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accounting cycle

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by

Belal Soliman

on 31 March 2016

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Transcript of accounting cycle

The Accounting cycle in Governmental units
financial statements
Recording
Budget items

Recording
Actual
Inflows
and
Outflows
practical of governmental By:
Belal sOLIMAN

Estimated revenues
..........unreserved fund balance.........
Appropriations
Due from................................
name of fund
Transfer from..............................
name of fund
Transfer to ...............................
Due to ............................
name of fund
name of fund
XX
XX
XX
XX
XX
XX
XX
XX
Actual inflows
Revenues
Taxes
Property taxes
1- assessed (levied) (imposed) :-
Property tax receivable
Revenue
Allowance for uncollectible property taxes
2- collected :-
Cash
Property tax receivable
Property tax receivable
3- written-off ( charged-off ) ( canceled )
Allowance for uncollectible property taxes
XX
XX
XX
XX
XX
XX
XX
Other Taxes
collected directly
key words :- collected(remitted)
Cash
Revenue
XX
XX
collected through
other funds
Revenue
XX
XX
step 1 :-
receive statement ( notification )
Cash
XX
XX
Due from .............
step 2 :-
cash received ( collected )
Due from .............
Grants
step 1 :- grants are authorized ( approved )
Revenue
XX
XX
Due from .............
step 2 :- grants are received (collected)
other
revenues
99% collected cash :-
Cash
Revenue
XX
XX
1% are billed :-
Accounts receivable
Revenue
XX
XX
Cash
XX
XX
Accounts receivable
key words :-
fees / charges / fines / forfeits / permits / licenses / sale of asset / interest received
proceeds
from
debt
issuance
transfer
from
other
funds
Cash
Bonds Proceeds
XX
XX
key word :- Bonds
Cash
XX
XX
Due from .............
Cash
XX
XX
Due from .............
Actual Outflows
Expenditures
Transfer to other funds
Cash
Expenditures

Key words :-
wages / salaries / payroll / gas / water / light / fax / internet / power supply / office supplies
Expenditures
Cash
XX
XX

Non-Cash
Expenditures

Recording
Appropriations
Estimated revenues
..........................................................................
unreserved fund balance
Appropriations
XX
XX
XX
XX
- Issuing purchase order
OR
- Signing a contract
Encumbrances
Reserve for encumbrances
XX
XX
- Goods are received
OR
- Contract is implemented
OR
- Vouchers are approved for payment
Case ( A )
one year
2
Entries :-
Expenditures
Voucher payable
Reserve for encumbrances
Encumbrances
XX
XX
XX
XX
Case ( B )
Two different years
1
Entry :-
Expenditures ( 2014 )
Voucher payable
XX
XX
payment of vouchers
XX
XX
Voucher payable
Cash
XX
XX
Due to ......................
Cash
fund name
Closing
"not required for midterm"
BY :
Belal Soliman

https://www.facebook.com/groups/839852386054746/
Regards
*.*

There are four entries to close :-
1- Revenues.
2- Expenditures "last year".
3- Expenditures "current year" and Encumbrances.
4- Transfer from and Transfer to other funds.
To close
revenues
with
Estimated revenues

:-
Revenues
..........unreserved fund balance.........
Estimated revenues
XX
XX
XX
XX
To close
Expenditures "last year"
with
Reserve for encumbrances "last year"

:-
Reserve for encumbrances (2015)
..........unreserved fund balance.........
Expenditures (2015)
XX
XX
XX
XX
To close
Expenditures "current year"
&
Encumbrances
with
Appropriations
:-
Appropriations
..........unreserved fund balance.........
Expenditures
Encumbrances
XX
XX
XX
XX
XX
To close
Transfer from
with
Transfer to
other funds

:-
Transfer from other funds
..........unreserved fund balance.........
Transfer to other funds
XX
XX
XX
XX
Full transcript