The account is the beginning of a Chartfield string. Each account is six digits in length, the first digit of the account denotes whether it is a balance sheet or income statement item as defined below.
1XXXXX = Assets
2XXXXX = Liabilities
3XXXXX = Fund Balances
4XXXXX = Revenues
5XXXXX = Salary and Benefit Expenses
6XXXXX = Miscellaneous Expenses
Valid Account/Fund Combination
The valid Account/Fund listing contains a detailed list of all Income Statement Account values, including descriptions of use and a listing of valid Account/Fund combinations. Refer to the Valid Account Listing below for more information.
A document detailing the best practice for using transfer accounts along with the Transfer Account matrix are tools available to assist in determining when a transfer is appropriate and what specific transfer account to use on the journal entry. Refer to the Transfer Account Best Practice document and Transfer Account Matrix below for more information.