CAI Financial Reports - CAI User Documentation Site

1 November 2013 Financial report Explanations Page 1 of 37 CAI Financial Reports Financial report Explanations The intent of this document is to provide a brief description of some (not all) of the Reports available in CAI s Financial Software and how they can be used by county officials to demonstrate operational and fiscal accountability. We appreciate the input from our users in helping to prioritize and aid in the development of all of our programs. If you have any questions, please feel free to contact the help desk. Computer Arts, Inc. Help Desk Support (208) 955-0151 local (800) 365-9335 Don t forget to check out our website for Clerk s Financial information at Select Support / Local Government / then Clerk s Financial for available Documentation .

2 November 2013 Financial report Explanations Page 2 of 37 A fundamental characteristic of governmental accounting is the concept of the fund as the basic unit of Financial accountability. The Governmental Accounting Standards Board (GASB) has identified accountability as the primary objective of Financial reporting. Accountability consists of two components operational accountability and fiscal accountability. Financial Reports and statements help counties demonstrate operational accountability. Fiscal accountability is defined by the GASB as the responsibility of governments to justify that their actions in the current period have complied with public decisions concerning the raising and spending of public monies in the short term, usually one year.

3 Fund accounting helps counties demonstrate fiscal accountability. Helpful Accounting Terminology Revenue ~ Government revenue includes all amounts of money ( taxes and/or fees) received from sources outside the government entity. Note: When tax revenue comes into the county, accounts receivable is debited (increased) and revenue is credited (increased). General Fund Expenditures ~ Expenditures include salaries and wages, supplies, utilities, transportation, advertising, insurance repairs and maintenance, other services and charges, capital asset acquisitions, and certain types of debt service payments.

4 General Fund Assets ~ Assets include cash, investments, receivables, amounts due from other funds and other governments, supplies inventory, prepaid items, and advances from other funds. Receivables may include property taxes, accounts, and interest receivables. General Fund Liabilities ~ Liabilities include accounts payable, accrued payroll and employee benefits, accrued interest, amounts due to other funds and other governments, and claims and judgments payable. Other liabilities may include deferred revenues, advances from other funds, and matured principal and interest on general long-term debt. Fund Balance ~ The difference between assets and liabilities in the governmental funds is reported as fund balance.

5 Fund balance is divided into reserved and unreserved components, with unreserved representing amounts considered available for spending. Common examples of reserved fund balances include reserves for inventories, prepaid, and encumbrances. November 2013 Financial report Explanations Page 3 of 37 Click on the links below to take you to a detailed description of each report . REVENUE Reports 2012 Monthly Revenue by Fund (FN307) Revenue by Quarter (FN608) 2012 Quarterly Revenue by Fund (FN308) Revenue Cash report (FN570) 5 Year Revenue Summary (FN301) Operation in Taxes (FN505) 5 Year Revenue by Fund (FN300) BUDGET Reports Remaining Budget Analysis (FN521) Budget Comparison Summary (FN711) Budget Worksheet (FN705) Summary Budget Worksheet Exp (FN778 Sum) Budget Statistics Summary (FN773) Detailed Budget Worksheet Exp (FN778 Det) Over Budget Expenditure report (FN503OB) Budget Worksheet Expense (FN778) Budget Variance (Rev & Exp) (FN302) Budget Worksheet Revenue (FN779)

6 Budget Totals by Fund & Account (FN004 ACT) November 2013 Financial report Explanations Page 4 of 37 CASH Reports Treasurer/Auditor Joint Quarterly (FN810) Cash Source Summary (FN558) Remaining Cash report (FN863W) Statement of Cash (TRB826 Treasurer Rpt) Monthly Cash Flow by Fund (FN865) Operation in Funds (FN801) Cash Liabilities (FN861) EXPENSE Reports Expense Activity Summary (FN503) Operation in Expenses (FN520) Expense Activity Detail (FN504) Operation in Warrants (FN572) 2012 Monthly Expense by Fund (FN309) Warrant Register (FN856) Trial Balance Consolidated (FN501Y) Expense Activity Over Budget (FN503OB) November 2013 Financial report Explanations Page 5 of 37 Revenue Reports Government revenue includes all amounts of money ( taxes and/or fees) received from sources outside the government entity.

7 Revenue Monthly by Fund (FN307) report includes revenue from taxes collected as well as standard revenue broken out by fund/month for a fiscal year. Note: Balances include adjustment journal entries. November 2013 Financial report Explanations Page 6 of 37 Revenue Quarterly by Fund (FN308) report includes revenue from taxes collected as well as standard revenue broken out by fund/quarter for a fiscal year. Note: Balances include adjustment journal entries. November 2013 Financial report Explanations Page 7 of 37 5 Year Revenue Summary (FN301) Top level report that displays five year revenue trending by account.

8 Note: This report has an option to include revenue from trust funds if you choose. November 2013 Financial report Explanations Page 8 of 37 5 Year Revenue by Fund (FN300) Five year revenue trending by fund/account. Note: This report has an option to include revenue from trust funds if you choose. November 2013 Financial report Explanations Page 9 of 37 Revenue by Quarter (FN608) report includes standard revenue (non tax related revenue) sub-totaled by fund/account and quarter for a fiscal year. November 2013 Financial report Explanations Page 10 of 37 Revenue/Cash report (FN570) The Revenue Cash report displays the accrued revenue (tax charge/billed taxes), receivables (taxes collected), revenue-cash (standard non tax revenue that does not have a receivable tied to it) and the grand total cash received.

9 Note: Accrued revenue is not revenue we have received it is revenue we have billed out ( property taxes) but possibly not received yet. November 2013 Financial report Explanations Page 11 of 37 Operation in Taxes (FN505) report displays all tax related totals by receivable account. Note: The ending balance is the difference between the tax charge and the revenue that has been collected (the amount of property tax that still needs to be collected). a. Beginning Balance - Beginning balance amount carried over from the prior year. b. Tax Charge - Billed tax amount c. Cancellations - Tax cancellations d.

10 Collections - Revenue received e. Ending Balance - Amount left to collect based off of the tax charge. Beginning Balance + Tax Charge Cancellations - Collections November 2013 Financial report Explanations Page 12 of 37 Budget Reports Detailed Remaining Budget Analysis (FN521) Budget to actual comparison displays the original budget, budget changes and the final approved budget amount. Expenses display paid and unpaid claims percent of budget used and the budget remaining. November 2013 Financial report Explanations Page 13 of 37 Budget Worksheet Expenses (FN705) Compares current budget to the prior two fiscal years budget and actuals by fund, department, account and sub account.