slide1 l.
Download
Skip this Video
Loading SlideShow in 5 Seconds..
U.S. Department of Labor Office of Labor-Management Standards (OLMS) PowerPoint Presentation
Download Presentation
U.S. Department of Labor Office of Labor-Management Standards (OLMS)

Loading in 2 Seconds...

play fullscreen
1 / 25

U.S. Department of Labor Office of Labor-Management Standards (OLMS) - PowerPoint PPT Presentation


  • 342 Views
  • Uploaded on

U.S. Department of Labor Office of Labor-Management Standards (OLMS) Bookkeeping for the New Labor Organization Annual Report Form LM-2 Overview Option 1 – Set up chart of accounts using categories that mirror the LM-2 categories

loader
I am the owner, or an agent authorized to act on behalf of the owner, of the copyrighted work described.
capcha
Download Presentation

U.S. Department of Labor Office of Labor-Management Standards (OLMS)


An Image/Link below is provided (as is) to download presentation

Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author.While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server.


- - - - - - - - - - - - - - - - - - - - - - - - - - E N D - - - - - - - - - - - - - - - - - - - - - - - - - -
Presentation Transcript
slide1

U.S. Department of LaborOffice of Labor-Management Standards(OLMS)

Bookkeeping for the New Labor Organization Annual Report Form LM-2

slide2

Overview

  • Option 1 – Set up chart of accounts using categories that mirror the LM-2 categories
  • Option 2 - You may also keep your existing chart of accounts and add the LM-2 categories for bookkeeping classifications
  • Option 3 – Book to both the union accounts and LM-2 accounts and use the “LM Contra Account” to offset the double-booking
slide3

Overview

  • Each transaction should be assigned to an LM-2 bookkeeping account
  • Individual credit card transactions must be entered into the system and assigned to the proper LM-2 bookkeeping categories
  • Data from accounting software reports can be exported to a spreadsheet program in order to be imported into the LM-2 software
slide4

Chart of Accounts

This is a sample LM-2 chart of accounts

slide17

Keeping your Chart of Accounts

  • If you decide to keep your existing chart of accounts, you must add the LM-2 categories identified above.
slide18

Keeping your Chart of Accounts

  • List your accounts on the Chart of Accounts and list LM-2 categories in that same number series.

Example: Officer 1 incurs expenses for reimbursed meals and lodging as well as auto expenses for a union car assigned to him/her.

slide19

Keeping your Chart of Accounts

Union Account Only

Union and LM-2 Accounts

slide20

Keeping your Chart of Accounts

Union and LM-2 Accounts for Travel

slide21

Keeping your Chart of Accounts

Union and LM-2 Accounts for Travel

slide22

Keeping your Chart of Accounts

Union and LM-2 Accounts for Travel

An Example – The union credit card is used by Officer 1 to charge expenses including hotel charges ($198 – Hyatt Hotel) and meals ($70 – Outback Steakhouse) related to negotiating a collective bargaining agreement. The $198 – Hyatt Hotel charge included a meal of $30 and an in-room movie charge of $11. The union also charged a conference room for two days of negotiations ($200 – Hyatt Hotel). Roundtrip airfare of $250 was also charged for travel to and from negotiations.

slide24

Keeping your Chart of Accounts – Option 3

Negative Splits – Union & LM-2 Accounts

slide25

Keeping your Chart of Accounts – Option 3

Another Example

Union Check written to Officer 1 for reimbursed Travel and Auto expense