General fund accounting and bookkeeping june 2015
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GENERAL FUND BOOKKEEPING 1
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Transcript of General fund accounting and bookkeeping june 2015
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GENERAL FUNDBOOKKEEPING
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CFRMAnd
Modified Accrual
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REVENUE RECOGNITIONGENERAL FUND
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MeasurableAnd
Available
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NO BAD DEBT EXPENSE
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JOURNAL ENTRY
DEBIT Accounts Receivable
CREDIT Allowance for Uncollectible
CREDIT Revenue
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60 DAY RULE
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JOURNAL ENTRIES
To Defer (Year End)
DEBIT Revenue
CREDIT Deferred Revenue
To Reverse (Next Year)
DEBITDeferred Revenue
CREDIT Revenue
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CONDITIONAL GRANTS
REIMBURSEMENT GRANTS
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ENCUMBRANCESGENERAL FUND
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NOT REQUIREDBY
GASB
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PURCHASE ORDERS
EXECUTORY CONTRACTS
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RECURRING EXPENDITURESUSUALLY NOTENCUMBERED
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REMEMBER TO REVERSE
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ENCUMBRANCES
EXPENDITURE
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WHAT HAPPENS TOOPEN ENCUMBRANCES?
DEPENDS ON POLICY