1. The first step in selecting the proper account for a particular situation is to determine whether the transaction being recorded is a budget transaction or an actual transaction.
  2. For a budget transaction, use the budget account associated with the activity.
  3. For an actual transaction, review the classifications listed on the Quick Reference Card or on the Chart of Accounts. Identify the balance sheet, revenue, expense or transfer category into which the activity best fits.
  4. Check to see if the activity is identified by a general account.
  5. If a more specific designation is required than that which is provided by the general account, review the user option accounts already available. Determine if one of these user option accounts appropriately describes the activity in question. If none is suitable, complete a ChartField Request: Account form to request a new user option; note: there must be a compelling business reason for opening a new user option.

An Example of Selecting the Correct Account: