Account Types and Cost Centers ("FINS")

Please note: Account Types and Cost Centers are attributes assigned to or included in each GL Account in the Chart of Accounts in order to "group" them based on a specific commonality designed by the school during implementation. 

• Using Account Types 1, 2, 3 or a Cost Center are great ways to organize a FINS report and prevent excessive clean-up/updating in the future. Adding a line in FINS based on an Account Type 1, 2, or 3 will print a number that totals all the balances of the GL Accounts labeled with that specific Account Type 1, 2, or 3. This essentially “groups” all the GL Accounts together under a specific header. Any GL Accounts created after a Financial Statement Spec. is complete will automatically be included in Account Type 1, 2, or 3 lines as long as an Account Type 1, 2, or 3 is assigned to it, eliminating the need to add the GL Account as a line in the Financial Statement Spec.

If Account Types and Account Type 3s are being used as a Parent-Child

• Treat Account Type 1’s as a focused, but higher level grouping of GL Accounts for each line of the financial statements. Each Account Type 3 can be used to create even more specific groupings. Essentially, the Account Type 1 is considered a “Parent Account Type”, and Account Type 3’s act as a “Child Account Type” to that Account Type 1.
  • Ex: If you have 10 GL Accounts grouped together to print as Cash and Cash Equivalents, you can add a line using an Account Type which will summarize them for you, which saves you the time of making individual GL Account lines. Using Account Type 3’s, you can further specify the groupings by using an Account Type 3 for “Cash” and an Account Type 3 for “Cash Equivalents”. Thus, the “Cash and Cash Equivalents” is the “parent”, and the subsequent Account Type 3 groupings are the “children”.
  • See the below examples for additional clarification on the difference between Account Type and Account Type 3.

If Account Type 3s should be used Ad-Hoc

• If Account Type 3s are to be used as an Ad-Hoc grouping of accounts that is not connected to Account Types, they should remain unconnected from an Account Type.
• For example: You could use Account Type 3 in this way if you need audited reports grouped one way but would like your internal reports grouped differently.  

When Adding New GL Accounts

• When you add a new GL Account to the GL Chart of Accounts, be sure to add the Account Type 1, 2, or 3 based on where you want it grouped in a Financial Statement Report.   Specific account types are often connected to summaries in the various financial statements.  Using the correct account types will ensure the new GL accounts are included.

Adding an Account Type or Cost Center to a Line from the Grid

1. From the Lines tab of a Financial Statement Spec., click on the Account Type or Cost Center dropdown menu of the line you want to assign an Account Type or Cost Center to.
2. Select the desired Cost Center or Account Type.
3. Click Update

Adding an Account Type or Cost Center from within a Line Record

1. From the Lines tab of a Financial Statement Spec., click on the either the open record button or the blue description of the line you want to add an Account Type or Cost Center to.
2. In the first column of fields on the general tab of a line record, click on the Account Type or Cost Center dropdown menu.
3. Select the desired Cost Center or Account Type.
4. Click Update

Format View of an Account Type Line

Report View of a Report Summarized by Account Type

Return to Creating a Financial Statement ("FINS")

Return to Maintaining and Editing a Financial Statement ("FINS")