Budget Account vs Transaction Account
Budget Account: This account dictates the overall type of expense. The most common types of Budget Accounts are:
Transaction Expense Account: Each set of Budget Accounts have corresponding Transactional Accounts that further describe the type of expense. When an expense is incurred, a 5-digit transactional account number should be provided as part of the chartstring detailing the type of expense.
Example: If you are paying a registration fee for a conference in Kentucky, when completing your travel and purchasing forms, a transactional expense account is required as part of the chartstring. In this case, the appropriate account would be 50112, In-State Registration Fees.