Revenue and Expense GL Accounts

Accounts may be established at any time in the fiscal year. The full range of general ledger accounts is fairly extensive and is available to all users. Given the number of general ledger accounts available, it is relatively uncommon that a new revenue or expense account needs to be established. Note that cost elements are created at the same time G/L accounts are created, as there is a one-to-one relationship between the two. For more information on G/L accounts and cost elements, refer to the GTFM section Introduction to FIS.

Call your FAST Team Representative to discuss the need for a new revenue or expense G/L account, or submit your request directly to the Manager, Operating Accounting and Financial Analysis.

If an account is no longer required, it remains in the system after it ceases to be active. This applies to all accounts. When accounts are closed they normally have their status changed to “no-post”, which stops any further postings but still allows viewing of the data.

Revenue and expense accounts are established by the FAST team in the Financial Services Department, usually by the FAST team member who is assigned to a department or faculty. Approval by the Manager, Operating Accounting and Financial Analysis is required for the establishment of all new revenue and expense G/L accounts.