Common Terminology

The level in a transaction where, at a minimum, a set of chart of account codes comprising a funding distribution, an event type, and a line amount are entered to create one or more journal postings.

A high level of accounting activity assigned to a transaction’s accounting line. The event type controls smaller components of accounting activity that are used to perform a specific accounting, budgeting or non-accounting activity. It brings in specific rules for data entry concerning referenced transactions, customer codes, vendor codes, and all defined chart of account elements in the system.

Journals record a detailed historical record of processed data from a transaction.

Ledgers record a summarized historical record of data organized by one or more elements of the accounting distribution and by an established period of time.

The accounting line of a transaction is said to have nominal activity when an Object or revenue source is used to update a budget. Examples are encumbrances, accrued expenditures, and collected revenue. Another way to identify nominal activity is activity closed into an equity account at year-end, which is a broader classification than just a budget update.

A process that rolls open pre-encumbrances, encumbrances, receivables, and a selected group of the other accounting activity from one budget and accounting fiscal year into the next.

An indication to the system called from an event type during transaction processing that determines many updates to budget and accounting control pages, posting of journals, default elements with the sequence for finding them and editing any associated balance sheet codes.

The level in a transaction with the most detailed accounting information that is a common source of information used to update many areas of the application. At this level individual debits and credits are recorded in either a combined posting line (both the debit and credit together) or two half posting lines (separate lines for debit and credit). A very limited number of situations exist where there is only a half posting line: journal vouchers and certain cost accounting activity.

The following are the three types of posting line:

Liquidation Line - A posting line that backs out all or a portion of accounting activity recorded on a referenced posting line.

Standard Line - A posting line that records new accounting activity that if referenced by another transaction will be liquidated.

Non-Standard Line - A posting line that records new accounting activity that will not be liquidated if referenced by another transaction.

The accounting line of a transaction is said to have real account activity when balance sheet is used on a generated posting line. Examples are reserve for encumbrances, disbursements payable, and cash. While real account activity is most often used in conjunction with nominal activity, an accounting line can have only real account activity.