Balance Sheet Account (BAC2)

Balance Sheet Account (BAC2) defines codes for each asset, liability, reserve, or fund balance account in your system. This window can establish higher level classifications of the account codes (class, category, and group), and associate a balance sheet account with an account type.

The balance sheet account code is the starting point for a classification hierarchy that puts similar accounts together in progressively larger groups. The progression is as follows: 1. Balance Sheet Account; 2. Balance Sheet Class; 3. Balance Sheet Category; and 4. Balance Sheet Group. Similar balance sheet accounts make a balance sheet class, and similar balance sheet classes make a balance sheet category. For more information, see the User's Guide .

A balance sheet account is always required. The rest of the hierarchy is used for reporting purposes only and is optional. You might use part of the balance sheet account hierarchy or none at all.


Fiscal Year	Key field. Enter the last two digits of the applicable fiscal year.
Balance Sheet Account	Key field. Enter the balance sheet account you want add, change, or delete.
Name	Optional. Enter a name for the balance sheet account. If you leave this field blank, a balance sheet account name will not display on reports.
Short Name	Optional. Enter the balance sheet name that you want to appear on reports when there is not enough room for the full name.
Category	Conditional. Required if you report by balance sheet category. Enter the balance sheet category. See Balance Sheet Category (BCAT) for valid values.
Type of Return	Conditional. Enter the type of return associated with this balance sheet account if related expenditures are reportable under IRS standards for 1099 reporting. Valid values are: 1099-MISC [M] 1099-INT [I] 1099-G [G] 1099-S [S]
Class	Conditional. Required if you report by balance sheet class. Enter the balance sheet class. See Balance Sheet Class (BCLS) for valid values.
Group	Conditional. Required if you report by balance sheet group. Enter the balance sheet group code. See Balance Sheet Group (BGRP) for valid values.
Type of Income	Conditional. Enter the type of income associated with this balance sheet account if related expenditures are reportable under IRS standards for 1099 reporting. Valid values are: For 1099-MISC Returns Rents [01] Royalties [02] Prizes and Awards [03] Fishing Boat Proceeds [05] Medical & Health Care Payments [06] Non Employee Compensation [07] Substitute Payments in Lieu of Dividends & Interest [08] Direct Sales of Consumer Product for Resale [09] Excess Golden Parachute Payments[13] Gross Proceeds Paid to Attorney [14] For 1099-INT Returns Interest Income [01] Early Withdrawl Penalty [02] Interset on U.S. Saving Bonds and Treasury Obligations [03] Investment Expenses [05] Foreign Tax Paid [06] For 1099-G Returns: Unemployment Compensation [01] State or Local Income Tax Refunds, Credits, or Offsets [02] Qualified State Tuition Program Earnings [05] Taxable Grants [06] Agricultural Payments [07] For 1099-S Returns: Gross Proceeds [02]
Account Type	Required. Select an account type from the following valid values: Asset [01] Liability [02] Fund Balance [03] Assets Offset to Expenses [11]
Validate FBSA	Default is cleared [ N ]. Select [ Y ] to require valid fund/balance sheet account combinations. For more information, see the User's Guide .
Contributed	Default is cleared [ N ]. Select [ Y ] if you want the system to report contributed assets as net of accumulated depreciation in the Fixed Assets Subsystem.
Cash Account	Default is Unknown [blank] . Select Yes [Y] if this account is a cash account; otherwise select No [N] .
Reporting Category	Default is Unknown [blank] . Select Required on Documents [Y] if you want to require a reporting category on documents whenever this balance sheet account is entered; otherwise select Not Required [N] . For more information, see the User's Guide .
Sweep Process	Default is Not Applicable [blank] . Select Participate [Y] if this balance sheet account is to participate in the cash sweep process of the Investment Management Subsystem. You must also set Cash Account to Yes [Y] .
STO Cash Indicator	Required. Specify the Cash Balance Sheet Account to be used for updating the Cash Table. Valid entries are: No [N] Not Cash on Deposit for State Treasurer. Yes [Y] Cash on Deposit for State Treasurer.
FASB Class	Default is Not Applicable [blank] . If FASB/GASB Institution on System Options (SOP2) is FASB [F] and Account Type is Fund Balance [03] , valid values are: Unrestricted [U] Temporarily Restricted [T] Permanently Restricted [P] When FASB/GASB Institution is GASB [G] , or Account Type is NOT Fund Balance [03] , select Not Applicable [blank] .