*Note: Budgetary activity for both revenue and expense accounts are in relation to the use of a request for Account Budget Revision. A debit (111.11) created by a budget revision is moving funding into the account or increasing dollars available for expenses. Expense Account - A credit (111.11-) initiated by a budget revision is reducing funding available for expenses or moving funding out of the pool/account code. A debit (111.11) revision to a revenue account decreases the planned revenue.ī. Revenue Account - A credit (111.11-) to a revenue account created by a budget revision is increasing the plan for revenue. II. Adjusted Budget Activity (appears in the "Budget" column on Finance Self Service Screens)Ī. *Note: Actual activity for both revenue and expense accounts are in relation to the use of (but not limited to) cash receipts, interdepartmental forms, journal entries, feeds from other systems to the Finance System, postage, food service and office supply charges.
Every transaction will have debits and credits and at least two accounts will be affected.
Debit credit code#
A debit (111.11) to an expense account increases the expenditures to the account code and reduces dollars available for spending (money coming out of the account). In accounting, debits and credits always go together. Expense Account - A credit (111.11-) to an expense account is reducing expenditures and freeing up dollars available to the account code or pool (money coming into the account). A debit to a revenue account (111.11) is decreasing the revenue account's actual amount (money taken out of the account).ī. Debits and Credits 101 Asset Accounts (a general ledger account used to sort and store the debit and credit amounts from a companys transactions involving the. Revenue Account - A credit (111.11-) is increasing the revenues actual amount (money coming into the account).
YTD Activity (appears in the "Actual" column on the Finance Self Service screens)Ī.
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