Account Types
- 20 Jul 2023
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Account Types
- Updated on 20 Jul 2023
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Account Types
FIMS categorizes all General Ledger accounts with an Account Type code. This code determines which account the ending balance closes to for the new G/L year. Balance sheet accounts are simply rolled forward, except for the Fund balances to which revenues, expenses, and transfers are also closed. You can also use Account Types as guides to produce financial reports (for example, a YTD (year-to-date) balance statement that reveals a Fund’s current available balance).
Account Types (Balance Sheet Accounts are in Bold Text)
Type | Description | Closes To | Normal Balance |
|---|---|---|---|
A1 | Current Assets | A1 | Debit (+) |
A2 | Contra Assets | A2 | Debit (+) |
A3 | Long term Assets | A3 | Debit (+) |
A4 | Other Assets | A4 | Debit (+) |
L1 | Current Liability | L1 | Credit (-) |
L2 | Long Term Liability | L2 | Credit (-) |
L3 | Other Liability | L3 | Credit (-) |
Q1 | Beginning Fund Balance Q1 | Q1 | Credit (-) |
Q2-99 | Beginning Fund Balance(s) | Q2-99 | Credit (-) |
R1 | Revenue to Q1 | Q1 | Credit (-) |
R2-99 | Revenue(s) | Q2-99 | Credit (-) |
T1 | Transfer to Q1 | Q1 | Debit or Credit (+ or -) |
T2-99 | Transfer(s) | Q2-99 | Debit or Credit (+ or -) |
X1 | Expense to Q1 | Q1 | Debit (+) |
X2-99 | Expense(s) | Q2-99 | Debit (+) |
FIMS accommodates up to 99 different Fund balances. The beginning Fund balance accounts have the Types Q1 through Q99.
IMPORTANT: You should not make any debits or credits directly to any of the Q (Fund Balance) accounts.
Fund balance changes result from the entries to activity accounts (revenue, transfer, and expense), which close to the Fund Balance accounts in the End of Year process, for YTD balance reports, and information on the Balance tab in the Fund Management module. The numeric suffix of the activity account determines which balance it closes to. For example, at year end, r1, x1, and t1 activity is closed (added) to the q1 balance and the sum is copied to the next year’s beginning q1 balance. Since r1and t1 are credit accounts, they increase the q1 balance, while the x1 is a debit account and reduces the q1 balance. Each q account and its corresponding activity accounts forms a balance system.
The numeric part of the Asset (A1-4) and Liability (L1-3) accounts is informational and does not affect how these accounts are closed.
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