U.S. Department of Labor
Download
1 / 25

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


  • 325 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

PowerPoint Slideshow about 'U.S. Department of Labor Office of Labor-Management Standards (OLMS)' - jacob


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 l.jpg

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

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


Slide2 l.jpg

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 l.jpg

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 l.jpg

Chart of Accounts

This is a sample LM-2 chart of accounts














Slide17 l.jpg

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 l.jpg

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 l.jpg

Keeping your Chart of Accounts

Union Account Only

Union and LM-2 Accounts


Slide20 l.jpg

Keeping your Chart of Accounts

Union and LM-2 Accounts for Travel


Slide21 l.jpg

Keeping your Chart of Accounts

Union and LM-2 Accounts for Travel


Slide22 l.jpg

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 l.jpg

Keeping your Chart of Accounts – Option 3

Negative Splits – Union & LM-2 Accounts


Slide25 l.jpg

Keeping your Chart of Accounts – Option 3

Another Example

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