The table* below provides a quick summary to assist in determining whether to use a Debit (+) or Credit (-) when preparing transactions.
Note: The + and - sign in UniFi refer to Debit and Credit, instead of the Minus and Addition functions in mathematics. Credit (-) does not necessarily mean "take the fund out of".
|Assets||1XXXX||Debit (+)||Credit (-)|
|Liabilities||2XXXX||Credit (-)||Debit (+)|
|Revenue||5XXXX||Credit (-)||Debit (+)|
|Expense||7XXXX||Debit (+)||Credit (-)|
*Table couresy of UniFi - Introduction to Accounting class
To determine whether to use a debit or a credit, first identify the account code in the CFOAPAL that you are using, and then decide whether you want to increase that account or decrease it.
Figure 1 - Example of a CFOAPAL