Local Government Corp GASB 54 YE Changes Local Government Corp. Changes to Fiscal Year End June 30, 2011.

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Presentation transcript:

Local Government Corp GASB 54 YE Changes Local Government Corp. Changes to Fiscal Year End June 30, 2011

Local Government Corp GASB 54 YE Changes Review of YE Closing June 30th Payroll > Leave balances, FY deduction times taken Purchasing > Close PO’s to Prior Year Run June month end Run Fiscal Year End

Local Government Corp GASB 54 YE Changes

Local Government Corp GASB 54 YE Changes GASB 54 Reporting Reserved for encumbrances Reserverd for other Undesignated Fund Balance Nonexpendable Restricted Committed Assigned Unassigned

Local Government Corp GASB 54 YE Changes Changes to Fund Balance GASB Nonexpendable Restricted Committed Assigned Unassigned July to June: Reserved for encumbrances Reserverd for other general purposes Undesignated Fund Balance Copy Files for GASB reporting Journal Entry to Restate Equity Balances

Local Government Corp GASB 54 YE Changes Software Changes Flexgen> Copy of data files Zortec and NextGen> 13 th Month

Local Government Corp GASB 54 YE Changes Summary Minimal changes to YE closing process No change to YE documentation New user: GASB54 Entries Reporting No system time limit on GASB 54 reporting YE update to include GASB 54 changes

Local Government Corp GASB 54 YE Changes Questions?