Chart of Accounts

Chart of Accounts

Alternate Account

 

The Alternate Account is used as a summary for financial accounting. Alternate Accounts aggregate Accounts of a similar nature to facilitate the summarization and review of financial information.

Accounts have a many-to-one relationship with an Alternate Account. In other words, different Accounts may use the same Alternate Account number to note that expenses are, for example, salary and wage expenses, travel expenses, professional service expenses, utility expenses, or material and supply expenses (among other possibilities).

The Alternate Account field automatically populates with the appropriate value when a value defaults or is entered into the Account field.

In the following example, when the Alternate Account is applied to the corresponding Accounts, it groups them as Personal Service Expenses. Alternate Accounts record information that may be used for reporting purposes.

Alternate AccountCorresponding Accounts
771000 - Personal Services Expense Account711101 FACULTY

711199 ADMIN AND PROF

711202 AP ORGANIZE RESEARCH

711302 USPS ORGANIZED RESEARCH

711401 GRADUATE ASSISTANTS

711602 ADJUNCT FACULTY

749906 PERQUISITES