Chart of Accounts

Chart of Accounts

Chartstring Basics

Budget Account vs Transaction Account

Budget Account: This account dictates the overall type of expense. The most common types of Budget Accounts are:

  • 0502 - Payroll Expense
  • 0508 - Current Expense
  • 0511 - Capital Outlay and Construction Expense

Transaction Expense Account: Each set of Budget Accounts have corresponding Transactional Accounts that further describe the type of expense. When an expense is incurred, a 5-digit transactional account number should be provided as part of the chartstring detailing the type of expense.

Example: If you are paying a registration fee for a conference in Kentucky, when completing your travel and purchasing forms, a transactional expense account is required as part of the chartstring. In this case, the appropriate account would be 50112, In-State Registration Fees.

Expense Account Codes