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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
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

adoption of the budget
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

property taxes
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

other revenue
Other Revenue

Unique receivable XXX

Revenue XXX

Cash XXX

Unique receivable XXX

Governmental & NPO Accounting-2008

expenditures other than inventory
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

inventory
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

disbursements
Disbursements

Vouchers payable XXX

Cash XXX

Governmental & NPO Accounting-2008

inter fund transactions
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

closing entries general
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

closing entries encumbrances
Closing Entries-Encumbrances

BFBR-ENCUMBRANCES XXX

ENCUMBRANCES XXX

  • Closes out all unused encumbrances

Governmental & NPO Accounting-2008

fund balance reserves
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
Balance Sheet
  • Assets
  • Liabilites
  • Fund balance
    • Reserved
    • Unreserved

Governmental & NPO Accounting-2008

statement of revenues expenditures fund balance
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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