Purpose: This option is used for the first year implementation of GASB Statement No. 34 to create an opening balance from prior year GAAP balance sheet amounts and to make adjustments to restate these according to GASB 34 requirements. For the first year, the beginning balances and reversing entries are either uploaded from the old GAAP subsystem or entered as journal entries. The restatement adjustments would be entered as journal entries. From the second year on, the opening balance entries are brought forward from the ending balances of the prior fiscal year since these balances are in the GASB 34 format. If there is a need to adjust or restate these opening balances, the modified accrual journal and the governmental restricted net assets journals have prior period adjustment transaction types.
Where Used: The Initial Year Governmental Fund Journal entries are used in the Initial Year Governmental Fund Trial Balance which populates beginning balance sheet amounts in the Modified Accrual Trial Balance and beginning restricted net asset amounts in the Governmental Restricted Net Assets Trial Balance.
Select a Fund - SCC: In order to make Initial Year Governmental Fund Journal entries, select and click on a specific cash fund.
As an example, use the general fund, 001 - 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.
- Transaction Type - The type determines the column on the trial balance for the entry.
Initial Year Balance (from prior year financial statements)
Interpretation 6 Adjustment
Modified Accrual Adjustment
Accrual Adjustment
- Description - General description of the transaction.
- Find - Allows you to search the list by entry number, transaction type, or description and places the result at the top of the list.
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.
