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#415 GASB 34 Worksheets
Function
The GASB 34 Worksheets supplement will assist local government agencies required to have their audit report schedules in accordance with Statement No. 34 of the Government Accounting Standards Board (GASB). This supplement is a series of two different reports.
Balance Sheet
The Balance Sheet allows you to create categories to group and summarize balance sheet accounts and assign the Balance Sheet GL codes to columns. It also takes the reconciling items and prints them under the liability section with the description “(299) Cost Allocation Control”. Normally this amount should be the change in leave liability for the year.
Statement of Revenues, Expenditures and Changes in Fund Balances
The Statement of Revenues, Expenditures and Changes in Fund Balances allows you to create GL categories to combine specified revenue and expenditure codes. It also allows you to assign the revenue and expenditure codes to columns.
Things You Should Know
GL Categories
When you click on the GL Categories tab, a form will appear with the two options, Setup Categories and Assign GL Categories.
Setup Categories:
Edit - Click on edit to begin entering category codes and descriptions at the bottom of the grid and also to make changes to them.
Code - Assign a numeric value to the category code you are creating. All asset categories are to be between 100-199. All liability categories are to be between 200-299, all equity categories are to be between 300-399, all revenues are to be between 400-499 and all expense categories are to be
between 500-999. Liability category 299 has already been set up as Cost Allocation Control.
The reconciling amounts on your month end balance sheet will be reflected next to Cost Allocation Control in the liability section of the Balance Sheet, if you run the Balance Sheet prior to doing the year end cost allocation closing entries.
Description - Enter the description of the category you are creating. Examples may include “Cash in Bank” and “Payroll Withholding Accounts”.
Save Edit – This will permanently record the category.
Print – This will display the categories with the option to print or export.
Delete - Click on the delete button to delete a category displayed and all of its assignments.
Assign GL Categories
When this option is selected, a form will appear for you to use in assigning GL codes to the existing categories.
When the Assign GL Categories option is selected, the following items appear:
GL Code – Click on Edit. Select the GL code you are assigning to a category. You will be restricted to existing codes.
GL Category Code – Select the existing GL category to which you wish to assign the GL code. As stated in the code section above under Setup Categories, all asset codes will be restricted to existing categories between 100 and 199, all liability codes will be restricted to existing categories between 200 and 299, all equity accounts will be restricted to existing categories between 300- 399, all revenues will be restricted to existing categories between 400-499 and all expenses will be restricted to existing categories between 500- 999. If you forget to set up a GL code that has a balance, the amount will print next to category 0, Other Governmental Funds.
Save Edit – When any or all of the GL category assignments are entered, select save edit to permanently record this information. Any unassigned GL codes with balances will automatically be assigned to category 0, Other Governmental Funds. To assign the GL codes that have been automatically assigned to category 0, Other Governmental Funds, just click edit and change it in the grid, then click on Save Edit.
Delete - The delete button is only activated when you are under Setup Categories or Setup Columns.
Print - To print the GL Assignments, click on Print. You have the option to print them in GL code or GL category order.
Column Headings
When you click on the Column Headings tab, a form will appear with the four options, Setup Columns, Assign Balance Sheet, Assign R/E by Project and Assign R/E by Element.
Setup Columns:
Edit - Click on edit to begin entering column heading codes and descriptions and also to make changes to them.
Code – Assign a numeric value to the column you are creating starting with column #1. Column 0 is the default for Other Governmental Funds and Column 99 is reserved for Cost Allocation Control.
Description – Enter the description of the column you are creating. An example of these would be Unrestricted, Special Revenue Funds, etc.
Save Edit – Click on Save Edit to permanently record the column headings.
Delete - Click on Delete to delete a column heading that is displayed and all of its assignments.
Print – Click on Print to display the current column headings with the option to print or export.
Assign Balance Sheet
When this option is selected, a form will appear for you to use in assigning Balance Sheet GL codes to the existing column headings. When the Assign Balance Sheet option is selected, the following items appear:
GL Code – All GL Codes will be displayed.
Column – Click on Edit and then click on the Column Code column of the GL Code in which you wish to make a column assignment. Select the existing column to which you wish to assign the GL code.
Special Amount - There may be a possibility that one GL code on the Balance Sheet needs to be assigned to more than one column. If this is true, enter the amount for each column in the Special Amount field. The total amount entered for the column must equal the total amount for that GL code.
Save Edit – When any or all GL code assignments are entered, click on save to permanently
record this information. Any Balance Sheet codes with balances not assigned to a column will automatically be assigned to column 0, Other Governmental Funds. After they are saved in the grid, to change the assignment, click on Edit and change it in the grid, then click on Save Edit.
Delete - The delete button is only activated under Setup Categories and Setup Columns.
Print - To print the GL Assignments, click on Print. You have the option to print them in GL code or Column Heading order.
Assign R/E by Project
When this option is selected, a form will appear for you to use in assigning revenue and expense codes to the existing column headings. When the Assign R/E by Project option is selected, the following items appear:
Project – If all of the elements within a project are to be assigned to a column, you can assign by Project. If you have elements in the same project that need to be assigned to different columns, you need to select Assign R/E by Element for that project. Select the project you are assigning to a column. You will be restricted to existing codes.
Column – Click on Edit and select the existing column to which you wish to assign the project.
Save Edit – When any or all project code assignments are entered, select save edit to permanently record this information. Any project codes with balances not assigned to a column will automatically be assigned to column 0, Other Governmental Funds. After they are saved in the grid, to change the assignment, click on Edit and change it in the grid.
Delete - The delete button is only activated under Setup Categories and Setup Columns.
Print - To print the R/E by Project Assignments, click on Print. You have the option to print them in project or Column Heading order.
Assign R/E by Element
When this option is selected, a form will appear for you to use in assigning program element codes to the existing column headings. This option would only be selected if you have elements within the same project that need to be assigned to different columns. When the Assign R/E by Element optionis selected, the following items appear:
Element –Select the element you are assigning to a column.
Column – Click on Edit and then select the existing column to which you wish to assign the program element.
Save Edit – When any or all program element code assignments are entered, select save to permanently record this information. Any element codes with balances not assigned to a column will automatically be assigned to column 0, Other Governmental Funds. After they are saved in the grid, to change the assignment, click on Edit and change it in the grid.
Delete - The delete button is only activated under Setup Categories and Setup Columns.
Print - To print the R/E by Element Assignments, click on Print. You have the option to print them in Element or Column Heading order.
Operating Instructions
Note: The ending period for the GASB 34 Worksheets will be the same ending period as you ran the Financial Reporting menu in month end. (It’s posted when you display the Agencywide R & E report).
Balance Sheet
To print the Balance Sheet, click on that option and click on Print. The report will be displayed and you may print or export the report. You have to run the Balance Sheet and Agencywide R & E (for the right period) under Monthly Processing in order to get the correct answers on this report.
Statement of Revenues, Expenditures and Changes in Fund Balance
To print the Statement of Revenues, Expenditures and Changes in Fund Balance, click on that option. Make sure you have run the R & E by Element and Agencywide Revenue and Expense Report under Monthly Processing in order to get the correct answers on this report. Any new GL codes that have been entered will be assigned to the default categories.
The GASB 34 Worksheets supplement will assist local government agencies required to have their audit report schedules in accordance with Statement No. 34 of the Government Accounting Standards Board (GASB). This supplement is a series of two different reports.
Balance Sheet
The Balance Sheet allows you to create categories to group and summarize balance sheet accounts and assign the Balance Sheet GL codes to columns. It also takes the reconciling items and prints them under the liability section with the description “(299) Cost Allocation Control”. Normally this amount should be the change in leave liability for the year.
Statement of Revenues, Expenditures and Changes in Fund Balances
The Statement of Revenues, Expenditures and Changes in Fund Balances allows you to create GL categories to combine specified revenue and expenditure codes. It also allows you to assign the revenue and expenditure codes to columns.
Things You Should Know
- You have to run the Balance Sheet, R&E by Element and Agencywide R & E (for the right period) under Monthly Processing in order to get the correct answers on this report.
- The ending period for the GASB 34 Worksheets will be the same ending period as you ran the Financial Reporting menu in month end (it’s posted when you display the Agencywide R & E report).
GL Categories
When you click on the GL Categories tab, a form will appear with the two options, Setup Categories and Assign GL Categories.
Setup Categories:
Edit - Click on edit to begin entering category codes and descriptions at the bottom of the grid and also to make changes to them.
Code - Assign a numeric value to the category code you are creating. All asset categories are to be between 100-199. All liability categories are to be between 200-299, all equity categories are to be between 300-399, all revenues are to be between 400-499 and all expense categories are to be
between 500-999. Liability category 299 has already been set up as Cost Allocation Control.
The reconciling amounts on your month end balance sheet will be reflected next to Cost Allocation Control in the liability section of the Balance Sheet, if you run the Balance Sheet prior to doing the year end cost allocation closing entries.
Description - Enter the description of the category you are creating. Examples may include “Cash in Bank” and “Payroll Withholding Accounts”.
Save Edit – This will permanently record the category.
Print – This will display the categories with the option to print or export.
Delete - Click on the delete button to delete a category displayed and all of its assignments.
Assign GL Categories
When this option is selected, a form will appear for you to use in assigning GL codes to the existing categories.
When the Assign GL Categories option is selected, the following items appear:
GL Code – Click on Edit. Select the GL code you are assigning to a category. You will be restricted to existing codes.
GL Category Code – Select the existing GL category to which you wish to assign the GL code. As stated in the code section above under Setup Categories, all asset codes will be restricted to existing categories between 100 and 199, all liability codes will be restricted to existing categories between 200 and 299, all equity accounts will be restricted to existing categories between 300- 399, all revenues will be restricted to existing categories between 400-499 and all expenses will be restricted to existing categories between 500- 999. If you forget to set up a GL code that has a balance, the amount will print next to category 0, Other Governmental Funds.
Save Edit – When any or all of the GL category assignments are entered, select save edit to permanently record this information. Any unassigned GL codes with balances will automatically be assigned to category 0, Other Governmental Funds. To assign the GL codes that have been automatically assigned to category 0, Other Governmental Funds, just click edit and change it in the grid, then click on Save Edit.
Delete - The delete button is only activated when you are under Setup Categories or Setup Columns.
Print - To print the GL Assignments, click on Print. You have the option to print them in GL code or GL category order.
Column Headings
When you click on the Column Headings tab, a form will appear with the four options, Setup Columns, Assign Balance Sheet, Assign R/E by Project and Assign R/E by Element.
Setup Columns:
Edit - Click on edit to begin entering column heading codes and descriptions and also to make changes to them.
Code – Assign a numeric value to the column you are creating starting with column #1. Column 0 is the default for Other Governmental Funds and Column 99 is reserved for Cost Allocation Control.
Description – Enter the description of the column you are creating. An example of these would be Unrestricted, Special Revenue Funds, etc.
Save Edit – Click on Save Edit to permanently record the column headings.
Delete - Click on Delete to delete a column heading that is displayed and all of its assignments.
Print – Click on Print to display the current column headings with the option to print or export.
Assign Balance Sheet
When this option is selected, a form will appear for you to use in assigning Balance Sheet GL codes to the existing column headings. When the Assign Balance Sheet option is selected, the following items appear:
GL Code – All GL Codes will be displayed.
Column – Click on Edit and then click on the Column Code column of the GL Code in which you wish to make a column assignment. Select the existing column to which you wish to assign the GL code.
Special Amount - There may be a possibility that one GL code on the Balance Sheet needs to be assigned to more than one column. If this is true, enter the amount for each column in the Special Amount field. The total amount entered for the column must equal the total amount for that GL code.
Save Edit – When any or all GL code assignments are entered, click on save to permanently
record this information. Any Balance Sheet codes with balances not assigned to a column will automatically be assigned to column 0, Other Governmental Funds. After they are saved in the grid, to change the assignment, click on Edit and change it in the grid, then click on Save Edit.
Delete - The delete button is only activated under Setup Categories and Setup Columns.
Print - To print the GL Assignments, click on Print. You have the option to print them in GL code or Column Heading order.
Assign R/E by Project
When this option is selected, a form will appear for you to use in assigning revenue and expense codes to the existing column headings. When the Assign R/E by Project option is selected, the following items appear:
Project – If all of the elements within a project are to be assigned to a column, you can assign by Project. If you have elements in the same project that need to be assigned to different columns, you need to select Assign R/E by Element for that project. Select the project you are assigning to a column. You will be restricted to existing codes.
Column – Click on Edit and select the existing column to which you wish to assign the project.
Save Edit – When any or all project code assignments are entered, select save edit to permanently record this information. Any project codes with balances not assigned to a column will automatically be assigned to column 0, Other Governmental Funds. After they are saved in the grid, to change the assignment, click on Edit and change it in the grid.
Delete - The delete button is only activated under Setup Categories and Setup Columns.
Print - To print the R/E by Project Assignments, click on Print. You have the option to print them in project or Column Heading order.
Assign R/E by Element
When this option is selected, a form will appear for you to use in assigning program element codes to the existing column headings. This option would only be selected if you have elements within the same project that need to be assigned to different columns. When the Assign R/E by Element optionis selected, the following items appear:
Element –Select the element you are assigning to a column.
Column – Click on Edit and then select the existing column to which you wish to assign the program element.
Save Edit – When any or all program element code assignments are entered, select save to permanently record this information. Any element codes with balances not assigned to a column will automatically be assigned to column 0, Other Governmental Funds. After they are saved in the grid, to change the assignment, click on Edit and change it in the grid.
Delete - The delete button is only activated under Setup Categories and Setup Columns.
Print - To print the R/E by Element Assignments, click on Print. You have the option to print them in Element or Column Heading order.
Operating Instructions
Note: The ending period for the GASB 34 Worksheets will be the same ending period as you ran the Financial Reporting menu in month end. (It’s posted when you display the Agencywide R & E report).
Balance Sheet
To print the Balance Sheet, click on that option and click on Print. The report will be displayed and you may print or export the report. You have to run the Balance Sheet and Agencywide R & E (for the right period) under Monthly Processing in order to get the correct answers on this report.
Statement of Revenues, Expenditures and Changes in Fund Balance
To print the Statement of Revenues, Expenditures and Changes in Fund Balance, click on that option. Make sure you have run the R & E by Element and Agencywide Revenue and Expense Report under Monthly Processing in order to get the correct answers on this report. Any new GL codes that have been entered will be assigned to the default categories.
