Build and disassemble fund and GL accounts

Owned by Knowledge Assistant
Last updated: Sept 24, 2024 by Moriah Yorkey
2 min read
Description of Issue

What is the basic process to build or disassemble General Ledger fund and accounts?

Context

Chart of Accounts (COA)

Cause

  • Cannot use accounts until they are created

  • Cannot post transaction types until required control accounts are defined

  • Cannot delete Fund, Organizational, Segment, Object or Project codes while a GL account uses them

Resolution

Here is how General Ledger accounts are built, to disassemble use the same process in the reverse order

  1. Chart of Account Segments (Financials > General Ledger Menu > Set Up/Chart of Accounts > Chart of Account Segments)

    1. Add Fund segment 1 

    2. Add all other segments 2-8 

    3. If using short account, add Organization code(s) (unique group of 1-8 segments)

    4. Add Object Code(s) that defines default description, account type, status

  2. Project Master - if applicable (Financials > General Ledger Menu > Set Up/Chart of Accounts > Project Master)

    1. Add project code up to 5 digit to be used on GL accounts. (cannot delete if tied to GL account)

  3. Create accounts (add Organization Code, Segments (if using Long Account), Object & Project codes as appropriate)

    • Account Master (Financials > General Ledger Menu > Set Up/Chart of Accounts > Account Master) 

    • Account Import (Financials > General Ledger Menu > Set Up/Chart of Accounts > Account Import)

    • Account Mass Creation (Financials > General Ledger Menu > Set Up/Chart of Accounts > Account Mass Creation)

  4. Fund Control accounts defined to allow inter-fund journal posts

    • Transaction type 1 Actuals

      • Expense

      • Revenue

      • Fund Balance – Unreserved Undesignated

    • Transaction type 4 Encumbrance

      •  Encumbrance

      • Budgetary Fund Balance – Res for Enc

      • Fund Balance – Reserved for Encumbrance

    • Transaction type 5 Budget

      • Appropriations

      • Estimated Revenue

      • Budgetary Fund Balance – Unreserved

  5. Due to Due from records to allow cross-fund Journal posts (Financials > General Ledger Menu > Set Up/Chart of Accounts > Due to Due From Setup)

  6. Journal Entries - once posted cannot be deleted until they are at least 2 years in history by GL Setting current year defined. (state law/local audit rules apply for retaining data) Purge GL Accounts program can remove historical data from Munis if saved retain file first.

  7. Account Merge - accounts of same type and fund can be merged together so all journal detail history is consolidated on one account while the other is deleted. This is an alternative method to move journal detail history from an account without purge from GL.

Additional Information

Test in Train database, practice building and disassemble in reverse order before updating Live

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