Statutes, codes, and regulations
Louisiana Administrative Code
Title 28 - EDUCATIONPart XLI - Bulletin 1929-Louisiana Accounting and Uniform Governmental Handbook
Chapter 3 - The Account Classification Structure
Section XLI-301 - Explanation/General Information

La. Admin. Code tit. 28 § XLI-301

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Current through Register Vol. 50, No. 11, November 20, 2024
Section XLI-301 - Explanation/General Information
A. This publication provides for classifying three basic types of financial activity: revenues and other sources of funds; expenditures and other uses of funds; and transactions affecting the balance sheet only. For each type of transaction, the specific account code is made up of a combination of classifications called dimensions. Each dimension describes one way of classifying financial activity. The dimensions applicable to each type of transaction are:

Revenues

Expenditures

Balance Sheet

Fund

Fund

Fund

Source

Object

Balance Sheet Accounts

Function

B. The purpose and uses of each of these dimensions are described below. The chart of accounts for each of these dimensions is shown later in this handbook.
1.Fund-a fiscal and accounting entity with a self-balancing set of accounts recording cash and other financial resources. It also contains all related liabilities and residual equities or balances, or changes therein. Funds are established to carry on specific activities or to attain certain objectives of an LEA according to special legislation, regulations, or other restrictions.
2.Source-permits segregation of revenues by source. The primary classification differentiates local, state and federal revenue sources.
3.Object-the service or commodity bought. There are nine major object categories: Salaries, Employee Benefits, Purchased Professional and Technical Services, Purchased Property Services, Other Purchased Services, Supplies, Property, Other Objects, and Other Uses of Funds.
4.Function-the activity for which a service or material object is acquired. The functions of an LEA are classified into five broad areas: Instruction, Support Services, Operation of Non-Instructional Services, Facilities Acquisition and Construction Services, and Other Uses.
5.Balance Sheet Accounts-these classifications correspond to those items normally appearing on the balance sheet in three areas: assets and other debits; liabilities and other credits; and fund balance.

La. Admin. Code tit. 28, § XLI-301

Promulgated by the Board of Elementary and Secondary Education, LR 26:462 (March 2000), amended LR 36:1506 (July 2010), LR 37:1382 (May 2011).
AUTHORITY NOTE: Promulgated in accordance with R.S. 17:6(A)(10).