M UNICIPAL S OFTWARE, I NC. MSI GASB 34. User s Guide

Transcription

1 M UNICIPAL S OFTWARE, I NC. MSI GASB 34 User s Guide Municipal Software, Inc W. Winchester Road, Ste 209 Libertyville, IL Phone: (847) Fax: (847) Contents are the exclusive property of Municipal Software, Inc. Copyright All Rights Reserved.

2 TABLE OF CONTENTS 1.00 CHART OF ACCOUNTS MAINTENANCE FOR GASB CHART OF ACCOUNTS ENTRY GASB 34 REQUIREMENTS FUND CODES MAINTENANCE GASB 34 REQUIREMENTS FUNCTION/ACTIVITY CODE GASB 34 REPORTING STATEMENT OF ACTIVITIES STATEMENT OF NET ASSETS FAQ FREQUENTLY ASKED QUESTIONS...12 APPENDIX A SAMPLE REPORTS...13 STATEMENT OF ACTIVITIES...14 STATEMENT OF NET ASSETS...15 ***Please note that all entry pertaining to GASB 34 takes place in the MSI-General Ledger application.*** 2

3 1.00 CHART OF ACCOUNTS MAINTENANCE FOR GASB 34 WHAT IS A CHART OF ACCOUNTS? The chart of accounts consists of all account numbers used in an accounting system. The Chart of Accounts Maintenance program is used to maintain the account numbers that are used in the MSI- General Ledger. The account numbers can be designated as revenue, expense, asset, liability, or capital accounts CHART OF ACCOUNTS ENTRY GASB 34 REQUIREMENTS HOW DO I ENTER ACCOUNTS TO INCLUDE GASB 34 REQUIREMENTS? From your MSI- General Ledger toolbar menu, click Maintenance. Select Chart of Accounts from the pull down menu. The following fields are now available: 3

4 Account Number This is where the number that represents the account is entered. The number must be in the same format as defined in your Chart of Accounts determined during implementation. Description This field is used to give a brief description of the account being entered. Debit/Credit Balance This field indicates what the normal balance of the account number is. Check (D) for Debit or (C) for Credit. The normal balance for the type of account will automatically be displayed but can be changed for special circumstances. (See table below for example.) Type This field defines the account type. Valid type codes are: (A) for Asset, (L) for Liability, (C) for Capital, (R) for Revenue, (E) for Expense, and (I) for Interfund. ACCOUNT ACCOUNT TYPE DEFAULT DR/CR BALANCE A ASSET DEBIT L LIABILITY CREDIT C CAPITAL CREDIT R REVENUE CREDIT E EXPENSE DEBIT Beginning Balance Enter the beginning balance of the account. This field should normally be used only once, when the account is first entered in the application. Normally it is used only for balance sheet data. If prior period transactions are to be entered, use the General Journals entry option. Always run a trial balance to review data entered. GASB Function/Activity Determines what kind of function/activity the account number represents as follows: 100 s = Assets 400 s = Revenue 200 s = Liabilities 500 s = Expenses 300 s = Capital GASB Revenue Column 1 = Charges for Service 4 = General Revenues 2 = Operating Grants and Contributions 5 = Expenses 3 = Capital Grants and Contributions These descriptors are fixed on the Statement of Activities and cannot be changed by the user. OK - Will save the account number and other fields you have entered Cancel - Will clear the account number and other fields you have entered and allow re-entry Delete - This button will delete the displayed account only if no activity has been posted to it. Exit - Exits you from this program option 4

5 1.20 FUND CODES MAINTENANCE GASB 34 REQUIREMENTS WHAT IS A FUND CODE? In governmental accounting, individual resources are allocated to and accounted for in separate accounting entities known as funds. Each fund is a separate fiscal and accounting entity reporting its own revenues, expenses, assets, liabilities, and fund equity. The accounting equation (assets = liabilities + equity) must remain in balance within each fund. A fund code is assigned to each account number defined in the chart of accounts. The length of this fund code is determined during installation. Each code entered must be the same length as that defined for your system. HOW DO I ENTER A FUND CODE TO INCLUDE GASB 34 REQUIREMENTS? From your MSI- General Ledger toolbar menu, click Maintenance. Click on Fund Codes ; the following fields are required: 5

6 Fund Code The code that represents the fund is entered in this field. Description A description for the fund is entered here. GASB Fund Type Identifies which category the fund is in. It is an application defined code to summarize specific revenue and expense account transaction summaries for individual rows (on the statement of activities ) or columns (on the statement of net assets ) on the GASB 34 reports. G B C GOVERNMENTAL ACTIVITIES BUSINESS TYPE ACTIVITIES COMPONENT UNITS Treasurer s Fund Type Identifies the fund type for the Treasurer s Report. It is not required for GASB 34 reporting. A C D E F G S TE TI TP TPP AGENCY CAPITAL PROJECT DEBT SERVICE ENTERPRISE FIDUCIARY GENERAL SPECIAL REVENUE EXPENDABLE TRUST INVESTMENT TRUST PENSION TRUST PRIVATE PURPOSE TRUST Depository Account Number This field is used to define the depository account number for the fund. The number is normally an asset account such as Cash or Checking. Disbursement Account Number This field is used to define the disbursement account number for a fund. The number is normally an asset account such as Cash or Checking. Due To/From Summary Account Number This field is used to define the summary account number in which interfund transactions are recorded for the fund. This number is an asset or interfund type account, and is the same fund as you are entering. Due To/From Detail Acct. Number This field is used to define the detail account number in which inter-fund transactions are recorded. This number is a liability or interfund type account number. 6

7 Fund Balance Account Number This field is used to define the fund balance account number. This number is normally a capital account in the corporate or general fund, which is acting as the Bank or Treasury Fund for the entity. OK - Will save the fund code and other fields you have entered Cancel - Will clear the fund code and other fields you have entered and allow reentry. Delete - This button will delete the displayed fund code only if no activity has been posted to it. Exit - Exits you from this program option 7

8 1.30 FUNCTION/ACTIVITY CODE WHAT IS A FUNCTION/ACTIVITY CODE? Determines what kind of function/activity the account number represents. HOW DO I SET UP A FUNCTION/ACTIVITY CODE? From your MSI- General Ledger menu, click Maintenance. Select Function/Activity ; the following fields are required: Function Code This is a unique, two or three character identifier for the Function/Activity code that is created by the user. Description Enter the description of the Function/Activity. When this code is applied to a specific account number(s), the transaction totals for the account(s) in question will be summarized. This descriptor will become the row descriptor on the statement of activities, and the column descriptor on the statement of net assets in the GASB 34 reports. 8

9 2.00 GASB 34 REPORTING The MSI- General Ledger reports menu contains the options that print required GASB 34 reports. 9

10 2.10 STATEMENT OF ACTIVITIES How Do I print a Statement of Activities? From your MSI- General Ledger toolbar menu, click Reports. Click on GASB 34 Reports Menu and then Statement of Activities Report click OK and your report will be generated based on the codes entered under maintenance. 10

11 2.20 STATEMENT OF NET ASSETS How do I print a Statement of Net Assets? From your MSI- General Ledger toolbar menu, click Reports. Click on GASB 34 Reports Menu and then Statement of Net Assets Report click OK and your report will be generated based on the codes entered under maintenance. 11

12 FAQ FREQUENTLY ASKED QUESTIONS Statement of Activities Report 1. Q Under the area entitled Net Assets Beginning, what account types are listed here? A Only (C)apital accounts that have been codified with Function/Activity Codes. 2. Q Under the area entitled Net Assets Beginning, are the dollar amounts listed actually from period 1 12 or beginning balance amounts? A The amounts listed in this area are beginning balance amounts. All revenue and expense account areas, however, list actual activity from period Q The Statement of Activities Report was run in accounting period 5, but shows entries made throughout the entire year. Why? A Regardless of when the report is run, it will show activity through accounting period 13, less system generated closing entries. 4. Q What general ledger account types are included on this report? A (R)evenues, (E)xpenses, and (C)apital Statement of Net Assets Report 1. Q Do the dollar amounts listed show activity from period 1 12 or beginning balance amounts? A The amounts listed in this report are the Period 12 balances for the fiscal year. 2. Q What general ledger account types are included on this report? A (A)ssets, (L)iabilities, (C)apital and (I)nterfund 3. Q How are the Function Activity descriptions ordered? A By alphabetic order 12

13 APPENDIX A SAMPLE REPORTS

14 14

15 15