568020 – Plant Assets Retired debited for NBV
    • 380010 – Fixed Asset Conversion Acct credited for NBV to offset net equity impact of 568020 entry
    • All entries were statistical in FM
  • Assets recapitalized in the new structure
    • Asset value debited, accumulated depreciation credited
    • 568020 – Plant Assets Retired credited for NBV
    • 380010 – Fixed Asset Conversion Acct debited for NBV to offset net equity impact of 568020 entry
    • All entries were statistical in FM