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General Accounting Discussions: budget coding

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    • CommentAuthornanette16
    • CommentTimeMay 5th 2008
     
    I'm applying for an accounting job. One of the topics for the test is BUDGET CODING and I have no idea what they meant about this. I know that you(the company) can assign codes to each items but I wonder how the test will be? Any help out there?
    Thankful People: saifi52
    • CommentAuthorpchandler
    • CommentTimeMay 9th 2008
     
    My take on budget coding based on experience and if you're uploading a budget into your system (helpful) is basically which bucket you put your data into regarding your balance sheet. You have account codes which roll up into account groups in most systems (i.e. WIP a/c's for us are all accounts <2000; all P&L a/c's are >3999; etc). It's basically a map as to where you think your various transactions through the year will be coded and ultimately the basis for a variance analysis.
    • CommentAuthorjake
    • CommentTimeJun 18th 2008
     
    In my experience:

    Banks are 100's
    Liabilities are 200's
    Capital are 300's
    Revenues are 400's
    Expenses are 500's

    Basically, set up a chart of accounts and designate the numbers. Example:

    201 A/P
    203 Swh
    204 Fwh
    205 Fica
    214 Accured Leave etc.

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