Revenue Standardization

DFS-Division of Accounting and Auditing (A&A) has been working with the Florida PALM Project (Project) and agencies to standardize our current day Revenue Object Codes. The standardization process has included iterative cycles of surveys, office hours, meeting with agencies one-on-one, as well as on-going collaboration with the Project to ensure our revenue account values will meet the reporting needs of our agencies.

As of June 2024, a revised proposed Revenue Standardization List is available. In efforts to help agencies through the changes of this standardization and transition process, A&A, along with Project, have incorporated several changes into the revised list, which include:

• A general crosswalk of the current FLAIR revenue classification object codes to the proposed definition to help agencies map current codes to future definitions. Due to agency uniqueness and different reporting needs, some of the proposed cross-walked object codes may be classified differently within your agency.    
• A crosswalk to the proposed Florida PALM Account name and value that we intend to use in Florida PALM. For additional Florida PALM account information please visit the Chart of Accounts on the Florida PALM website.
• Changes that have been made since the last published version. Changes can be identified easily though the use of color-coding.
• A naming convention has been applied to each family and is now included in the Florida PALM Account Names to help align definitions to its specific family. Each Family’s prefix is included on the Definition tab, as well as the Family column on the Proposed List. Naming convention includes:  Ex. Fees (SFE) = S-State Revenues and FE-Fees. The first letter of the abbreviation ties to the first character of the Grouping, and the second and third letters are an abbreviation of the Family. 

Please note: This list and the changes mentioned above will not be implemented until we go live in Florida PALM for Financials Wave. 

Should your agency need to request a revenue definition be added to the Revenue Standardization List, please email your request to NewAccountCode@MyFloridaCFO.com. Within your email, please indicate that the request is for the Revenue Standardization Project and provide the current title(s) and data code(s), as well as an explanation as to why your agency needs the unique code(s) added. Once received, your request will be routed for review and determination. Should there be any changes to the Revenue Standardization List, A&A will post an updated version and notify agencies.