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03%20FC - _Accounting Manual for Public School Districts...

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_________________________________________________________Accounting Manual for Public School Districts CHAPTER 3 – Accounting Guidelines Table of Contents –––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– Chapter 3 – Accounting Guidelines 3-i Effective Date: 9-1-09 Page INTERNAL CONTROL STRUCTURE 1 Introduction ................................................................................................................................. 1 Basic Internal Control Requirements ........................................................................................ 1 Components of Internal Controls .............................................................................................. 2 Loss of Public Funds .................................................................................................................. 3 Audit Resolution Standard ......................................................................................................... 3 PAYROLL PROCESS 3 Personnel Decisions ................................................................................................................... 3 Payroll Database ......................................................................................................................... 4 Time and Effort Records ............................................................................................................ 5 REVENUES AND RECEIPTS 5 Timely Deposit ............................................................................................................................ 5 Cash Receipts ............................................................................................................................. 5 Revenue Accruals ....................................................................................................................... 6 Revenue Carryover ..................................................................................................................... 6 Deferred Revenues ..................................................................................................................... 7 Nonexchange Transactions ....................................................................................................... 7 Receivables ................................................................................................................................. 8 Electronic Funds Transfer ......................................................................................................... 8 Revenue Versus Contra-Expenditure Recognition .................................................................. 8 EXPENDITURES AND DISBURSEMENTS 9 Employee Travel ......................................................................................................................... 9 Advance Travel Expense Account .......................................................................................... 10 Imprest Bank Accounts, Petty Cash, Stamp, and Change Funds (Accounts) .................... 11 Voucher Certification and Approval ........................................................................................ 12 Facsimile Signatures ................................................................................................................ 14 INVENTORY 14 Inventory Accounting ............................................................................................................... 14 Inventory Cost Valuation Methods .......................................................................................... 15 Expenditure Recognition Alternatives .................................................................................... 15 Prepaid Items ............................................................................................................................ 15 CAPITAL ASSETS 16 The Individual Capital Asset Record ....................................................................................... 16 Payroll Process
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_________________________________________________________Accounting Manual for Public School Districts –––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– Chapter 3 – Accounting Guidelines 3-ii Effective Date: 9-1-09 Payroll Process Asset Cost ................................................................................................................................. 17 INVESTMENTS 21 DEBT AND LEASES 21 Limitations of Indebtedness .................................................................................................... 21 Claims and Judgments ............................................................................................................. 21 Warrants .................................................................................................................................... 22 Short-Term Obligations ............................................................................................................ 23 Local Option Capital Asset Lending (LOCAL) Program ........................................................ 26 Regular Method of Advance Bond Refunding ........................................................................ 26 Crossover Method of Advance Bond Refunding ................................................................... 27 Arbitrage .................................................................................................................................... 27 Capitalized Leases or Leases with Option to Purchase ........................................................ 28 Operating Leases ...................................................................................................................... 28 Compensated Absences .......................................................................................................... 29 Auditor’s Exceptions and Monetary Findings ........................................................................ 29 Unemployment Compensation, Self-Insured ......................................................................... 30 Workers’ Compensation, Self-Insured .................................................................................... 30 Duplicate Instruments .............................................................................................................. 32 INTERFUND TRANSACTIONS 33 Interfund Loans ......................................................................................................................... 33 Interfund Transfers ................................................................................................................... 33 Interfund Reimbursements ...................................................................................................... 35 Crediting Investment Earnings ................................................................................................ 35 JOINT VENTURES AND INTERLOCAL GOVERNMENTAL AGREEMENTS 35 Authority .................................................................................................................................... 35 Accounting Procedures ........................................................................................................... 36 Funding Flow Charts for Shared Service Arrangements ...................................................... 37 Responsibilities of the Fiscal Agent ....................................................................................... 41 Responsibilities of Member Districts ...................................................................................... 41 Fiscal Agent Accounting Treatment ....................................................................................... 42 GENERAL FUND FUNDRAISING 43 INDIRECT COST LIMITS, CARRYOVER, AND RECOVERY 43 Overview .................................................................................................................................... 43 State Programs ......................................................................................................................... 43 Federal Programs ..................................................................................................................... 44
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