Balance Sheet Accounts vs Operating Accounts

Balance Sheet accounts are used to record University assets (accounts receivable etc..), liabilities (accounts payable etc...) and fund balances. They are identified by "00000"  in the second half of the FAST code (organization code) and subcodes ranging from 1001 to 4500.

Operating accounts record revenue and expenditures. They are identified by subcodes ranging from 5000 to 9249 and FAST codes that have something other than "00000" in the second half.  

The following diagram illustrates the linkage between Operating accounts (containing revenue and expense) and the Balance Sheet. As revenue and expense transactions are posted to operating accounts, total revenues and  total expenses flow over to the balance sheet in Revenue and Expenditure Control accounts thereby increasing or decreasing the fund balance in a specific fund.

Account holders with access to FAST accounts other than the General Operating Fund (10000-xxxxx) will notice a link to the Balance Sheet at the bottom of each operating account summary. By clicking on this link, users are able to see the total revenues and expenses flowing over to the Balance Sheet as well as any other Balance Sheet items such as receivables or payables that may be contained in that fund.