local government corp gasb 54 ye changes local government corp. changes to fiscal year end june 30,...
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Local Government CorpGASB 54 YE Changes
Local Government Corp.
Changes to Fiscal Year EndJune 30, 2011
Local Government CorpGASB 54 YE Changes
Review of YE ClosingJune 30th
•Payroll > Leave balances, FY deduction times taken•Purchasing > Close PO’s to Prior Year•Run June month end•Run Fiscal Year End
Local Government CorpGASB 54 YE Changes
Local Government CorpGASB 54 YE Changes
GASB 54 Reporting
34120-Reserved for encumbrances34990-Reserverd for other39000-Undesignated Fund Balance
34200-Nonexpendable34500-Restricted34600-Committed34700-Assigned34900-Unassigned
Local Government CorpGASB 54 YE Changes
Changes to Fund Balance
GASB 5434200-Nonexpendable34500-Restricted34600-Committed34700-Assigned34900-Unassigned
July to June:34120-Reserved for encumbrances34990-Reserverd for other general purposes39000-Undesignated Fund Balance
Copy Files for GASB reporting
Journal Entry to Restate Equity Balances
Local Government CorpGASB 54 YE Changes
Software Changes
Flexgen > Copy of data files
Zortec and NextGen > 13th Month
Local Government CorpGASB 54 YE Changes
Summary• Minimal changes to YE closing process• No change to YE documentation• New user: GASB54• Entries• Reporting
• No system time limit on GASB 54 reporting• YE update to include GASB 54 changes
Local Government CorpGASB 54 YE Changes
Questions?