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
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.
U.S. Department of LaborOffice of Labor-Management Standards(OLMS)
Bookkeeping for the New Labor Organization Annual Report Form LM-2
This is a sample LM-2 chart of accounts
Example: Officer 1 incurs expenses for reimbursed meals and lodging as well as auto expenses for a union car assigned to him/her.
Union Account Only
Union and LM-2 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.
Negative Splits – Union & LM-2 Accounts
Union Check written to Officer 1 for reimbursed Travel and Auto expense