GAAP Documentation : Government Restricted Net Asset Journal

Journal Entry Overview

Purpose: Accepts journal entries for the governmental restricted net asset trial balance which is used to convert each governmental fund from the modified accrual basis to the accrual basis to accumulate the appropriate restrictions on net assets.

Select a Fund - SCC: To enter Governmental Restricted Net Asset journal entries, select and click on a specific fund. As an example, use the bond retirement fund, 002 - 0000.

This screen allows you to add a new entry, or to find a current entry and modify or delete it.

Data Fields:

• Entry # - Transaction number assigned by the user. If the user does not enter an entry number the system will generate one.

• Find - Allows you to search the list by entry number, transaction type, or description and places the result at the top of the list.

• Transaction Type - The type determines the column on the trial balance for the entry.

Prior Year Balance Prior Period Adjustment Reversing Adjustment Audit Adjustment Reclassification

• Description - General description of the transaction.
• Reverse- Is this entry to be reversed? This flag is valid for adjustment and audit adjustment transaction types.
• JECategory - This optional field allows the user to enter up to 4 characters to help sort journal entries when generating journal entry reports.
• Copy to Next Fiscal Year- Check this box if you would like this entry to be copied over to the next fiscal year with 0 balances. When the next fiscal year is opened, the entries with adjustment or reclassification transaction type that were flagged to copy to next year will be created in the appropriate fund, with all the accounts used in the copied entry but with all zero amounts. The user will then be able to edit those copied entries to fill in the amounts and make any other needed changes. This should speed up data entry for “standard” entries.

Generic Journal Entries

The process of adding a new journal entry and of modifying or deleting a current entry is exactly the same for a variety of types of journals. These options are illustrated in detail in the Generic Journal Entry page.

Sample Governmental Restricted Net Assets Journal Report