Transcription of CHAPTER 7 General Journal Entries
1 _____Accounting Manual for Public School Districts CHAPTER 7 General Journal Entries i Effective Date: 9-1-15 Table of Contents CHAPTER 7 General Journal Entries Table of Contents Page INTRODUCTION .. 1 Journal Entries .. 2 Opening Entries .. 2 Fiscal Year Opening Entry All Funds Except Fiduciary Funds .. 2 Fiscal Year Opening Entry Budgetary Accounts All Funds Except Fiduciary Funds .. 3 Fiscal Year Opening Entry Fiduciary 4 Periodic Entries .. 5 Local Receipts .. 5 NSF Check .. 5 Sale of Equipment .. 5 County Treasurer Monthly Entry (From County Treasurer Report F-197).
2 6 State Apportionment Monthly Entry ..10 Taxes Levied, Received, and Adjusted ..10 Accounts Payable / Encumbrances Accrual Districts Only ..11 Accounts Receivable Accrual Districts Only ..11 Budget Modifications ..12 Payroll ..12 Refund of Expenditure ..13 Refund of Revenue ..13 Debit/Credit Transfers ..13 Inventory Perpetual Method ..14 Inventory Periodic Method ..15 Interfund Activity Interfund Loan Entries ..16 Interfund Transfer Entries ..17 Capital Projects Technology/Maintenance Transfers ..18 COBRA Benefits ..19 COBRA Benefit Payment Receipt ..19 COBRA Benefit Vendor Payment ..19 Time and Effort Adjustments.
3 20 Self-Insured Industrial Insurance ..22 Security Deposit Required by L&I for a Deposit Held in Trust ..22 Expenditure for Industrial Insurance Benefits and the Liability Claims ..22 Payment of Benefit Claims, Administrative Assessments, and Reinsurance Premiums ..22 Payments for Industrial Insurance Benefit Related Self-Insured Unemployment Compensation ..23 Expenditure of Unemployment Benefits During Payroll ..23 Payment of Unemployment Benefits and Administrative Assessment to the Employment Security Compensated Absence Pools ..23 Deferred Compensation ..24 Contracts Payable ..25 Long-Term ..25 _____Accounting Manual for Public School Districts CHAPTER 7 General Journal Entries ii Effective Date: 9-1-15 Table of Contents Adjustments Prior Fiscal Year Immaterial Errors.
4 26 Adjustments Prior Fiscal Year Material Refund of Expenditures Paid in a Prior Fiscal Year ..26 Refund of Prior Fiscal Year Tax Receipts ..26 Correction of an Error in Recording the Prior Fiscal Year Physical Inventory ..26 Correction of Prior Fiscal Year Accruals That Were Missed in Error ..27 Adjustments Prior Fiscal Year Fund Entity Changes ..27 Adjustments Optional Journal entry related to Prior Period adjustments: ..27 Accruals ..28 Accounts Payable Accruals as of the End of the Fiscal Year ..28 Payroll Accruals as of the End of the Fiscal Year ..28 Grant Accruals ..28 Accrued Interest ..28 Payment of Interest on Bonds Including Accrued Interest Payable.
5 29 Annual Entries ..29 Commodities ..29 Deferred Inflows of Resources ..29 Prepaid Items ..30 Revenue Receivables ..30 Closing Entries ..31 Closing Entries All Funds (except Fiduciary Funds) ..31 Closing Entries Budgetary Accounts ..31 Closing Entries Permanent Fund (PF), Private Purpose Trust Fund (PPTF), Pension Trust Fund (PTF), Agency Fund (AF) ..32 Restrictions of Fund Balance ..33 Restricted for Unequalized Deductible Revenue (cash basis districts only) ..34 Accrual of Deductible Revenue Recovery (accrual basis districts only) ..34 Commitment of Fund Balance ..35 Assignment of Fund Balance ..35 SHARED SERVICE ARRANGEMENTS Journal Entries .
6 36 With Fiscal Agent Responsibilities ..36 Background for All Scenarios ..36 Scenario 1 Fiscal Agent as a Participating District ..36 Scenario 2 Fiscal Agent as a Non-Participating District with Administrative Responsibilities ..38 Scenario 3 Fiscal Agent as a Non-Participating District with No Administrative Responsibilities (Cash Conduit Only) ..39 Scenario 4 Fiscal Agent as a Participating District with Administrative Responsibilities and On Behalf Payments ..40 CAPITAL LEASE Journal Entries ..41 Present Value Method ..41 Amortization Method ..42 General Fund Acquisition of Equipment with a Capital Lease.
7 43 General Fund First Capital Lease Payment ..43 General Fund Second Capital Lease Payment ..43 SHORT-TERM OBLIGATION Journal Entries ..43 To Record Loan From Bank on a RAN ..43 _____Accounting Manual for Public School Districts CHAPTER 7 General Journal Entries iii Effective Date: 9-1-15 Table of Contents To Record Maturation of the RAN, with Interest ..44 CONDITIONAL SALES CONTRACTS OR LONG-TERM NONVOTED NOTES ..44 To Record the Long-Term Payable ..44 Debt Maturity ..44 To Record the Reduction in the Long-Term Payable ..45 To Record the Maturation of Debt in the Fund Which Received the Debt Proceeds.
8 45 BOND ISSUE AND BOND REFUNDING Journal Entries ..45 Bond Issues ..45 Bond Issue Example ..47 Bond Issue Journal Entry Example ..49 Bond Refundings ..50 Bond Refunding Example ..52 Bond Refunding Journal Entry Example ..54 Journal Entries for the Regular Method of Advance Bond Debt Refunding ..54 Journal Entries for the Crossover Method of Advance Bond Debt Refunding ..55 LOCAL OPTION CAPITAL ASSET LENDING (LOCAL) PROGRAM Journal Entries ..57 CAPITAL PROJECTS FUND Entries ..59 Capital Projects Fund State Matching Journal Entries ..59 Capital Projects Fund State Matching Paid Directly to the Contractor ..59 Capital Projects Fund State Matching Paid to the District.
9 59 Capital Projects Fund State Matching Paid to the District on a Front Funded Project ..59 CASH-IMPREST ..60 Establishment of Imprest Account ..60 Replenishment of an Imprest Account ..60 Return of an Imprest Account ..60 ENCUMBRANCES ..61 Encumbrances for Commitment to Purchase ..61 Encumbrance Liquidation ..61 Reestablishment of Prior Fiscal Year Encumbrances ..61 DONATIONS ..62 Donated Capital Assets ..62 Donated Assets (not Capital Assets) ..62 Donated Services ..62 SPECIAL EDUCATION MEDICAID REIMBURSEMENT Entries ..63 District Submission to State ..63 Receipt from State ..63 _____Accounting Manual for Public School Districts CHAPTER 7 General Journal Entries iv Effective Date: 9-1-15 Table of Contents This page left blank intentionally.
10 _____Accounting Manual for Public School Districts CHAPTER 7 General Journal Entries 7-1 Effective Date: 9-1-15 Introduction INTRODUCTION The following pages have examples of the types of General Journal Entries common to school districts and may not be all-inclusive. Although district accounting records may contain more detail than presented here, these Entries only display state required accounting segments. Refer to chapters 4, 5, and 6, for the state required account segments. Accounting software used by districts may generate some of these Entries . Refer to the district s software manuals for guidance.
