UNIVERSITY OF MISSISSIPPI MEDICAL CENTER. Office of the Comptroller. Lease Purchase Procedures. Table of Contents 1.0 PURPOSE SCOPE...
|
|
- Elisabeth Gwendolyn Hampton
- 8 years ago
- Views:
Transcription
1 UNIVERSITY OF MISSISSIPPI MEDICAL CENTER Office of the Comptroller Lease Purchase Procedures Table of Contents 1.0 PURPOSE SCOPE WHO SHOULD KNOW THIS POLICY CONTACTS STANDARDS AND PROCEDURES Installment Leases (Lease Purchase) Request Review Funding Bank Statement Accounting Journal entries Lease file UMA Lease file update Operational Leases (Building Rent) Posting to LEA LEA02 Report HISTORY OF REVISIONS 3 Page 1 of 6
2 1.0 PURPOSE The purpose of these procedures is to establish guidelines for the proper recording of leases in the UMC accounting system. 2.0 SCOPE These procedures pertain only to installment and operational leases (rentals). 3.0 WHO SHOULD KNOW THIS POLICY All accounting personnel who are involved in the process of recording leases in the accounting system should be aware of these procedures. 4.0 CONTACTS Any questions about these procedures should be directed to the following personnel: Ruth (Ann) Jones Manager, Accounting Phone: (601) Fax: (601) STANDARDS AND PROCEDURES 5.1 Installment Lease (Lease Purchase) The State Institutions of Higher Learning and Carlyle Capital Markets work together to provide bonds to the University of Mississippi Medical Center (UMC). The bonds maybe used for the purchase of capital equipment via a lease purchase agreement Request The following procedures are to be followed when requesting the purchase of equipment through a capital lease arrangement: The department should prepare a requisition in accordance with purchasing guidelines. Note on the requisition capital lease purchase. Route for appropriate approvals including the records manager. The budget office will give final approval for a lease purchase. The records manager will work with the purchasing department to insure the correct process is followed in issuing a master order for a lease purchase. Lease purchase orders are issued with an L prefix. Page 2 of 6
3 5.1.2 Review The following should be reviewed before further processing of a lease purchase order: The records manager will review the requisition to insure only equipment and allowable costs are on the order. Maintenance and training should not be included in the request for a lease purchase. When funding is requested, the finance company requires a questionnaire be completed and included in the package. When the records manager is made aware of the request for a lease purchase, the questionnaire will be forwarded to the appropriate departmental person for completion Funding Once the purchase orders are issued, the following steps should be followed for funding: The request for funding is sent to the finance company. The finance company will give a cutoff date and take the bond to market. The purchase is funded for 60 months or the useful life of the equipment, whichever is less. If the bonds are issued before the equipment has been received, the records manager will prepare a payment request for IHL to release payment to the vendor. The payment will be issued through the trustee bank designated in the contract. If the bonds are issued after the equipment has been received, the records manager will pay the vendor and request the finance company reimburse UMC. The payments will be charged to the accounts receivable account designated for lease purchases. These entries should be reversed when UMC is reimbursed Bank Statement The monthly bank statement is reconciled and kept on file three years after the audit period of the last payment on the lease Accounting The purchase order is issued on a master lease to Carlyle Capital Markets. The first release is to the supplying vendor. Each fiscal year a new release is issued and encumbered against departmental funds for the payment of the lease purchase. The principal is encumbered on the departmental account with a 695 object code and the interest is encumbered to a 506 object code. The records manager will process monthly payments for the lease purchase charging the expenditure to account 77922, and to object codes 695 and 506. A copy of the purchase order and amortization schedule from Carlyle is sent to Property Accounting for adding to the UMC property inventory for depreciation purposes. Page 3 of 6
4 5.1.6 Journal entries Journal entries are entered to capitalize each lease for the principal amount as follows: Account Debit Credit (assets under capital lease) XXXX(principal amt) (obligation under capital lease) XXX(principal amt) Prepare monthly journal entries for each payment and release on the 5 th of each month. The departmental accounts are charged the principal and interest using transfer object codes, with the offsetting transfer made to the budgetary account (Capital Leases). Below is an example of a monthly journal entry to record an installment lease payment: Account Description PO OBJ Expenditure Budget cas po corr L cas po corr L cas po corr L cas po corr L In addition the following encumbrance entry is made liquidating the encumbrance from the departmental: Account Description PO OBJ Encumbrance cas po corr L (6,903.50) cas po corr L (427.64) cas po corr L , cas po corr L For each principal payment made, the general ledger account (obligations under capital lease) is reduced, and (net invested in plant) is increased as follows: Account Debit Credit , , Page 4 of 6
5 When the lease purchase is complete and all payments have been made, the following entry is made to transfer the principal amount from (Assets Under Capital Lease) to (Equipment) as follows: Account Debit Credit (Equipment) XXXX(principal amt) (Assets Under Capital Lease) XXXX(principal amt) On a monthly basis, balance account and The account should have a zero balance. From overall totals in report LEA 01505, the outstanding principal should balance with the ending balance of (obligations under capital lease). Accounts and must be reduced whenever any principal amount is issued on an installment lease purchase in order to balance with the lease purchase file. If any amount is updated after the entries are capitalized then these changes must be reflected on the lease purchase file, in and accounts Lease File in UMA7 This file contains the history of the lease and all the payments. It is used for yearend reporting and preparing budgets as well as tracking the lease. When the records manager receives the purchase order, contract and amortization schedule, the LEA01 file, UPDMST, must be completed for the payments to post accurately. Checks are created through the CAS system and systematically posted to the LEA01, lease file Lease file update The lease file should be updated when a new order is issued. The lease number is the master purchase order number without a letter prefix on the UPDMSTR screen. Department number, vendor name, number and address come from the purchase order. Give a brief description of the equipment and its location. Status is C for complete or A for active. Complete the monthly payment amount. Lease type is I for installment or O for operational (rent). The amortization schedule provides the interest rate, total interest and principal, beginning and ending dates, and total number of payments to be made. For an installment lease, go to the UPDFYR screen and update the total to pay in each fiscal year for the life of the contract for the principal and interest. This total should balance with the total to pay on the UPDMSTR screen. Payments are automatically fed into the lease file, UPDPAY, from CAS records. Page 5 of 6
6 Report LEA02 is issued after the checks process. The total payment amount should balance with the expenditures on journal entry for installment leases. LEA01505 report is issued on the 10 th of each month after payments have been made and all files are updated. 5.2 Operational leases (Building Rent) Posting to LEA01 Processing payment and tracking are as explained in lease purchase procedures with these exceptions: Operational leases do not have interest. A C order with 142 object code is used. The purchase order should give a complete description of the square footage, cost per square foot, and the length of the lease. The account on the purchase order is encumbered and expensed. The records manager releases payment on the first day of the month according to contract terms. No journal entries are required LEA02 Report This report should be reviewed for payment information and compared to the payment schedule prepared for rental property. 6.0 HISTORY OF REVISIONS This procedure document was last updated on June 22, Page 6 of 6
CENTRAL SUSQUEHANNA INTERMEDIATE UNIT Application: Fund Accounting. Account Classes Directory Set Up Learning Guide
CENTRAL SUSQUEHANNA INTERMEDIATE UNIT Application: Fund Accounting Account Classes Directory Set Up Learning Guide 2009 Central Susquehanna Intermediate Unit, USA Table of Contents INTRODUCTION...3 Account
More informationUNIVERSITY OF CALIFORNIA, RIVERSIDE ACCOUNTING SERVICES SELF SUPPORTING OPERATIONS FISCAL YEAR END CLOSING May 22, 2012
UNIVERSITY OF CALIFORNIA, RIVERSIDE ACCOUNTING SERVICES SELF SUPPORTING OPERATIONS FISCAL YEAR END CLOSING May 22, 2012 What is Fiscal Year Closing? At the department level it is the process of closing
More informationTABLE OF CONTENTS CHAPTER 9
TABLE OF CONTENTS CHAPTER 9 Purpose...1 Balance Sheet Accounts...1 Assets...1 Cash...1 Accounts Receivable...2 Accounts Receivable Allowances...4 Loans and Notes Receivable...4 Loans and Notes Allowances...5
More informationPolicy No.: FA FIN 001 Page 1 of 5. University of Pennsylvania School of Medicine Policy & Procedure Manual
Page 1 of 5 University of Pennsylvania School of Medicine Policy & Procedure Manual SERVICE CENTER EQUIPMENT & DEPRECIATION Financial Administration Policy Number: FA FIN 001 Date Approved: 09/23/2009
More informationHow To Account For Construction In Progress
Statewide Accounting Policy & Procedure Accounting Manual Reference: Section: Capital Assets Sub-section: Construction in Progress Effective Date: 07/01/2011 Revision Date: 06/30/2011 Index: Policy Summary
More informationInformation Warehouse Accounting Data
Information Warehouse Accounting Data Overview Objectives The Information Access Data Warehouse currently contains accounting data tables which include source system general ledger transactions and many
More informationAd Hoc Subject Area Reference Guide: AP Purchase Order 2014 Version 1.1
Ad Hoc Subject Area Reference Guide: AP Purchase Order 2014 Version 1.1 Program Services Office & Decision Support Group 0 Table of Contents Introduction... 2 Key Fact or Measurement Definitions... 3 Key
More informationCHAPTER 7 General Journal Entries
CHAPTER 7 Journal Entries Table of Contents Section Page INTRODUCTION 1 1 GENERAL FUND JOURNAL ENTRIES 2 1 Opening Entry... 1 Budget Entries... 2 Budget Entries Modifications... 2 Revenues Property Tax...
More informationCost of goods sold, including occupancy and distribution costs 4,269,223 - - 4,269,223 GROSS PROFIT 1,943,950 - - 1,943,950
Non-GAAP Net Income and Earnings Per Share Reconciliation (in thousands, except per share data): Fiscal 2013 Year Ended February 1, 2014 Recovery of Asset As Previously Impairment Non-GAAP Reported Impaired
More information21 CLOSING PROCESSES...1 21.1 Month-end Closing Overview...1 21.1.1 Month-end Closing Policies...1 21.2 Month-end Closing Procedures...2 21.2.
21 CLOSING PROCESSES...1 21.1 Month-end Closing Overview...1 21.1.1 Month-end Closing Policies...1 21.2 Month-end Closing Procedures...2 21.2.1 Entering and Approving Month-end Closing Transactions Overview...2
More informationChapter 3. Governmental Operating Statement Accounts; Budgetary Accounting
Chapter 3 Governmental Operating Statement Accounts; Budgetary Accounting 1 Definitions! General Fund (GF) " General Administration " Traditional Services! Special Revenue Fund (SRF) " Revenue used for
More informationCHAPTER 9 Information Unique to Each Fund
CHAPTER 9 Information Unique to Each Fund Table of Contents Section - Page INTRODUCTION 1 1 THE GENERAL FUND 2 1 ASSOCIATED STUDENT BODY FUND (ASB) 3 1 Introduction...1 Accounting Methods and Procedures...2
More informationWISCONSIN ACCOUNTING MANUAL Department of Administration State Controller s Office
BACKGROUND GENERAL CARRYOVER OF ENCUMBRANCES Wisconsin Statute 16.52 (6) states, "Except as authorized in s. 16.74, all purchase orders, contracts, or printing orders shall, before any liability is incurred
More informationCHAPTER XII DOUBLE ENTRY ACCOUNTING SYSTEM
12-1 CHAPTER XII DOUBLE ENTRY ACCOUNTING SYSTEM SECTION A - ACCOUNTING BASIS The accounting basis for recording transactions will vary according to the purpose for which each fund is established. Generally,
More information1. A set of procedures for controlling cash payments by preparing and approving vouchers before payments are made is known as a voucher system.
Accounting II True/False Indicate whether the sentence or statement is true or false. 1. A set of procedures for controlling cash payments by preparing and approving vouchers before payments are made is
More informationCHECKLIST FOR YEAR-END CLOSING ENTRIES
DEPARTMENT OF ADMINISTRATION LOCAL GOVERNMENT SERVICES CHECKLIST FOR YEAR-END CLOSING ENTRIES Don t run from year-end entries Conquer them! Here s some simple steps.. PRESENTED BY: MAGDA NELSON & DARLA
More informationWhy is a budget important? I. What is a budget? II.
The State University of New York Fiscal and Accounting Procedures for Mandatory Student Activity Fee Programs require the custodial and disbursing agent (Sub-Board I) to establish and maintain budgetary
More information3. ACCOUNTING. 3.3 Capital Assets 3.3.4 Capital Asset System Accounting
3. ACCOUNTING 3.3 Capital Assets 3.3.4 Capital Asset System Accounting 3.3.4.10 Once the capital asset system is in operation, the government needs to make sure that assets which should be capitalized
More informationCHAPTER II GENERAL LEDGER ACCOUNTS
CHAPTER II GENERAL LEDGER ACCOUNTS A general ledger is basic to an accounting system. The General Ledger of a fund is a summary record containing the balance of assets, liabilities, deferred revenues,
More informationPurpose. This accounting policy documents authoritative literature for the accounting treatment of accounts payable and accrued expenses.
1. Title 2. Policy Accounts Payable and Accrued Expenses Sec. 1 Sec. 2 Sec. 3 Sec. 4 Sec. 5 Policy Statement. The accrual basis of accounting should be utilized in measuring financial position and operating
More informationCONTENTS. Independent Auditors Report... 1. Consolidated Statements of Financial Position... 2. Consolidated Statements of Activities...
CONTENTS Independent Auditors Report... 1 Consolidated Statements of Financial Position... 2 Consolidated Statements of Activities...3-4 Consolidated Statements of Cash Flows... 5 Notes to the Consolidated
More informationAppendix C: Examples of Common Accounting and Bookkeeping Procedures
Appendix C: Examples of Common Accounting and Bookkeeping Procedures In this Appendix the use of the term monthly means on a regular cycle, based on the needs of your district. Some of the sample accounting
More informationYear End Close and balancing Ereporting AFR
Year End Close and balancing Ereporting AFR Preparing books for year end close Goal by August 1 close books and submit balanced Annual Financial Report (AFR) in Ereporting. Fiscal year remember the fiscal
More informationYear-End Closing Procedures for Modules in Dynamics GP
Year-End Closing Procedures for Modules in Dynamics GP Page: 1 Welcome! Important Web Seminar Notes Page: 2 To Receive CPE Credit Page: 3 To Receive Group CPE Credit Page: 4 Course Materials Page: 5 McGladrey
More informationAdministrators, Business Managers and Fiscal Operations Personnel
Controller s Office DATE: February 2, 2015 TO: FROM: Administrators, Business Managers and Fiscal Operations Personnel Chad Cleveland Interim Assistant Vice President for Accounting Services and Controller
More information5:30-5 LOCAL FINANCE BOARD - CERTIFICATIONS OF AVAILABILITY OF FUNDS, AND ACCOUNTING SYSTEM REQUIREMENTS FOR LOCAL UNITS
5:30-5 LOCAL FINANCE BOARD - CERTIFICATIONS OF AVAILABILITY OF FUNDS, AND ACCOUNTING SYSTEM REQUIREMENTS FOR LOCAL UNITS 5:30-5.1 General authority (a) This subchapter shall apply to all government agencies
More informationFiscal Year-End Closing
Local Government Corporation General Overview Clean up and correct current fiscal year data Ensure all current year accounting activity has been processed Make entries in preparation for next fiscal year
More information10-1. Auditing Business Process. Objectives Understand the Auditing of the Enteties Business. Process
10-1 Auditing Business Process Auditing Business Process Objectives Understand the Auditing of the Enteties Business Process Identify the types of transactions in different Business Process Asses Control
More informationCHAPTER 7 General Journal Entries
CHAPTER 7 Journal Entries Table of Contents Section - Page INTRODUCTION 1-1 GENERAL FUND JOURNAL ENTRIES 2-1 Opening Entry...2-1 Budget Entries...2-2 Budget Entries Modifications...2-2 Revenues Property
More informationGRANT RECEIVABLES. A grant expenditure is incurred. A grant revenue is recorded when the check is received. (consider recording a receivable)
FALL ASBO 2011 BALANCE SHEET ACCOUNTS GRANT RECEIVABLES EXPENDITURE A grant expenditure is incurred. REVENUE A grant revenue is recorded when the check is received. (consider recording a receivable) There
More informationACCOUNTING RECORDS AND SOURCE DOCUMENTATION
ACCOUNTING RECORDS AND SOURCE DOCUMENTATION May 1994 Introduction Criteria for Accounting Documents and Records Accounting Procedures Manual Chart of Accounts Nine Principles Governing Accounting Records
More informationUnited States Chemical Safety and Hazard Investigation Board
United States Chemical Safety and Hazard Investigation Board Audit of Financial Statements As of and for the Years Ended September 30, 2005 and 2004 Submitted By Leon Snead & Company, P.C. Certified Public
More informationLEHMAN COLLEGE: DEPARTMENTAL RETENTION SCHEDULE 11/8/2013 ACCOUNTS PAYABLE. List of cost center codes for all College expenditures
AP-1 Appropriations of Expenditure Codes List of cost center codes for all College expenditures 6 years after superseded or obsolete General 9[9] b AP-2 Metrics Reports Reports prepared for the VP of Administration
More informationA SPECIAL REPORT FOR THE SOUTHERN ASSOCIATION OF COLLEGES AND SCHOOLS ON THE UNIVERSITY OF HOUSTON
Table of Contents THE UNIVERSITY OF HOUSTON State Auditor s Report... 1 Current Funds Balance Sheet at August 31, 1996... 5 Statement of Current Funds Expenditures for the Fiscal Year Ended August 31,
More informationPrinciples of Financial Accounting ACC-101-TE. TECEP Test Description
Principles of Financial Accounting ACC-101-TE TECEP Test Description This TECEP is an introduction to the field of financial accounting. It covers the accounting cycle, merchandising concerns, and financial
More informationBEDFORD PUBLIC SCHOOLS BUSINESS OFFICE PROCEDURES MANUAL
BEDFORD PUBLIC SCHOOLS BUSINESS OFFICE PROCEDURES MANUAL Revised 3-27-2014 TABLE OF CONTENTS Section 1: Section 2: Section 3: Section 4: Section 5: Section 6: Section 7: Section 8: Section 9: Cash Management
More informationREPORT NO. 2012-156 MARCH 2012 GILCHRIST COUNTY DISTRICT SCHOOL BOARD. Financial, Operational, and Federal Single Audit
REPORT NO. 2012-156 MARCH 2012 Financial, Operational, and Federal Single Audit For the Fiscal Year Ended June 30, 2011 BOARD MEMBERS AND SUPERINTENDENT Board members and the Superintendent who served
More informationTOPIC ACCOUNTING PRINCIPLES SUB-SECTION 03.00.00 SUB-SECTION INDEX REVISION NUMBER 99-004
Page 1 of 1 TOPIC ACCOUNTING PRINCIPLES SUB-SECTION 03.00.00 SECTION ISSUANCE DATE JUNE 30, 1999 SUB-SECTION INDEX REVISION NUMBER 99-004 03 Accounting Principles 10 Organization Structure of State Government
More informationLESSON 3: PURCHASING DOCUMENTS AND THE PROCUREMENT PROCESSES
LESSON 3: PURCHASING DOCUMENTS AND THE PROCUREMENT PROCESSES Lesson 3 Learning Objectives Upon completion of this lesson, you should be able to: Generate a list of open purchase orders (POs). Close purchase
More informationREFERENCE MANUAL REVENUE CYCLE
9-1 INTRODUCTION Organizations obtain revenue from a wide range of sources and must maintain information regarding revenue for effective accounting and control. Every organization has the responsibility
More informationThe presentation will be posted to the Accounting Office website. The recorded webinar will be available for viewing through July 2nd
1 2 The presentation will be posted to the Accounting Office website. The recorded webinar will be available for viewing through July 2nd 3 This presentation along with our examples is to provide general
More informationCOMMONWEALTH OF PENNSYLVANIA GOVERNOR'S OFFICE. Month-end Closing Processes
MANAGEMENT DIRECTIVE Subject: Month-end Closing Processes 310.27 Number COMMONWEALTH OF PENNSYLVANIA GOVERNOR'S OFFICE By Direction Of: Michael J. Masch, Secretary of the Budget Date: December 14, 2005
More information1. Storeroom supplies -- For items stocked in the Palmer storeroom, use the Requisition for Supplies Form.
DISBURSEMENT PROCESSES Millersville University uses the Accounts Payable module of Banner Finance System to process vendor payments. After payroll, payments for goods and/or services represent the second
More informationGeorgia 2013 Conference for College & University Auditors
Georgia 2013 Conference for College & University Auditors 1 Jeff Fucito,CPA 770-541-5434 jfucito@mjcpa.com Aleisa Howell,CPA 770-980-2364 ahowell@mjcpa.com 2 Agenda Introductions GASB Statement No. 60
More informationINTERNAL CONTROL POLICIES
INTERNAL CONTROL POLICIES 2701 Internal Control Policy 2701.1 Addendum Internal Control Standard #1 Payments Cycle 2701.2 Addendum Internal Control Standard #2 Conversion Cycle 2701.3 Addendum Internal
More informationUnited States Chemical Safety and Hazard Investigation Board
United States Chemical Safety and Hazard Investigation Board Audit of Financial Statements As of and for the Years Ended September 30, 2005 and 2004 Submitted By Leon Snead & Company, P.C. Certified Public
More informationIn the event of a tie, the score on the last ten questions will be used as a tie-breaker.
NEW YORK STATE ASSOCIATION FUTURE BUSINESS LEADERS OF AMERICA SPRING DISTRICT MEETING ACCOUNTING I 2010 TEST DIRECTIONS 1. Complete the information requested on the answer sheet. PRINT your name on the
More informationCapitalization of Internal-Use Software Costs Policy and Procedures
Capitalization of Internal-Use Software Costs Policy and Procedures Purpose To describe the Office of Financial Affairs (OFA) policy and procedures for formulating year-end closing entries related to Accounting
More informationTHE STATE EDUCATION DEPARTMENT Room 475 EBA Office of Educational Management Services Albany, NY 12234 (518) 474-6541
THE STATE EDUCATION DEPARTMENT Room 475 EBA Office of Educational Management Services Albany, NY 12234 (518) 474-6541 Fund Balance - Reservations and Designations The following Reserve Funds are available
More informationUNIVERSITY OF CINCINNATI DEPARTMENTAL MASTER LEASE FINANCING APPLICATION
DEPARTMENT DESCRIPTION OF EQUIPMENT TO BE FINANCED UNIVERSITY OF CINCINNATI DEPARTMENTAL MASTER LEASE FINANCING APPLICATION Minimum purchase amount to be financed under master lease is $50,000. Repayment
More informationPAWNEE COUNTY, KANSAS PUBLIC BUILDING COMMISSION FINANCIAL STATEMENT
PAWNEE COUNTY, KANSAS PUBLIC BUILDING COMMISSION FINANCIAL STATEMENT For the Year Ended December 31, 2013 VONFELDT, BAUER & VONFELDT, CHTD. Certified Public Accountants Larned, Kansas 67550 PAWNEE COUNTY,
More informationReclamation Manual Directives and Standards
Subject: Purpose: Authority: Computer Software Costs Documents for the Bureau of Reclamation s accounting requirements for computer software costs. The benefit of this Directive and Standard (D&S) is properly
More informationMonth End Protocols Preparation for Monthly Financial Statements
Month End Protocols Preparation for Monthly Financial Statements General Notes for Month / Year End Protocols For Small or Midsized Nonprofit Organizations MONTHLY A good rule of thumb is to print a trial
More informationHow To Read A Commonwealth Of Massachusetts Senate Statement Of Available Resources And Expenditures
COMMONWEALTH OF MASSACHUSETTS SENATE STATEMENT OF AVAILABLE RESOURCES AND EXPENDITURES - STATUTORY BASIS - AND ADDITIONAL INFORMATION FOR THE FISCAL YEAR ENDED JUNE 30, 2014 COMMONWEALTH OF MASSACHUSETTS
More informationAudit Report on the Small Procurement Practices of the Board of Elections MD03-066A
Audit Report on the Small Procurement Practices of the Board of Elections MD03-066A June 12, 2003 THE CITY OF NEW YORK OFFICE OF THE COMPTROLLER 1 CENTRE STREET NEW YORK, N.Y. 10007-2341 -------------
More informationHow To Understand The Chart Of Accounts Class For The Org Chart Of Account Class For Dartmouth College
Welcome to the Oracle chart of accounts class for GL and OGA chart strings. My name is Susan Wells and I will be one of two instructors for this class. The other instructor is Susan Mockus. We are financial
More informationAUDIT REPORT of DUBOIS AREA SCHOOL DISTRICT. DuBois, Pennsylvania A.U.N. 1-06-17-200-3. For The Year Ended June 30, 2013
AUDIT REPORT of DUBOIS AREA SCHOOL DISTRICT DuBois, Pennsylvania A.U.N. 1-06-17-200-3 For The Year Ended June 30, 2013-1 - TABLE OF CONTENTS Page Number Independent Auditor's Report 4 Management's Discussion
More informationV Accounting for Loan Principal Disbursements and Receipts
. V Accounting for Loan Principal Disbursements and Receipts Chapter V describes the accounting procedures for: Loan principal disbursements to other governmental or non-governmental entities Receipts
More informationOffice of the State Controller. Self-Assessment of Internal Controls. Purchasing/Accounts Payable Cycle. Objectives and Risks
Office of the State Controller Self-Assessment of Internal Controls Purchasing/Accounts Payable Cycle Objectives and Risks Agency Year-End Objectives All requests for goods and services are initiated and
More informationService Centers Reference Manual
Service Centers Reference Manual The Nuts and Bolts of Service Centers FY 2010 SOM Division of Finance and Office of Research Compliance and Integrity University of Pennsylvania School of Medicine Table
More informationMEMORANDUM. Vice Presidents, Deans, Department Chairpersons, Financial Directors, and Administrative Offices SCHEDULE FOR FISCAL YEAR 2015 ACTIVITIES
D OFFICE OF THE COMPTROLLER MEMORANDUM TO: FROM: Vice Presidents, Deans, Department Chairpersons, Financial Directors, and Administrative Offices Cassandra West, Assistant Director of Financial Accounting
More informationConsolidated Statements of Profit or Loss Ricoh Company, Ltd. and Consolidated Subsidiaries For the Years Ended March 31, 2014 and 2015
Consolidated Statements of Profit or Loss Sales: Products 1,041,794 1,071,446 8,928,717 Post sales and rentals 1,064,555 1,068,678 8,905,650 Other revenue 89,347 91,818 765,150 Total sales 2,195,696 2,231,942
More informationREPORT NO. 2010-153 MARCH 2010 ST. JOHNS COUNTY DISTRICT SCHOOL BOARD. Financial, Operational, and Federal Single Audit
REPORT NO. 2010-153 MARCH 2010 Financial, Operational, and Federal Single Audit For the Fiscal Year Ended June 30, 2009 BOARD MEMBERS AND SUPERINTENDENT St. Johns County District School Board members and
More informationAccounts Payable. Best Practices: Existing Control: Control Gap: Controls Evaluation and Gap Analysis. Purchasing
Accounts Payable Gap Analysis: POS identifies the following Best Practices as efficient and effective control processes for the above risk. Listed for comparison are the controls currently in place, if
More informationWinthrop University Policies
Winthrop University Policies ISSUED: 10/2004 The University's most significant accounting policies are described below. FINANCIAL STATEMENTS The financial statements of Winthrop University are prepared
More informationStatewide Accounting Policy & Procedure
Statewide Accounting Policy & Procedure Accounting Manual Reference: Section: Revenues & Receivables Sub-section: Revenues, Receivables, Unearned Revenues and Unavailable Revenues - General Effective Date:
More informationA8.800 Disbursing/Accounts Payable and Payroll
Prepared by the Disbursing Office This is a New Administrative Procedure A8.839 July 1996 A8.800 Disbursing/Accounts Payable and Payroll p 1 of 28 A8.839 Accounts Payable Processing 1. Purpose To establish
More informationACCOUNTS PAYABLE/PURCHASING CLERK JOB DESCRIPTION
JOB DESCRIPTION Employee performs responsible work involving the application of bookkeeping principles which require independent judgment and initiative. Employee also follows standard accounting procedures
More informationInternal Accounts Fiscal Year 2013 Year-End at a Glance
Internal Accounts Fiscal Year 2013 Year-End at a Glance Purchase Requisition Input - last day to input for: Petty Cash requisition District reimbursement All other requisitions Critial Needs Purchase Request-
More informationRIT Internal Use Only. Controller s Division Accounting Office Eastman Hall, 6 th floor
R I T Rochester Institute of Technology Controller s Division Accounting Office Eastman Hall, 6 th floor To: University Managers From: Andrea Napoli, Manager of Accounting Operations Date: June 5, 2015
More informationRAPID REVIEW Chapter Content
RAPID REVIEW BASIC ACCOUNTING EQUATION (Chapter 2) INVENTORY (Chapters 5 and 6) Basic Equation Assets Owner s Equity Expanded Owner s Owner s Assets Equation = Liabilities Capital Drawing Revenues Debit
More informationFlorida A & M University
Florida A & M University AP PROCEDURES 3-8-2013 TABLE OF CONTENTS 1.0 OVERVIEW... 1 2.0 DEFINITIONS... 1 3.0 RESPONSIBILITIES... 2 4.0 GENERAL PROCEDURES... 3 4.1 DEPARTMENTAL FISCAL REPRESENTATIVES...
More informationChapter 15 Auditing the Expenditure Cycle
Chapter 15 Auditing the Expenditure Cycle Expenditure cycle consists of activities related to the acquisition of and payment for plant assets and goods and services. Two major transaction classes: 1 purchases
More informationPAYROLL, PAYABLES AND EXPENDITURES DIVISION EXPENDITURE CONTROL DEPARTMENT
PAYROLL, PAYABLES AND EXPENDITURES DIVISION Summary of Major Accomplishments The Expenditure Control Department consists of two functional areas, the Payroll Section and the Encumbrance and Disbursement
More informationThis policy sets forth system-wide standards for financial accounting and reporting of leases.
Accounting for Leases Section: Accounting and Financial Reporting Title: Accounting for Leases Number: 05.281 Index POLICY.100 POLICY STATEMENT.110 POLICY RATIONALE.120 AUTHORITY.130 APPROVAL AND EFFECTIVE
More informationSTUDIO DESIGNER. Accounting 4 Participant
Accounting 4 Participant Thank you for enrolling in Accounting 4 for Studio Designer and Studio Showroom. Please feel free to ask questions as they arise. If we start running short on time, we may hold
More informationPublication No. 140 Revised July 2015. Sample Financial Statements. for a Charter School. in North Carolina
Publication No. 140 Revised July 2015 Sample Financial Statements for a Charter School in North Carolina State and Local Government Finance Division North Carolina Department of State Treasurer 35-H-1
More informationTreasurers Account Book
Treasurers Account Book Bureau of Municipal Services PennDOT PREFACE... 4 INSTRUCTIONS FOR NAVIGATING THE FORMS AND ADDING OR REMOVING A SHEET TO THE EXCEL FORMATTED BOOK... 4 Navigation of the excel formatted
More information5:31-7 Appendix B LOCAL AUTHORITIES - ACCOUNTING AND AUDITING IF ANY ARE NOT APPLICABLE, INSERT N/A AS YOUR ANSWER. FIRE DISTRICT YEAR UNDER AUDIT
5:31-7 Appendix B LOCAL AUTHORITIES - ACCOUNTING AND AUDITING AUDIT QUESTIONNAIRE FOR FIRE DISTRICT AUDITS EACH QUESTION MUST BE ANSWERED. PLEASE CIRCLE YES OR NO. IF ANY ARE NOT APPLICABLE, INSERT N/A
More informationExpense Section No. 700
Expense Section No. 700 Page No. GENERAL RULES FOR RECORDING EXPENSES 1 OPERATING EXPENSES (GL Control Account) 1 Approval Of 1 Entries in the Journal and Cash Record 2 Postings in the General Ledger 2
More informationDoD Financial Management Regulation Volume 4, Chapter 9 January 1995 ACCOUNTS PAYABLE
CHAPTER 9 0901 GENERAL ACCOUNTS PAYABLE 090101. Purpose. This chapter provides guidance to be followed in recording and liquidating amounts payable by DoD Components. The processes described in this chapter
More informationState of South Carolina Policy for Use of Purchasing/Payment Document Type
Date Issued 2/25/2014 Date Effective 7/1/2013 Purpose The purpose of this policy is to standardize agency use of all purchasing or payment document types for all transactions processed for payment, including
More informationConsolidated Statement of Profit or Loss
Consolidated Statement of Profit or Loss Sales: Products 864,699 1,041,794 $ 10,114,505 Post sales and rentals 941,610 1,064,555 10,335,485 Other revenue 79,686 89,347 867,447 Total sales 1,885,995 2,195,696
More informationThe following options under the Financial area will be available on the Web as of the February 2016 Release.
The following options under the Financial area will be available on the Web as of the February 2016 Release. Please Note: They will not be going away on PaC. Bank Reconciliation Overview Check Reconciliation
More informationSheffield Parent Carer Forum - Financial Standing Orders
Contents 1. Responsibilities of the Trustees 2. Maintenance of these standing orders and financial procedures 3. Maintenance of records and financial control 4. Security of financial information 5. Annual
More informationTHEME: CLOSING THE BOOKS
THEME: CLOSING THE BOOKS By John W. Day, MBA ACCOUNTING TERM: Support Document A support document is one that verifies that the ending balance of a general ledger (GL) account is accurate. For example,
More informationFINANCIAL STATEMENTS. For the Years Ended March 31, 2014 and 2013 with Independent Auditors Report
FINANCIAL STATEMENTS For the Years Ended with Independent Auditors Report FINANCIAL STATEMENTS CONTENTS Page Independent Auditors Report... 1-2 Financial Statements: Statements of Financial Position...3
More informationWARRANT REQUEST TRANSACTIONS. 4/30/98 (Revised 07/15/13) AKSAS HANDY GUIDE Expenditures Page 8
WARRANT REQUEST ACTIONS ACTION TYPE When processing a general expenditure warrant, a field warrant, or a handwrite, if the payment is being made from an encumbrance, the set-up year for the collocation
More informationADMINISTRATIVE PROCEDURE
Categories of Fixed Assets 1. Land -Land as well as the costs incurred in preparing the land for its intended purpose. These costs include, but are not limited to, purchase costs, real estate commissions,
More informationCHAPTER 12 INTER-ENTITY TRANSACTIONS
CHAPTER 12 INTER-ENTITY TRANSACTIONS 1. INTRODUCTION. a. Purpose. The chapter establishes the principles and procedures of financing and accounting for costs of work performed by one DOE office or site/facility
More informationHow To Write A Prepaid Expense Policy For Maricopa County
Category: Issued: 09/2008 Initiated by: Department of Finance Approved by: Maricopa County Board of Supervisors & Special Districts Revised: A. Purpose The purpose of the Maricopa County Prepaid Expense
More informationRecords Retention Guidelines for Businesses, Individuals & Accounting Firms
Records Retention Guidelines for Businesses, Individuals & Accounting Firms Following are charts devised for individuals, businesses, and accounting firms. These charts may be used as a guideline for most
More informationWithdrawals for Local Amount of School Facilities Projects:
Capital Reserve Accounts: General Rules N.J.S.A 18A:7G-31 et seq. and N.J.A.C. 6A:26-9.1 et seq. establish the use of and rules for capital reserve accounts (withdrawals, deposits, and transfers). Funds
More informationCHAPTER E GAAP OFFSET TRANSACTIONS
CHAPTER E GAAP OFFSET TRANSACTIONS TABLE OF CONTENTS Capital Asset Transactions Proprietary, Fiduciary, & Government-wide Reporting Fund TC 537: Eliminate Excess Asset Value/Record Loss; Record Donated
More informationFINANCIAL AND PURCHASING RECORDS. Includes records showing a summary of receipts, disbursements and other activity against each account.
FINANCIAL AND PURCHASING RECORDS FN-1 Account Distribution Summaries (Treasurer s Report) Includes records showing a summary of receipts, disbursements and other activity against each account. Weekly/Monthly-
More informationUniversity System of Maryland Accounting Practice
University System of Maryland Accounting Practice Preparation of interim financial statements General This accounting practice document is a current guide for preparing internal-use, interim financial
More informationBUSINESS PROCESS (SAS 112 Compliance)
Functional Area: Accounts Payable Name of Process: Payment of PO Invoices Purpose of Process: To liquidate encumbrances for purchase orders issued for goods and services on behalf Of the University. Primary
More informationPART 1. BASIC CONCEPTS AND ACCOUNTING MODEL
CHAPTER 1 PART 1. BASIC CONCEPTS AND ACCOUNTING MODEL OBJECTIVES The objectives of this part are: To introduce a definition of accounting, the need for accounting information, and the various accounting
More informationDATE: March 2, 2015. Deans, Directors, and Fiscal Officers
DATE: March 2, 2015 TO: Deans, Directors, and Fiscal Officers FROM: Charlie Cox, Director, Accounting Services Debbie Abell, Director, Procurement Services Jennifer Watson, Director, Human Resources Judy
More informationFinancial Statements June 30, 2014 University Schools
Financial Statements University Schools www.eidebailly.com Table of Contents Independent Auditor s Report... 1 Management s Discussion and Analysis... 3 Financial Statements Government-Wide Financial Statements
More information