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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

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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
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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
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Chart of Accounts

This is a sample LM-2 chart of accounts

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Keeping your Chart of Accounts

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

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Keeping your Chart of Accounts

Union Account Only

Union and LM-2 Accounts

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Keeping your Chart of Accounts

Union and LM-2 Accounts for Travel

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Keeping your Chart of Accounts

Union and LM-2 Accounts for Travel

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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.

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Keeping your Chart of Accounts – Option 3

Negative Splits – Union & LM-2 Accounts

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Keeping your Chart of Accounts – Option 3

Another Example

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