The balance sheet code indicates assets, liabilities, and fund balances within a fund. Assets and liabilities must balance within each fund. When transactions are made against operating accounts (fund, area, org, function) during the year, the system automatically creates an offsetting balance sheet account entry. For example, when a CR deposit of funds is credited to an operating account, an offsetting entry is created at the same time debiting the cash balance sheet account for the same fund. In some cases, transactions can also be made directly to balance sheet accounts. At year end the net of the operating accounts' revenues and expenditures within each fund goes to fund balance. The balance sheet account code field is four characters; the table reference is BACC.