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Creating an Account: Third Set of Three Digits
Michigan Department of Treasury Uniform Chart of Accounts
Creating an Account: Third Set of Three Digits
Balance Sheet/Statement of Net Position Accounts
A summary table of balance sheet/statement of net position accounts
|
Balance Sheet/ Statement of Net Position Account |
Account Name |
Account Number |
Detailed Account Names |
|---|---|---|---|
|
Current Assets |
Cash and Investments |
001-017 |
Cash and Investments |
|
Current Assets |
Receivables |
018-100 |
Accounts Receivables, Taxes Receivable, etc. |
|
Current Assets |
Inventory |
101-110 |
Inventory |
|
Current Assets |
Other Current Assets |
111-129 |
Prepaid Expenses, Assets Held for Sale, etc. |
|
Non-Current Assets |
Capital Assets |
130-179 |
Land, Equipment, etc. |
|
Non-Current Assets |
Other Non-Current Assets |
180-194 |
Investments in Surplus Funds, Derivative Contracts, etc. |
|
Deferred Outflows |
Deferred Outflows |
195-199 |
Deferred Outflows |
|
Current Liabilities |
Current Liabilities |
200-299 |
Vouchers Payable, Accounts Payable, etc. |
|
Long-Term Liabilities |
Long-Term Liabilities |
300-359 |
Bonds Payable, Leases Payable, etc. |
|
Deferred Inflows |
Deferred Inflows |
360-369 |
Deferred Inflows |
|
Fund Balance and Net Position |
Fund Balance and Net Position |
370-399 |
Fund Balance-Non Spendable, Net Position-Restricted, etc. |
These are the asset, liability, deferred inflows and outflows, and fund balance/net position accounts that make up the balance sheet/statement of net position. These accounts are not closed out at the end of an accounting period.
Open Account Numbers
Certain account numbers are not designated with a specific account name. Instead, they are marked as OPEN account numbers in the Uniform Chart of Accounts and are available for local units to use if a local unit’s accounting system requires detailed classification and the Uniform Chart of Accounts does not contain a designated number that is suitable. They should be used under the proper classification that the Uniform Chart of Accounts indicates.
Reserved Account Numbers
Certain account numbers are not available for local units and are for Michigan Department of Treasury use only. They are marked as RESERVED in the Uniform Chart of Accounts. The department will use these for future state-wide accounts.
Point Off
Local units are encouraged to point off for account numbers to record detailed accounting information if needed. Local units can use numbers or letters for point off. There is no limit to the number of digits or letters to use. Also, the actual use of the decimal is optional. Please see Example 5 under the Examples of Creating an Account Number in this section. Please refer to the table of balance sheet/statement of net position accounts in Section 3 and the descriptions of account numbers in Section 4 for detailed information.
Revenue and Other Financing Source Accounts
A summary table for revenues and other financing sources
Revenue accounts under Revenue Control Account 400
|
Sub-Control Account Number |
Sub-Control Account Name |
Detailed Account Number |
Detailed Account Name |
|---|---|---|---|
|
401 |
Taxes |
402-449 |
Current Real Property Taxes, Current Personal Property Taxes, etc. |
|
450 |
Special Assessments |
451-474 |
Special Assessments |
|
475 |
Licenses and Permits |
476-500 |
Business Licenses and Permits, Cable TV Franchise Fees, etc. |
|
501 |
Federal Grants |
502-538 |
Federal Grants - General Government, Federal Grants-Sanitation, etc. |
|
539 |
State Grants |
540-579 |
State Grants – Recreational and Cultural, etc. |
|
580 |
Contribution from Local Units |
581-599 |
Contribution from Local Units |
|
600 |
Charges for Services |
601-654 |
Court Related Charges, Court Filing Fees, etc. |
|
655 |
Fines and Forfeits |
656-663 |
Traffic Violations, Ordinance Fines and Costs, etc. |
|
664 |
Interest and Rentals |
665-670 |
Interest, Dividends, etc. |
|
672 |
Other Revenue |
673-689 |
Gain/Loss on Sale of Assets, Refunds/Rebates, etc. |
|
690 |
Other Financing Sources |
691-699 |
Sale of Capital Assets, Proceeds from Sale of Bonds/Notes, etc. |
There are three levels of detail provided for revenue and other financing source accounts. They are control account, sub-control accounts, and detailed accounts. The levels of detail each local unit uses are at the discretion of the individual units according to their needs. Smaller units may find that using only the control and sub-control numbers provides them with all the information necessary.
Control Account Number
Account number 400 is the highest-level revenue account number. The balance of it must at all times equal the total balance of all the revenue accounts.
Sub-Control Account Numbers
They are the second highest account numbers. The balance of each revenue sub-control account must at all times equal the total balance of all the detailed revenue accounts under that sub-control account. For example, the total balance of 401 must equal the total of 402 through 449.
Detailed Account Numbers
They are the lowest level of revenue account numbers. Using them would provide more detailed accounting information for local units.
Open Account Numbers
Within the detailed revenue account numbers, certain account numbers are not designated with a specific account name. Instead, they are marked as OPEN account numbers in the Uniform Chart of Accounts and are available for local units to use if a local unit’s accounting system requires detailed classification and the Uniform Chart of Accounts does not contain a designated number that is suitable. They should be used under the proper classification that the Uniform Chart of Accounts indicates.
Reserved Account Numbers
Within the detailed revenue account numbers, certain numbers are not available for local units and are for Michigan Department of Treasury use only. They are marked as RESERVED in the Uniform Chart of Accounts. The department will use these for future state-wide accounts.
Point Off
Local units are encouraged to point off for account numbers to record detailed accounting information if needed. Local units can use numbers or letters for point off. There is no limit to the number of digits or letters to use. Also, the actual use of the decimal is optional. Please see Example 5 under the Examples of Creating an Account Number in this section.
Please refer to the table of accounts for revenues and other financing sources in the Section 3 and the descriptions of those accounts in Section 4 for detailed information.
Expenditure/Expense and Other Financing Use Accounts
A summary table for expenditures/expenses and other financing uses
Expenditure accounts under Expenditure Control Account 400
|
Sub-Control Account Number |
Sub-Control Account Name |
Detailed Account Number |
Detailed Account Name |
|---|---|---|---|
|
701 |
Personnel Services |
702-725 |
Salaries & Wages, Overtime, etc. |
|
726 |
Supplies |
727-799 |
Office Supplies, Medical Supplies, etc. |
|
800 |
Other Services and Charges |
801-969 |
State Institutions, Hospitalization, etc. |
|
970 |
Capital Outlay |
971-989 |
Capital Outlay, etc. |
|
990 |
Debt Service |
991-994 |
Principal, Interest, etc. |
For Other Financing Uses, such as Transfers Out, Discount on Bonds, etc. use account numbers 995-997. For Unusual or Infrequent Items, use account number 999.
There are three levels of detail provided for local units to record expenditures/expenses and other financing uses. They are control account, sub-control accounts, and detailed accounts. The levels of detail that each local unit uses are at the discretion of the individual unit according to its needs. Smaller units may find that using only the control and sub-control numbers provides them with all the information necessary.
Control Account Number
Account number 700 is the highest-level account number. The balance of it must at all times equal the total balance of all the expenditures/expenses, other financing uses, and unusual or infrequent items.
Sub-Control Account Numbers
They are the second highest-level account numbers for expenditures/expenses and other financing uses. The balance of each sub-control account must at all times equal the total balance of all the detailed accounts under that sub-control account. For example, the total balance of 701 must equal the total of 702 through 725.
Detailed Account Numbers
They are the lowest-level account numbers. Using them would provide more detailed accounting information for local units.
Open Account Numbers
Within the detailed account numbers, certain account numbers are not designated with a specific account name. Instead, they are marked as OPEN account numbers in the Uniform Chart of Accounts and are available for local units to use if a local unit’s accounting system requires detailed classification and the Uniform Chart of Accounts does not contain a designated number that is suitable. They should be used under the proper classification that the Uniform Chart of Accounts indicates.
Point Off
Local units are encouraged to point off for account numbers to record detailed accounting information if needed. Local units can use numbers or letters for point off. There is no limit to the number of digits or letters to use. Also, the actual use of the decimal is optional. Please see Example 5 under the Examples of Creating an Account Number in this section.
Please refer to the table of accounts for expenditures/expenses and other financing uses in Section 3 and the descriptions of those accounts in Section 4 for detailed information.