Session 2 general fund entries financial statements
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Session 2-General Fund Entries & Financial Statements. Entries: Adoption of the budget Property taxes Revenue other than property taxes Expenditures & encumbrances other than inventory Acquisition and consumption of inventory Disbursements Inter-fund transactions Closing entries-general

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Session 2-General Fund Entries & Financial Statements

  • Entries:

    • Adoption of the budget

    • Property taxes

    • Revenue other than property taxes

    • Expenditures & encumbrances other than inventory

    • Acquisition and consumption of inventory

    • Disbursements

    • Inter-fund transactions

    • Closing entries-general

    • Closing entries-encumbrances

    • Fund balance reserves

  • Financial statements

    • Balance Sheet

    • Statement of Revenues, Expenditures & Changes in Fund Balance

Governmental & NPO Accounting-2008


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Adoption of the Budget

  • BUDGETED accounts will be shown in capital letters

    ESTIMATED REVENUES XXX

    BUDGETARY FUND BALANCE XXX

    APPROPRIATIONS XXX

    APPROPRIATIONS-TRANSFERS OUT XXX

    This is only a budgetary entry.

Governmental & NPO Accounting-2008


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Property Taxes

  • The following entries are used to record property tax transactions

    • Property tax levy

    • Property tax collection

    • Write-offs

    • Adjustment to prior uncollectibles

    • Adjustment to current uncollectibles

    • Adjustment to deferred revenue

    • Transfer to delinquent accounts

Governmental & NPO Accounting-2008


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Other Revenue

Unique receivable XXX

Revenue XXX

Cash XXX

Unique receivable XXX

Governmental & NPO Accounting-2008


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Expenditures, other than Inventory

ENCUMBRANCES XXX

BUDGETARY FUND BAL. RES.

FOR ENCUMBRANCES XXX

  • Think purchase orders

    BFBR-ENC. XXX

    ENCUMBRANCES XXX

  • Think adjustment to POs for actual payables

    Expenditures XXX

    Vouchers payable XXX

  • Think accounts payable

Governmental & NPO Accounting-2008


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Inventory

ENCUMBRANCES XXX

BUDGETARY FUND BAL. RES.

FOR ENCUMBRANCES XXX

  • Think purchase orders

    BFBR-ENC. XXX

    ENCUMBRANCES XXX

  • Think adjustment to POs for actual payables

    Inventory XXX

    Vouchers payable XXX

  • Think accounts payable

    Expenditures XXX

    Inventory XXX

  • To record consumption of inventory

Governmental & NPO Accounting-2008


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Disbursements

Vouchers payable XXX

Cash XXX

Governmental & NPO Accounting-2008


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Inter-fund Transactions

  • A variety of transactions with other funds

    • Typically record an expenditure, liability and transfer of cash

    • Involves receipt of goods and services or direct transfer of cash

      Receipt of goods and services:

      Expenditure XXX

      Due to ABC fund XXX

      Due to ABC fund XXX

      Cash XXX

      Direct transfer of cash

      Other Financing Uses-Transfers Out XXX

      Cash XXX

Governmental & NPO Accounting-2008


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Closing Entries-General

  • BUDGETARY ACCOUNTS

    APPROPRIATIONS XXX

    APPROPRIATIONS-TRANSFERS OUT XXX

    ESTIMATED REVENUES XXX

    BUDGETARY FUND BALANCE XXX

  • General Fund Accounts

    Revenues XXX

    Unreserved Fund Balance XXX

    Expenditures XXX

    Other Financing Uses—Transfers Out XXX

Governmental & NPO Accounting-2008


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Closing Entries-Encumbrances

BFBR-ENCUMBRANCES XXX

ENCUMBRANCES XXX

  • Closes out all unused encumbrances

Governmental & NPO Accounting-2008


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Fund Balance Reserves

Unreserved Fund Balance XXX

Fund Balance Res. for Encumbrances XXX

  • Required if encumbrances will be honored in the next year

    • Recall the concept of current year accounting

  • Next year’s opening entry

    Fund Balance Res. for Encumbrances XXX

    Unreserved Fund Balance XXX

    ENCUMBRANCES XXX

    BFBR-ENCUMBRANCES XXX

  • Governmental & NPO Accounting-2008


    Balance sheet l.jpg
    Balance Sheet

    • Assets

    • Liabilites

    • Fund balance

      • Reserved

      • Unreserved

    Governmental & NPO Accounting-2008


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    Statement of Revenues, Expenditures & Fund Balance

    • Revenues

    • Expenditures

      • Current

      • Other

    • Other Financing Sources (Uses)

    • Excess or deficiency

    • Fund balance, beginning of period

    • Fund balance, end of period

    Governmental & NPO Accounting-2008


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