University of Saskatchewan

Financial Services Division (FSD)

Using Debits & Credits

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".

Accounts Increase Decrease
Assets 1XXXX Debit (+) Credit (-)
Liabilities 2XXXX Credit (-) Debit (+)
Revenue 5XXXX Credit (-) Debit (+)
Expense 7XXXX Debit (+) Credit (-)
Transfers 8XXXX Transfer Funding
From

Debit (+)
Transfer Funding
To

Credit (-)

*Table couresy of UniFi - Introduction to Accounting class

How to Use the Table

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.

CFOAPAL Example

Figure 1 - Example of a CFOAPAL