ACCOUNTING RECORDS - 7220-MAY-1985
Accounts are used to record transactions evidenced by documents and to express such transactions.
Accounts shown in the Chart of General Ledger Accounts will be used. (See SAM Section 7610) The individual accounts are described in SAM Section 7620 et seq. Agencies will maintain a set of accounts for each fund.
The accounts of Governmental Funds deal with assets, deferred credits, receipts, and expenditures in somewhat the same manner as is usual in commercial accounts, except that the balances of the accounts of various assets not available for appropriation are ignored in computations of surplus. These assets are offset by contra-accounts.
The accounts of Proprietary and Fiduciary Funds are generally similar to the accounts of commercial enterprises of a similar nature.
Each General Ledger account has been given a uniform account number. Agencies requiring accounts not included in the chart will request permission of the Fiscal Systems and Consulting Unit, Department of Finance, to use additional accounts and will maintain a file of such approvals.