Published on September 24, 2014
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
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
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
Understand budgetary accounting & reporting ... on revenue growth or decline ... Budgetary Accounting, and Budgetary Reporting Author:
Basis of Accounting versus the Budgetary ... The timing of revenue and expenditures may ... Governmental Accounting, Auditing and Financial Reporting ...
Budgetary Accounting. ... Total Revenue: $126,561,132: ... Governmental Accounting and Financial Reporting Principles (Chicago, Ill.: ...
... from which selection can be made for each fund by the government unit to meet their particular budgetary, accounting and financial reporting ...
Explain how budgetary accounting contributes to ... Revenue subsidiary ledger ... accounting and financial reporting required by
... Budgetary Accounting. 2 Definitions! General Fund ... "General Administration "Traditional Services! Special Revenue Fund (SRF) "Revenue ... Reporting ...
What Is the Difference Between Budgetary Basis Accounting ... The reporting perspective of budgetary basis ... The budgetary accounting basis ...
CHAPTER 1 Governmental and Nonprofit Accounting ... Revenue Reporting: GAAP vs. Budgetary 206 Changes in Accounting Principles 206 • _ Error Correction 209
... describe and analyse budgetary accounting practices and reporting requirements across Bahraini ... budget monitoring and reporting, revenue ...
from those used for budgetary accounting only ... revenue is recognized when a reporting entity establishes a specifically identifiable,