Virginia Accounting Procedures
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FAQ
The Chart of Accounts is the accounting structure that sets hierarchies and rollups for financial data. This structure aids in the recording and reporting of accounting information. An element within the Chart of Accounts is referred to as a ChartField in Cardinal. A ChartField represents one category of data.
The Commonwealth operates on a fiscal year of July 1st through June 30th.
?Combined with the December forecasted $3.6 billion in surplus, the Commonwealth now has $5.1 billion in excess resources.
Virginia's combined state and local general revenues were $100.6 billion in FY 2021, or $11,620 per capita. National per capita general revenues were $12,277. Virginia uses all major state and local taxes.
