Account custom fields for reporting results in no data

I am trying to use account custom fields to categorize account codes into financial reporting categories so that I can run an income statement in a specific format. I created a new account custom field titled Budget Report Category that is linked to a table with the categories needed (for example, Programming & Event Revenues). I added the custom field to each account code with the desired value. I built my chart organizer using this custom field. When testing, the report produced no data. It says <No Budget Report Category (Account Attribute)>. So to figure out what the issue was, I ran a query just to get the raw data. The query results showed the custom field Budget Report Category as blank on all transactions. So that explains why my report is coming back with no data. I've talked to Customer Support and the rep first said it was because it would only apply to new transactions going forward, so I created a test JE but it doesn't apply the custom field to the new transaction either. The rep said he'd look into it and get back to me later. Does anyone use account custom fields to categorize their financial reporting categories and did you set it up like I described or am I missing something? Where did I go wrong in the configuration. I would appreciate any insight!