Rescinded [2017-04-01] - Standard on Recording Financial Transactions in the Departmental Chart of Accounts

Defines a common departmental chart of accounts structure which allows for consistent classification, recording, aggregation and reporting of financial transactions within the departmental financial and materiel management system (DFMS).
Date modified: 2012-04-26

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Long description for image: Figure 1: Relationship between departmental chart of accounts elements and government-wide chart of accounts classifications

The figure reflects the elements of a departmental chart of accounts, in relation to the classification structures of the government-wide chart of accounts. The departmental chart of accounts includes six elements: Responsibility / Organization, Financial Reporting Account, Authority, Program, Line Objects, and Internal / External. Each of these elements corresponds to an equivalent government-wide classification, and together the elements form a financial coding block used for recording financial transactions in a departmental chart of accounts.

At the Departmental level (departmental chart of accounts):

  • Responsibility / Organization identifies the organizational unit, for which a position has delegated authority that is responsible and accountable for the financial transaction. It aggregates to the government-wide responsibility classification.
  • Financial Reporting Account enables the classification of financial transactions into accounting categories as the basis for departmental financial statements. It must correlate to the line object element, and aggregates to the government-wide financial reporting classification.
  • Authority identifies the authority (vote, statute, or other legislative authority) under which the financial transaction is authorized. It aggregates to the government-wide authority classification.
  • Program identifies the program within the department's program alignment architecture to which the financial transaction is associated. It aggregates to the government-wide program classification.
  • Line Object provides information about the type of goods or services acquired, the transfer payments made, the source of receipts or the cause of increases and decreases in assets and liabilities. It aggregates to the government-wide object classification.
  • Internal / External identifies whether the transaction is internal or external to the GC. It aggregates to the government-wide transaction type classification.

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