The account type defines the type of an account number (what it is used for). Each organization requires three types of accounts to be utilized for accounting purposes: 1) balance sheet accounts, which consist of assets, liabilities, fund balances, and deferred outflows and inflows of resources; 2) revenue accounts; and 3) expenditure accounts.
The account type IDs and descriptions defined and used within the School Accounting System are as follows:
|
Account Type ID |
Account Type Description |
|
1 |
Current Asset |
|
2 |
Long-term (Fixed) Asset |
|
3 |
Other Asset |
|
3.5 |
Deferred Outflow of Resources |
|
4 |
Current Liability |
|
5 |
Long-term Liability |
|
6 |
Other Liability |
|
6.5 |
Deferred Inflow of Resources |
|
7 |
Fund Balance |
|
8 |
Revenue |
|
9 |
Expenditure |
In the School Accounting System, accounts with Types 1-7 are the balance sheet accounts, Type 8 accounts are the revenue accounts, and Type 9 accounts are the expenditure accounts.