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Budgetary Accounting and Revenue Reporting

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Information about Budgetary Accounting and Revenue Reporting
Education

Published on September 24, 2014

Author: D9CYOeLeHO1I5ULZMK4ZK

Source: slideshare.net

Description

An overview of fund accounting including budgetary journal entries, financial statement formats, deferred revenue journal entries and uncollectible account journal entries
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Budgetary Journal Entries

Budget Journal Entries Estimated Revenue DEBIT Appropriations CREDIT Budgetary Fund Balance is the Plug

Estimated Revenue and Appropriations ONLY ADJUST THESE ACCOUNTS FOR BUDGET REVISIONS

Budget Journal Entries Encumbrances DEBIT Budgetary Fund Balance CREDIT For Purchase Orders and Contracts

Encumbrances REVERSE WHEN EXPENDITURE IS RECORDED

Budget Closing Entries Appropriations DEBIT Estimated Revenue CREDIT Budgetary Fund Balance is the Plug

Budget Closing Entries Budgetary Fund Balance DEBIT Encumbrances CREDIT Reverse Next Year To Re-establish

Statement of Revenue, Expenditures and Changes in Fund Balance

Format 1) Revenue by Source

Format 2) Expenditures By Character, Then By Function

Format 3) SUBTOTAL - Excess of Revenue Over Expenses or Vice Versa

Format 4) Other Financing Sources / Uses

Format 5) Special Items

Format 5) Net Change In Fund Balance

Format 6) Reconcile to Ending Fund Balance

Deferred Revenue

60 Day Rule ● Anything collected in the current year is current year revenue ● Anything expected to be collected in the 60 days following year end is current year revenue ● Anything expected to be collected 61 days or more after year end is Deferred Revenue

Entry to Defer Revenue DEBIT Deferred Revenue CREDIT Year End Closing Entry

Entry to Reverse Deferred Revenue DEBIT Revenue CREDIT Posted First Day of the Following Year

Uncollectible Accounts

Estimated Uncollectible Record When Taxes Are Levied

Estimated Uncollectible Is a Reduction of Revenue NOT a Bad Debt Expense

Write Offs Allowance For Uncollectible DEBIT Taxes Receivable CREDIT Same Format as Financial Accounting

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