Chart of Accounts

IRM 3.17.63, Accounting and Data Control, Redesigned Revenue Accounting Control System, describes the general ledger accounts (IRS accounts) by account number and name. It also describes the function of each account and the RRACS main menu used for journal entries.

The Chart of Accounts is arranged by accounting classification as follows:

Other Accounts - 00XX Series

Accounts Receivable - 1000 Series

Receipt Accounts - 2000 Series

Inventory Accounts - 3000 Series

Liability Accounts - 4000 Series

Disbursement Accounts - 5000 Series

Assessment and Settlement - 6000 Series

Other Assets - 7000 Series

Work in Process Control Accounts - 8000 Series

Ledger Closing Accounts - 9000 Series

Real accounts are balance sheet accounts and do not close out at the end of the fiscal year. The balances are brought forward each month and at the end of the fiscal year.

Nominal accounts are income statement accounts maintained for a fiscal year period. Each fiscal year starts with a zero balance. RRACS Fiscal Year-End closes all nominal accounts automatically into a real account.

For a complete list, see Exhibit IRM 3.17.50-2, Chart of Accounts.