This table lists the required balancing account types with their account types and uses. You can select more than one balancing account type for an element value that's a controlling element.
Balancing Account Type |
Account Type |
Use |
AP Disbursements |
Asset |
Indicates which cash clearing account will be used to pay for accounts payable warrants. It is only used when verifying a voucher in Manage Payroll Vouchers. |
AP Liability |
Liability |
Used to recognize debt incurred in purchasing & accounts payable. Receiving an order receipt or submitting a vendor invoice increases the AP liability, while verifying a voucher decreases the AP liability. It's essentially a holding account for AP liabilities for unpaid receipts. |
Budget Control |
Fund Balance |
Offsets against budget entries |
Cash Clearing for Fund |
Asset |
If clearing accounts are being used, this type is used by the AP voucher, payroll register, and payroll liability voucher to reconcile the Due To/Due From transactions with the AP and payroll clearing accounts when the voucher or register is verified. |
Cash Receipts |
Asset |
Cash account for cash receipts revenue |
Closing Fund Balance |
Fund Balance |
Profits or losses posted when closing a cycle |
Direct Deposit Disbursements |
Asset |
Cash disbursements for direct deposits |
Due From |
Asset |
Records monies due from another fund |
Due To |
Liability |
Records monies due to another fund |
Investment in Capital Assets |
Fund Balance |
Offsets asset amounts as they are recorded in the fixed asset fund. Offsets an asset purchased in a governmental fund. The asset is recorded in the capital asset tracking fund as a debit, and this type is the credit, or balancing account. |
Payroll Disbursements |
Asset |
Cash disbursements for payroll checks |
Payroll Liability Disbursements |
Asset |
Cash disbursements for payroll liability checks |
Period Accrual ER Benefits |
Liability |
Holding account for employer-side of payroll benefits for the period accrual export |
Period Accrual Wages |
Liability |
Holding account for wages for the period accrual export |
Reserve for Encumbrance |
Fund Balance |
Offsets against encumbrances |
Salary & Wages Payable |
Liability |
Holding account for payroll liabilities for unpaid paychecks |
Use Tax Liability |
Liability |
Records monies due for use tax |
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