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Established Community Backer ***

Re: Real World - Accounting: What Should You Name Your Accounts?

I set up files and support towns and local government entities (sewer, water, fire) and have done this for Montana, Oklahoma, and even Massachusetts. They all have different requirements.

 

Here's the Montana guidance I need to follow:

 

Asset & Liability Accounts - (Illustration 1)

                                       1st Digit 1 = Assets & Other Debits

1st Digit 2 = Liabilities & Other Credits

 

 

Fund

Number

 

Account

Number

 

XXXX

 

XXXXXX

 

                                                                                                                                       

 

 

                                       Revenue Accounts - (Illustration 2)

                                                 1st Digit 3 = Revenue

 

 

 

 

Program

 

 

 

Job

 

 

Fund

Code

 

Organization

Code

(Department)

 

 

Major

Source

 

 

 

Sub-Source

 

 

 

Detail

 

X

 

XXX

 

XXXX

 

XXX

 

XX

 

X

 

XXX

 

Optional

 

 

 

Optional

 

 

 

 

 

 

 

                                                                                                                                              

 

                                     Expenditure Accounts - (Illustration 3)

                                           1st Digit 4 & 5 = Expenditures

 

 

 

 

Program

 

 

 

Job

 

 

Fund

Code

 

Organization

Code

(Department)

 

 

 

Function

 

 

 

Activity

 

 

Sub-

Activity

 

 

Major

Object

 

 

Sub-

Object

 

 

 

Detail

 

X

 

XXX

 

XXXX

 

XXX

 

XX

 

XX

 

XX

 

X

 

X

 

X

 

Optional

 

 

 

Optional

 

 

 

 

 

 

 

 

 

Optional