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Revenue Standardization

The Revenue Standardization Project is an enterprise-wide effort led by DFS— Division of Accounting and Auditing to transition revenue object codes into general classifications that can be used by all agencies. This effort will not be implemented until the launch of Florida PALM Financials Wave and will provide more consistent reporting. Refer to the Florida PALM Chart of Accounts Structure for additional information on the Account field.

Things to Consider

  • All data code values that we use today as object codes will change once we go live in Florida PALM for Financials Wave
  • In Florida PALM, the general ledger will be combined with the object code, creating one chart of account field, known as account.
  • The use of the revenue object code is not intended to capture granular programmatic details.
  • The object codes identified within this effort will be state standard, and all agencies will have access to use these codes.
  • Could a Florida PALM Other Accumulator field be used for this purpose?
  • Consider your current business processes and resources, and how these could be leveraged to capture additional details that are not available within the proposed object code list.
  • Can business processes be done differently than how they are today?

Agency Guidance

  • Review your agency’s active revenue object codes to determine what codes you are currently using.
  • Review the Proposed Revenue Standardization List to determine if the object code definitions will meet your future needs.
  • Crosswalk your active revenue object codes to one or more included on the proposed list.
    • During this exercise, we encourage you to consider and identify where granular details can be captured. A Mapping column has been included on data-sf-ec-immutable="" each Family tab to help you identify and track where additional details can be captured data-sf-ec-immutable="" as you crosswalk the codes.
    • Additionally, an Agency Unique column has been added for you to provide a total number of anticipated agency unique values. This number should only include the number of additional codes that you were not able to crosswalk or capture elsewhere.
  • Once you have completed your review, provide feedback by completing the Revenue Standardization Survey provided to your agency contact.  Feedback is due by March 3rd, 2023.