Accounting for State and Local Governmental Units – Governmental Funds

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1 Accounting for State and Local Governmental Units – Governmental Funds
Beams, Advanced Accounting 10e, Ch. 19 4/20/2018 Accounting for State and Local Governmental Units – Governmental Funds by Jeanne M. David, Ph.D., Univ. of Detroit Mercy to accompany Advanced Accounting, 10th edition by Floyd A. Beams, Robin P. Clement, Joseph H. Anthony, and Suzanne Lowensohn © 2009 Pearson Education, Inc. publishing as Prentice Hall 19-1 © Pearson Education, Inc. publishing as Prentice Hall 1

2 1: pencatatan transaksi
Accounting for State and Local Governmental Units – Governmental Funds 1: pencatatan transaksi © 2009 Pearson Education, Inc. publishing as Prentice Hall 19-2

3 Transaksi dana umum Mencatat dana umum Memulai tahun fiscal
Pencatatan selama satu tahun dan penyesuaian Mencatat penutupan Contoh mencatat sebagai berikut : ini tidak lengkap. © 2009 Pearson Education, Inc. publishing as Prentice Hall 19-3

4 Awal Tahun Beban yang dicadangkan 90
Beban yang dicadangkan – tahun lalu Estimasi pendapatan 3,500 Alokasi 3,320 Estimasi penggunaan dana lainnya - transfers out 115 Saldoo dana non cadangan 65 $ 90 di pesanan pembelian dimasukkan pada neraca tahun lalu. kemudian direklasifikasi pada awal tahun berjalan.Anggaran yang disetujui tahun ini dicatat. Perbedaan antara sumber dana diharapkan dan penggunaan dana diharapkan dikreditkan ke saldo dana non cadangan. Saldo dana tanpa pagu didebit jika yang digunakan melebihi sumber yang diharapkan. © 2009 Pearson Education, Inc. publishing as Prentice Hall 19-4

5 Pendapatan dan Penerimaan
Piutang Pajak – tahun berjalan 2,000 Penyisihan piutang tak tertagih– tahun berjalan 20 Pendapatan 1,980 Kas 1,900 1,760 Piutang Pajak – Kelalaian 140 Penyisihan piutang tak tertagih– Kelalaian 10 Piutang Pajak - Kelalaian Piutang dan penyisihan piutang terpisah digunakan untuk pajak tahun ini dan semua pajak tahun sebelumnya. Penghapusbukuan terjadi ketika pajak dianggap tidak tertagihnya. Ketika mereka terlambat, mereka hanya pindah dari saat ini untuk tunggakan (penyesuaian). © 2009 Pearson Education, Inc. publishing as Prentice Hall 19-5

6 Pengeluaran (tanpa beban) dan Pembelian
200 Utang Voucer 187 Kas Untuk Pengeluaran yang pertama tidak dibebani (tidak ada pesanan pembayaran untuk upah, utilitas, dan banyak item lain), mereka dicatat pada saat jatuh tempo. Pengeluaran ini untuk jasa layanan saat ini atau pengeluaran modal (seperti aktiva tetap) © 2009 Pearson Education, Inc. publishing as Prentice Hall 19-6

7 Perlengkapan/ATK (tanpa beban)
Persediaan perlengkapan 55 Utang voucer pengeluaran 345 Untuk persediaan, ini adalah metode konsumsi, seperti kebanyakan bisnis menggunakan. Penyesuaian dilakukan sebagai Pengeluaran. Untuk metode pembelian, Pengeluaran akan didebet pada saat pembelian. Pada akhir tahun, sebuah jurnal penyesuaian akan mencatat persediaan perlengkapan dan saldo perlengkapan © 2009 Pearson Education, Inc. publishing as Prentice Hall 19-7

8 Pengeluaran – tahun lalu
85 Utang voucer Ketika pesanan pembelian untuk item ditempatkan dalam satu tahun dan menerima pada tahun berikutnya, pengeluaran diklasifikasikan secara terpisah - untuk tujuan pengendalian. "pengeluaran" ini masih disertakan dengan pengeluaran lainnya dari tahun ini pada Pernyataan pendapatan, pengeluaran dan perubahan saldo dana. © 2009 Pearson Education, Inc. publishing as Prentice Hall 19-8

9 Penyesuian Pengeluran 30 Persediaan perlengkapan Pendapatan 50
Persediaan perlengkapan Pendapatan 50 Pendapatan yang masih harus diterima Persediaan persediaan (metode konsumsi) disesuaikan dengan keseimbangan yang tepat. Pendapatan yang belum dikumpulkan dan tidak diharapkan untuk dikumpulkan dalam 60 hari ke depan direklasifikasi. pendapatan dicatat pada periode berikutnya ketika dikumpulkan. Sebuah item pendapatan dapat dicatat sebagai pendapatan ditangguhkan pada awalnya, jika waktu pengumpulan diketahui. Hibah dapat dicatat dengan cara ini. © 2009 Pearson Education, Inc. publishing as Prentice Hall 19-9

10 Penyesuaian (2 of 2) Piutang pajak – lalai 240
Penyisishan piutang tak tertagih– tahun berjalan 20 Piutang pajak – tahun berjalan Penyisihan piutang tak tertagih – lalai Pada akhir tahun fiskal (atau tahun pajak), jumlah masih karena dari pembayar pajak direklasifikasi dari saat ini untuk tunggakan. Saldo di rekening "saat ini" dipindahkan ke akun “tunggakan" . kelalaian sebelumnya mungkin masih berada di rekening tunggakan. Ini tidak menulis dari akun atau menangguhkan prosedur pengumpulan. Ini mengosongkan rekening "saat ini" sehingga pajak baru dapat dicatat © 2009 Pearson Education, Inc. publishing as Prentice Hall 19-10

11 Penutupan anggaran Alokasi 3,320 Estimasi pengunaan dana lainnya - transfers out 115 Saldo dana non cadangan 65 Estimasi pendapatan 3,500 Anggaran tahun berjalan akan dihapus dari buku-buku di akhir tahun. Catatan ini adalah kebalikan dari awal masuk menempatkan anggaran di buku. © 2009 Pearson Education, Inc. publishing as Prentice Hall 19-11

12 Penutupan akun tahun berjalan
Pendapatan 3,520 Sumber dana lainnya - bond proceeds 45 pengeluaran 3,264 Beban-beban 50 Penggunaan dana lainnya - transfers out 164 Saldo dana non cadangan 87 Mungkin ada beberapa account untuk sumber pendanaan lainnya dan penggunaan (transfer , hasil penjualan aktiva tetap, transfer non hubungan ). Saldo dana noncadangan disesuaikan untuk membedakan antara total sumber dana dan jumlah penggunaan dana © 2009 Pearson Education, Inc. publishing as Prentice Hall 19-12

13 Penutupan akun tahun berjalan
Beban-beban yang dicadangkan – tahun lalu 90 pengeluaran – tahun lalu 85 Saldo dana non cadangan 5 " Beban yang dicadangkan - tahun lalu "adalah akun sementara yang dibuat pada awal tahun dan ditutup pada akhir ." Cadangan untuk akun beban "adalah bagian dari ekuitas dana yang di neraca. $ 90 merupakan pesanan pembelian luar biasa pada akhir tahun lalu, sedangkan $ 85 adalah tagihan yang sebenarnya yang diterima © 2009 Pearson Education, Inc. publishing as Prentice Hall 19-13

14 General Fund Balance Sheet
Harta/aktiva $187 Piutang pajak- lalai $240 Penyisishan pitang tak tertagih (20) 220 Piutang 180 Perlengkapan 90 Total $677 Utang voucer $325 Pendapatan yang masih harus diterima 50 $375 Beban-beban yang dicadangkan $50 Non cadangan 252 302 © 2009 Pearson Education, Inc. publishing as Prentice Hall 19-14

15 General Fund Statement of Revenues, Expenditures and Changes in Fund Balance
Total rpendapatan $3,519 Less pengeluaran Jasa tahun berjalan* (3,158) Pengeluaran modal (190) Kelebihan pendapatan atas pengeluaran $171 Sumber pendanaan lainnya (uses) Sewa modal 45 Transfers keluar (164) Kelebihan dari pendapatan dan sumber atas pengeluaran dan penggunaan $52 Saldo dana, 10/1//06 250 Saldo dana, 9/30/07 $302 Expenditures include those from "prior year" encumbrances. © 2009 Pearson Education, Inc. publishing as Prentice Hall 19-15

16 Special Revenue Funds Accounts for revenue sources restricted by law or administrative action, other than those for: Permanent funds (endowment) Capital projects funds (construction) Debt service funds (repayment of debt) Example: education, highway maintenance Accounting is similar to the general fund Usually does not use encumbrances Budgetary accounts needed if the budget is legally adopted © 2009 Pearson Education, Inc. publishing as Prentice Hall 19-16

17 SRF - Grant Entries Receive cash Cash 20 Deferred revenue – grant Expenditures 18 Vouchers payable Revenue Meet require-ments Special revenue funds are often used to account for federal or other grants Revenue is recognized when eligibility requirements are met, usually when the required expenditure is made Could be before or after cash receipt © 2009 Pearson Education, Inc. publishing as Prentice Hall 19-17

18 Permanent Funds Cash or Investments 500
Revenues – addition to permanent endowments Cash 12 Revenues – investment income Expenditures 3 Used to account for funds on which only the earnings can be expended. The earnings may or may not be restricted Its "Fund Balance" is a reserved fund balance. Unrestricted earnings are transferred to the general fund Restricted earnings may be spent in this fund or transferred to a special revenue fund © 2009 Pearson Education, Inc. publishing as Prentice Hall 19-18

19 Capital Projects Funds
Accounts for funds being used for major capital projects, such as building new town offices Use encumbrance accounting for the construction contract and for other purchase orders and commitments Generally no budgetary accounts Spending on the project is an Expenditure Its main source of funds may be Other financing sources, such as proceeds from bonds Bond receipts are recorded at gross Any premium received is generally transferred to the debt service fund © 2009 Pearson Education, Inc. publishing as Prentice Hall 19-19

20 CPF Entries (1 of 3) Cash 302 Other financing sources – Proceeds from bonds At the approval of the capital project, a memo entry is made $300 of bonds are issued for the project, and sell at a premium of $2 Encumbrances 280 Reserve for encumbrances A contract for the project is signed for $280 The signed contract is recorded as an Encumbrance © 2009 Pearson Education, Inc. publishing as Prentice Hall 19-20

21 CPF Entries (2 of 3) CPF Other financing uses – nonreciprocal transfer to debt service fund 2 Cash Other financing sources – nonreciprocal transfer from capital projects fund DSF The premium from the bonds is transferred out of the capital projects fund to the debt service fund. There it can be applied to the upcoming interest payment or invested to use later in repaying the bonds. The debt service fund would record the receipt © 2009 Pearson Education, Inc. publishing as Prentice Hall 19-21

22 CPF Entries (3 of 3) Encumbrances 100 Reserve for encumbrances
Reserve for encumbrances Expenditures Contracts payable 90 Contracts payable – retained percentage 10 When the contractor bills the city, both entries are made The encumbrance (a portion of the contract) is removed An expenditure is recorded for that amount The payable is usually split between the amount due now and the percent that waits until successful contract completion, assumed to be 10% © 2009 Pearson Education, Inc. publishing as Prentice Hall 19-22

23 CPF – Completing the Project
Fixed assets: As construction continues, construction in progress is recognized as part of fixed assets in an amount equal to expenditures At completion, the construction in process becomes the fixed asset, building, etc. Capital projects fund: Capital project fund closing entries and statements are prepared each period with ongoing construction At completion, any remaining cash is transferred to debt service or general fund © 2009 Pearson Education, Inc. publishing as Prentice Hall 19-23

24 Debt Service Funds Accounts for the funds set aside and being used to repay debt principal and interest Most inflows are transfers from other funds although there will be investment revenue Interest and principal are recorded as expenditures and payables when due. © 2009 Pearson Education, Inc. publishing as Prentice Hall 19-24

25 DSF Entries (1 of 2) DSF Cash 16 Other financing sources – nonreciprocal transfer from general fund Other financing uses – nonreciprocal transfer to debt service fund GF The debt service fund receives $16 from the general fund for the upcoming amounts due on bonds: $2 interest and $14 principal The general fund would record the payment to debt service © 2009 Pearson Education, Inc. publishing as Prentice Hall 19-25

26 DSF Entries (2 of 2) Expenditures – principal 14
Expenditures – interest 2 Matured principal payable Interest payable Matured interest payable Cash 16 Principal on bonds, $14, is due along with $2 interest Interest and principal are recorded as expenditures and liabilities on the date due Liabilities are removed when paid © 2009 Pearson Education, Inc. publishing as Prentice Hall 19-26

27 DSF – Continuing Payments
The debt service fund continues to accept money (usually from general fund) and make payments on the outstanding bonds or other debt Use debt service for capital lease payments Legal requirements may dictate separate debt service funds for separate debt, but some may be combined Cash in debt service fund is usually invested to provide earnings until needed Investments Investment Revenue © 2009 Pearson Education, Inc. publishing as Prentice Hall 19-27

28 2: Governmental Accounting Particulars
Accounting for State and Local Governmental Units – Governmental Funds 2: Governmental Accounting Particulars © 2009 Pearson Education, Inc. publishing as Prentice Hall 19-28

29 The Budget Governmental entities formally record the budget in the accounting records Most limit expenditures in functional or object categories Excess spending needs approval Budgetary and other accounts must contain sufficient detail for control Only summary accounts are used here Budgetary accounts have normal balances in contrast to the actual accounts to facilitate control Revenues (cr) and Estimated revenues (dr) Budget entries were already presented with general fund beginning and closing entries © 2009 Pearson Education, Inc. publishing as Prentice Hall 19-29

30 Budget – Levels of Detail
Budgeted revenues are classified by source Taxes, licenses, fines, investment income Appropriations, the budgeted expenditures, are organized by Character class, current services, capital outlays And function, general government, public safety May also further classify Department, fire, police, zoning Object, supplies, salaries © 2009 Pearson Education, Inc. publishing as Prentice Hall 19-30

31 Encumbrance Accounting
Place order Encumbrances 150 Reserve for encumbrances Expenditures 140 Vouchers payable Receive goods Encumbrances are recorded at the time a purchase order is placed for the known or estimated amount When the item is received, the encumbrance is reversed (using the amount originally recorded as an encumbrance) and the expenditure recorded for the actual amount Use for orders of supplies and capital assets, and for construction contracts (in capital projects fund) © 2009 Pearson Education, Inc. publishing as Prentice Hall 19-31

32 Interfund Transactions - Transfers
GF Other financing use … nonreciprocal transfer to debt service fund 14 Cash Other financing source … nonreciprocal transfer from general fund DSF Involve entries in more than one fund account Example: General fund (first entry) transfers $14 to the debt service fund; Debt service fund receives payment from general fund Nonreciprocal transfers imply that it will not be paid back; Reciprocal transfers used for long term loans between funds © 2009 Pearson Education, Inc. publishing as Prentice Hall 19-32

33 Interfund Transactions - Other
GF Expenditures 5 Cash Revenues EF The above entries might be a city general fund paying its water bill and the city water department fund (enterprise fund) recording the receipt of revenue. Accounts used for short term receivables and payables Due from other funds (basically, accounts receivable) Due to other funds (analogous to accounts payable) Advance to other fund (short term loan receivable) Advance from other fund (short term loan payable) © 2009 Pearson Education, Inc. publishing as Prentice Hall 19-33

34 Accounting for State and Local Governmental Units – Governmental Funds
3: Which Fund? © 2009 Pearson Education, Inc. publishing as Prentice Hall 19-34

35 Five Governmental Fund Types
© 2009 Pearson Education, Inc. publishing as Prentice Hall 19-35

36 4: Fund Financial Statements
Accounting for State and Local Governmental Units – Governmental Funds 4: Fund Financial Statements © 2009 Pearson Education, Inc. publishing as Prentice Hall 19-36

37 Fund Financial Statements
Required governmental fund financial statements Statement of net assets or balance sheet Statement of revenues, expenditures and changes in fund balance Budgetary comparison information General fund Special revenue funds with legally adopted budget 1 and 2: Prepare statements columns for general fund and other significant governmental fund Combine insignificant funds Show total (no interfund eliminations) © 2009 Pearson Education, Inc. publishing as Prentice Hall 19-37

38 General Fund Balance Sheet
Harta/aktiva $187 Piutang pajak- lalai $240 Penyisishan pitang tak tertagih (20) 220 Piutang 180 Perlengkapan 90 Total $677 Utang voucer $325 Pendapatan yang masih harus diterima 50 $375 Beban-beban yang dicadangkan $50 Non cadangan 252 302 © 2009 Pearson Education, Inc. publishing as Prentice Hall 19-38

39 General Fund Statement of Revenues, Expenditures and Changes in Fund Balance
Total rpendapatan $3,519 Less pengeluaran Jasa tahun berjalan* (3,158) Pengeluaran modal (190) Kelebihan pendapatan atas pengeluaran $171 Sumber pendanaan lainnya (uses) Sewa modal 45 Transfers keluar (164) Kelebihan dari pendapatan dan sumber atas pengeluaran dan penggunaan $52 Saldo dana, 10/1//06 250 Saldo dana, 9/30/07 $302 Expenditures include those from "prior year" encumbrances. © 2009 Pearson Education, Inc. publishing as Prentice Hall 19-39

40 5: Government-wide Financial Statements
Accounting for State and Local Governmental Units – Governmental Funds 5: Government-wide Financial Statements © 2009 Pearson Education, Inc. publishing as Prentice Hall 19-40

41 Government-wide Statements
Governmental fund statements Modified accrual basis Government-wide statements Accrual basis Covert governmental funds to accrual basis for inclusion government-wide statements Adjustments are prepared on worksheet Individual fund records are not changed © 2009 Pearson Education, Inc. publishing as Prentice Hall 19-41

42 Fixed Assets Add existing fixed assets with accumulated depreciation to assets and net assets Current acquisitions Remove expenditures for capital outlays Add to fixed assets Current dispositions Remove other financing source – proceeds from sale of fixed assets Reduce fixed assets, accumulated depreciation and record gain or loss © 2009 Pearson Education, Inc. publishing as Prentice Hall 19-42

43 Long Term Debt Add existing long term liabilities, reduce net assets
Current borrowings Remove other financing source Increase liability Current principal repayments Remove expenditures Decrease liability © 2009 Pearson Education, Inc. publishing as Prentice Hall 19-43

44 Leases and Other Adjustments
Capital leases have both fixed asset and long term liability adjustments Revenues Deferrals based on 60 day availability may be recognized Expenditures convert to expenses Interfund activities and balances Eliminate transfers and balances to/from Eliminate interfund internal service activities © 2009 Pearson Education, Inc. publishing as Prentice Hall 19-44

45 Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall
All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without the prior written permission of the publisher. Printed in the United States of America. Copyright © 2009 Pearson Education, Inc.   Publishing as Prentice Hall © 2009 Pearson Education, Inc. publishing as Prentice Hall 19-45