Purchasing

Account Codes

In Fast Financials, an account is a five digit chartfield value used to indicate the nature of the transaction being processed; i.e. the type of commodity or service involved.  These accounts are part of the General Ledger and are collectively known as the "Chart of Accounts."

Different account groups are used for budgets, expenditures, transfers, reporting, equity and revenue.

In Purchasing and Payables transactions, (requisitions, purchase orders, Pcard transactions, Travel) the accounts used are expenditure accounts, typically beginning with 5 (operating expenses) or 6 (non-operating expenses.)  (PECO construction is under account 18100.)

These expenditure accounts 'roll up' to budget accounts that are grouped to control and report on budget balances.  Budget accounts being with 8 and are not used at a transactional level.

Different ledgers use different mapping of expenditure accounts to budget accounts.  Therefore an expenditure account of 53000 that 'rolls up' to budget account 88420 on auxiliary or E&G funds will roll up to 80000 on an RIA fund and 83420 to 82400 to 81530 and  to 81000 on a sponsored research fund.

The Rosetta Stone is a guide for the budgetary roll up for sponsored research funds.  Other maps are available on the Budget & Policy Analysis website.

Item Categories that are selected during requisition entry apply an appropriate account chartfield to an item being purchased.

Accounts should not be selected on a Requisition Header default page unless specific accounts were created by the controller's office for the department's sole use.