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The Uniform System of Accounts for Kentucky Counties
http://www.kactfo.comAugust 4, 2020 Slide 1 of 17
The Uniform System of Accounts for Kentucky Counties
http://www.kactfo.comAugust 4, 2020
The Uniform System of Accounts (U.S.A.) requires revenues to be
recorded when received and expenditures to be recorded when paid
(cash basis).
The U.S.A. utilizes a minimum of six (6) digit numerical indicators for
revenue accounts and a minimum of nine (9) numerical indicators for
appropriation & expenditure accounts. All anticipated revenue and
expenditure codes are included in the chart of accounts and are
categorized
The Uniform System of Accounts
FUND
01-99
MAJOR
4000-9999
MINOR
100-999
XXX
Unique
Slide 2 of 17
Fund codes
The
Uniform
System
ofAccounts
The Uniform System of Accounts for Kentucky Counties
http://www.kactfo.comAugust 4, 2020
the first two (2) digits of both the revenue and
expenditure accounts. Fund codes 01, 02 and 03
identify the following as General, Road or Jail
funds, for example.
Slide 3 of 17
Major object codes
The
Uniform
System
ofAccounts
The Uniform System of Accounts for Kentucky Counties
http://www.kactfo.comAugust 4, 2020
The next four (4) digits of revenue and
appropriation & expenditure codes. Revenue
codes are always a 4000 number and identify
specific sources of revenue and receipts. Major
object appropriation & expenditure codes are
between the numbers of 5000 and 9999 and
represent broad categories of expenditures. For
example, 5001 indicates the category of
Judge/Executive.
Slide 4 of 17
Minor object codes
The
Uniform
System
ofAccounts
http://www.kactfo.comAugust 4, 2020
The last three (3) digits of the appropriation &
expenditure accounts and represent specific
types of expenditures. 101 would indicate an
elected county official's salary.
The Uniform System of Accounts for Kentucky Counties
Slide 5 of 17
XXX object codes
The
Uniform
System
ofAccounts
http://www.kactfo.comAugust 4, 2020
Some counties may wish to track certain
revenues and expenditures in a more detailed
manner than required by the state local finance
officer. In this case, a county may choose to add
an alphabetical or numerical entry, unique to that
county, following the standard codes.
The Uniform System of Accounts for Kentucky Counties
Slide 6 of 17
Please Note
The
Uniform
System
ofAccounts
The Uniform System of Accounts for Kentucky Counties
http://www.kactfo.comAugust 4, 2020
All counties must use the account numbers from
the chart of accounts. Codes used must identify
the revenue or expenditure. The State Local
Finance Officer will review the codes during the
budget process for form and classification.
Slide 7 of 17
http://www.kactfo.comAugust 4, 2020
The Uniform System of Accounts for Kentucky counties shall consist of the following books of accounts:
1) cash receipts journal
2) cash receipts ledger
3) appropriation ledger(s)
4) check distribution register
5) general ledger
6) investments journal
7) purchase order journal
8) subsidiary ledgers and journals as needed
The Uniform System of Accounts for Kentucky Counties
Slide 8 of 17
Cash Receipts Journal
Books ofAccounts
The Uniform System of Accounts for Kentucky Counties
http://www.kactfo.comAugust 4, 2020
A daily, chronological listing of all receipts and
should balance to the daily deposit. The listing is
the book of original entry for all county revenues
and all county funds. The journal should indicate
the date money is received, a description of the
revenue source, the revenue account code, the
total amount, and the fund(s) to which the
amount is distributed. Each daily cash receipts
journal is totaled and is posted to the cash
receipts ledger.
Slide 9 of 17
Cash Receipts Ledger
Books ofAccounts
The Uniform System of Accounts for Kentucky Counties
http://www.kactfo.comAugust 4, 2020
A monthly compilation by fund and account code
of receipts recorded from the cash receipts
journal. The Ledger will identify the name of the
revenue account, the account code and the
amount budgeted. A monthly total is posted and a
cumulative total is maintained. At the end of each
quarter, the year-to-date figure is carried directly
to the treasurer's portion of the quarterly financial
statement.
Slide 10 of 17
Appropriation Ledger(s)
Books ofAccounts
The Uniform System of Accounts for Kentucky Counties
http://www.kactfo.comAugust 4, 2020
The ledger reflects, by account number, the
original budget appropriation, the payee,
increases/decreases by amendment or transfer,
expenditures, and the remaining balance.
Reconciliations should be made at least monthly
in order to insure accuracy.
Slide 11 of 17
Check Distribution Ledger
Books ofAccounts
The Uniform System of Accounts for Kentucky Counties
http://www.kactfo.comAugust 4, 2020
A chronological listing of daily disbursements by
fund. The ledger must indicate the date, the
check number, the payee, the account code, and
the amount. (A separate column should be
included for investments. Checks issued for the
purpose of investments are to be recorded in the
investments column and should balance to the
investments journal.) Checks are to be posted
numerically and all checks are to be recorded,
including voided checks.
Slide 12 of 17
Investments Journal
Books ofAccounts
The Uniform System of Accounts for Kentucky Counties
http://www.kactfo.comAugust 4, 2020
A journal to record the purchase and liquidation
of investments. The journal should include the
date of the investment purchase, the check
number (which should tie back to the check
distribution ledger), the depository, type of
investment, identifying serial number, fund
identity, amount, date of maturity, earnings
amount, earnings deposit date, and description of
principal disposition.
Slide 13 of 17
General Ledger
Books ofAccounts
The Uniform System of Accounts for Kentucky Counties
http://www.kactfo.comAugust 4, 2020
A compliance by fund of the receipts and
expenditures posted to the books that indicate a
book balance.
Slide 14 of 17
Purchase Order Journal
The Uniform System of Accounts for Kentucky Counties
http://www.kactfo.comAugust 4, 2020
A Purchase Order journal is just a log that records
information about the POs that are issued. It would
include the vendor name, date of issue, the Purchase
Order amount not to exceed, a place to show that the
Purchase Order has cleared (date cleared), the amount
not to exceed, expiration date of the Purchase Order
(used when a Purchase Order is issued to a vendor in
an amount not to exceed and purchase made against
that Purchase Order is debited until the maximum
amount has been reached or the Purchase Order has
expired, whichever comes first).
Slide 15 of 17
Books ofAccounts
Purchase Order Journal
The Uniform System of Accounts for Kentucky Counties
http://www.kactfo.comAugust 4, 2020
Of course it will contain the Purchase Order number and
the item(s) purchased. The journal needs to tie back to
the Purchase Order that was issued. The total
encumbrance is actually a maximum amount because
you have essentially "reserved" an amount to be
encumbered and that amount may change depending on
the actual amount debited against the issued amount or
if the Purchase Order expired before the limit was
reached.
Slide 16 of 17
Books ofAccounts
Subsidiary Ledgers
Books ofAccounts
The Uniform System of Accounts for Kentucky Counties
http://www.kactfo.comAugust 4, 2020
The State Local Finance Officer sets the
minimum standards for books and reports to be
utilized by Counties.
Eg. Payroll revolving ledger, Bond fund ledger.
Slide 17 of 17
Purchase Order Journal
Books ofAccounts
The Uniform System of Accounts for Kentucky Counties
http://www.kactfo.comAugust 4, 2020
A journal to record purchase orders issued by
fund then account code. The journal should
include the purchase order number, date of issue,
payee, and maximum amount allowed to spend.
Slide 18 of 17
The Uniform System of Accounts for Kentucky Counties
http://www.kactfo.com
This is to certify that, on this day,
Has successfully completed the
FIRST LAST
Tuesday, August 04, 2020
Kim Fenske
K.A.C.T.F.O. President