Background

The State of North Carolina has developed a uniform Chart of Accounts. This chart was designed to ensure consistent financial management of the states accounting information. It also provides fund, object, budgetary, and GAAP (Generally Accepted Accounting Principles) data elements for central and agency recording and reporting requirements.

The Chart of Accounts is the financial key of the North Carolina Accounting System. It is organized into three main segments that make up an accounting distribution:

• Company defines a unique GAAP Fund Type within the Financial Reporting Entity (department/agency).

• Account describes the purpose of an expenditure, the type of revenues received or the balance sheet accounts required for GAAP accounting.

• Center defines the budget fund which is established by the Office of State Budget and Management (OSBM) and the agency cost center.

To satisfy additional reporting needs, there are two tables which store other uniform data elements.

• Company Fund Table - used to associate each company, budget fund, and fiscal year with the following:
• Budget Code
• Program Budget Code
• GASB (Governmental Accounting Standards Board) number
• Department/Division number from the Departmental Accounting System (DAS)
• Fund equity closing account

The fund must be recorded by the OSC in the Company Fund Table in order to be used by agencies.  The information for each company contained in the Company Fund Table   can be referenced in the Master Table List report (C-U-GL-MASTER-TABLE-LIST) in the GLPUBLIC library in IE.

• Company Center Table - used for federal funds to associate a center to a Catalog of Federal Domestic Assistance (CFDA) number. In addition to the CFDA number, this table also records the CFDA description an federal participation rate.  The information for each company is contained in the Company Fund Table.

Chart of Accounts

There are two reports in the GLPUBLIC library in IE that an agency can run to view the chart of accounts.  C-U-GL-COA-BY-CENTER lists all accounts within the specified companies and centers.  C-U-GL-CHART-OF-ACCOUNTS shows company/account/center combinations, descriptions for the account and center, and the active/inactive status.