State Board BAR Update October 2018

Slides:

Advertisements

Similar presentations

Recording Adjusting and Closing Entries for a Service Business

Advertisements

ACCT 2110 GENERAL LEDGER. ACCOUNTING EQUATION n Assets = Equities n Assets = Liabilities + Owner’s equity.

Dr. Mohamed A. Hamada Lecturer of Accounting Information Systems

Financial Audit Presentation Year Ended June 30, 2013 The School District of Newberry County Greene, Finney & Horton, CPAs.

Chapter 12: Statement of Cash Flows Pre-Statement of Cash Flows (before 1987) Statement of Cash Flows (1987) Research.

Governmental & NPO Accounting Session 1-Government Accounting--Basics n GASB and other key terms n Uniqueness of government operations n Objectives.

Technical Update Presented by Chris Ray Partner - KPMG LLP KPMG LLP.

ORA Table of Contents Topic CHAPTER 1 – OVERVIEW I. History II. Converting from Legal Basis Accounting to GAAP III. Business-Type Activities Model.

Marketable Securities

Chapter Five Closing Entries and the Post-Closing Trial Balance.

Principle #1 - Accounting and reporting capabilities

Technical Update Presented by Chris Ray Partner - KPMG LLP KPMG LLP.

Financial Reporting by the Federal Government

© 2003 The McGraw-Hill Companies, Inc., All Rights Reserved Chapter 17 Governmental Entities: General Fund.

Capital Accounting BAR May 28, Capitalization The process of identifying projects, collecting costs and recording of fixed assets. – Land.

Govt. Reporting - 1 GOVERNMENTAL REPORTING City Council Budgetary Hearing.

Chapter 8 Introduction.

Accounting Principles, Eighth Edition

June 27 Chapter 3. 1.Real (permanent) accounts are revenue, expense, and dividend accounts and are periodically closed. 2.Under International Financial.

Laredo ISD -> Restatement of Financial Statements according to GASB 34 What is GASB 34? New Accounting Standards adopted for Why do we need to.

SCHOOL DISTRICT ACCOUNTING ISSUES. KEY ISSUES GASB 54 Net Position Accrued Sick Leave GASB 63/65 – deferred inflows and outflows Common errors.

Accounting for a Service Business Unit 1.3 Transactions.

HFT 3431 Chapter 4 Statement of Cash Flows The Statement of Cash Flows Answers u u How Much Cash Was Provided by Operations u u What Amount of Property.

Chapter 6 Proprietary Funds -- Internal Service and Enterprise

City Council Meeting Presentations.  Part I – Regulations and Terminology May 17, 2011  Part II – Revenues June 7, 2011  Part III – Fund Descriptions.

LEARNING OBJECTIVES 1.Identify the BASIC FINANCIAL STATEMENTS. 2.Understand the format/content of GOVERNMENT-WIDE financial statements and FUND FINANCIAL.

Chapter 12: Statement of Cash Flows Pre-Statement of Cash Flows (before 1987) Statement of Cash Flows (1987) Research.

QSS and Year End Closing CPUG Annual Convention March 7 through 9, 2005 Visalia, California.

©The McGraw-Hill Companies, Inc. 2006McGraw-Hill/Irwin Chapter 17 Governmental Entities: General Fund.

What financial statement uses net income (or net loss) taken directly from the income statement?

COMPLETION OF THE ACCOUNTING CYCLE UNIT 4 A work sheet is a multiple-column form that may be used in the adjustment process and in preparing financial.

Chapter 5 Objectives: Learn the rationale behind expenditures How different expenditures are recognized How to do interfund transfers Learn about other.

PURPOSE OF CLOSING ENTRIES

Accounting & Reporting Updates Denise Nguyen October 23 rd, 2015.

INDIANA AREA SCHOOL DISTRICT AUDIT REPORT JUNE 30, 2012.

Capital Leases Vs. Operating Leases

2006 Higher Education Accounting Forum The California Community College Solution To GASB 45 Dr. Steven Kinsella, CPA Superintendent/President Gavilan Joint.

ADJUSTED TRIAL BALANCE

The heading should identify the entity, the document and the time period.

Common Journal Entries Sheryle Coaker, MASBO Stacey Graves, Desoto County School District Sandy Halliwell, Clinton Public School District.

Objective  The accounting cycle is a series of activities that begins with a transaction and ends with the closing of the books. Because the process.

Preparing Closing Entries and a Post-Closing Trial Balance

Accounting for State and Local Governments, Part I

The progress of the world depends almost entirely upon education

Recording Daily General Journal entries in a manual system

Prepared by: Keri Norrie, Camosun College

Statement of Cash Flows

Accounting cycle Made by: Yashvi Shah.

THE RECORDING PROCESS -POSTING

Objective 6.01 The Accounting Cycle.

Certified General Accountants

Accounting courses in Chandigarh.

Government and Non-Profit Accounting

2017 Audit Presentation: Plum Borough School District

POSTING and GENERAL LEDGER

عمادة التعلم الإلكتروني والتعليم عن بعد

10/28/2014 The Municipal Analysts Group of New York What’s New With the GASB and What Does It Mean for Municipal Credit? Mr. Bean.

Understanding the Report of the Board Secretary

Chapter 1, 2, 3 Review.

October 2018 BAR Sabra Sand and Grace Jimenez

Financial Audit Presentation Year Ended June 30, 2017

Local Government Corporation

Point 4 The double-entry system

Chapter 4 Statement of Cash Flows

Closing Entries and Corrective Entries

Budget Journal Entries

Accounting & Reporting Update

GOVERNMENTAL ACCOUNTING

GOVERNMENTAL ACCOUNTING

Presentation transcript:

State Board BAR Update October 2018 Grace Jimenez October 18, 2018

Topics Federal Disclosure Forms Accounting Issues/Reminders Financial Statements GASB Update

Federal Disclosure Forms Reminders Remember to complete all parts  Federal Direct – all rev with source 03xx, be sure to list all CFDAs Revenue must equal Expenditures, if not, please include explanation

Accounting Issues/Reminders Use of GL 6525 Expense Adjustments/Eliminations – SAAM: This GL code is used in allotted funds when a difference occurs in the GAAP and budgetary recording of an accounting event. For example, when purchasing a capital asset in an allotted enterprise fund, it is necessary to debit the appropriate capital asset account and credit cash or accounts payable. Never used in proprietary funds in CTC system since none of our enterprise funds are allotted. Correct method is reduce expenditure (65xx or 6xxxxx) and increase the asset (2xxx or 202xxx).

Accounting Issues/Reminders Transactions with a subobject & revenue source code May go through FMS Numerous TCs require SObj and allow RevSrc or require RevSrc and allow SObj. May also cause you issues balancing financial statements Is there an instance the should happen? A reason for adding a rev source to expenditure?

Accounting Issues/Reminders Transfers For interfund transfers, remember to use transcodes 023 & 024 with the correct RevSrc. Avoid using 023R unless it is a correcting entry and will reverse the intended dr/cr. Expenditure transfers: Must be based on real expenditures Must balance (debits and credits) Use correct Tx (Several colleges using TA to represent transfers covering TB, TE, TN or TP).

Financial Statements Reporting Resources GAAFR manual GFOA Stand-alone business-type checklist GASB Statements

Financial Statements Changes to template Formula for unrestricted net position Reorganized Cash Flow Criteria – great feedback coming in Split out the pension liabilities as well as DO/DI for pensions vs OPEB for clarity Need to add: short term liability for GASB 73

GASB Update 2019: Statement 83 – Certain Asset Retirement Obligations Statement 88 – Certain Debt Disclosures 2021: Statement 87 – Leases

Questions/Comments?