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Accounting Manual for Public School Districts in the State of Washington
Randy I. Dorn State Superintendent of
Public Instruction September 2011
Brian Sonntag State Auditor
Office of Superintendent of Public Instruction Old Capitol Building
P.O. Box 47200 Olympia, WA 98504-7200
For more information about the contents
of this document, please contact: Cal Brodie, OSPI
E-mail: [email protected] Phone: 360.725.6300
To order more copies of this document,
please call 1-888-59-LEARN (I-888-595-3276) or visit our Web site at http://www.k12.wa.us/publications
Please refer to the document number below for quicker service:
11-0010
This document is available online at: http://www.k12.wa.us/SAFS/default.asp.
This material is available in alternative format upon request. Contact the Resource Center at (888) 595-3276, TTY (360) 664-3631.
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Accounting Manual for Public School Districts in the State of
Washington
School Apportionment, Financial Services, and Finance Reform Office of Superintendent of Public Instruction Calvin W. Brodie, Director
Randy I. Dorn Superintendent of Public Instruction
Brian Sonntag
Washington State Auditor
Ken Kanikeberg Chief of Staff
Shawn Lewis
Chief Financial Officer
September 2011
Effective Date: 9-1-11
SCHOOL DISTRICT ACCOUNTING ADVISORY COMMITTEE (SDAAC) CURRENT MEMBERS AS OF JANUARY 2011
Washington Association of School Administrators
Harvey Erickson, Chief Financial Officer Bethel School District Mark Flatau, Superintendent Cle Elum-Roslyn School District
Washington Association of School Business Officials
Brian Aiken, Assistant Superintendent, Business Services Cheney School District Holly Burlingame, Director of Accounting Northshore School District Rosann Lassman, Business Manager Washougal School District Susan Smith Leland, Exec. Director, Business Services Highline School District Doug Matson, CPA, Deputy Superintendent, Operations West Valley (Spokane) School District Becky Montgomery, Business Manager Ephrata School District Kim Scott, Business Manager Kiona-Benton School District Angela Watts, Asst. Superintendent, Business and Operations West Valley (Yakima) School District
Large School Districts Cindy Coleman, Director of Accounting Spokane Public Schools Patricia Luat, Direct of Financial Services Tacoma School District Kathie Technow, Accounting Manager Seattle School District Association of Educational Service Districts
Chuck Hole, Director Accounting and School Finance Educational Service District 121 Marilyn Sollers, Fiscal Services Coordinator Educational Service District 189 Bill Tilton, Fiscal Services and Data Coop Director Educational Service District 105
Washington Association for Career and Technical Education
Kevin Plambeck, Director, Career and Technical Education Stanwood-Camano School District Gerry Ringwood, Director Tri-Tech Skills Center (Kennewick)
Washington School Information Processing Cooperative (WSIPC)
Jean Deming, Fiscal Product Manager At Large Members
Jody Hockaday, Finance Supervisor Pasco School District State Auditors Office
Rick Bonner, CPA, Audit Manager School Programs Office of the State Treasurer
Darrel Jensen, Accounting Services Director Office of Superintendent of Public Instruction
Calvin W. Brodie, Director, School Apportionment, Financial Services, and Finance Reform; Committee Chairperson Michael Dooley, Supervisor, School District and ESD Budgeting Ramona Garner, Supervisor, School District and ESD Financial Reporting Daniel Lunghofer, Supervisor, School District and ESD Accounting
Effective Date: 9-1-11
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Accounting Manual for Public School Districts
INTRODUCTION The classified system of accounts presented herein was developed by the Washington State School District Accounting Advisory Committee under the joint direction of the Superintendent of Public Instruction and the State Auditor. In general, the manual follows established principles of governmental accounting as adopted by the Governmental Accounting Standards Board. Revisions have been made where necessary in order to conform to state law. Authority for the Accounting Manual is provided under WAC 392-123-010. The manual provides for a basic double entry modified accrual system of accounting with general ledger controls over revenues, expenditures, receivables, inventories, liabilities, fund balance, and budgetary accounts. School districts with an average FTE (full-time equivalent) enrollment of less than 1,000 pupils for the preceding fiscal year may use a cash basis system of accounting per RCW 28A.505.020. The accounting principles and procedures included in the manual represent basic minimums necessary for the achievement of school district reporting objectives. It is intended that the school districts maintain detailed revenue and expenditure accounts as well as required periodic reports. The use of these systems will (1) promote uniformity in the presentation and comparison of financial data; (2) make available to the local school superintendents and school boards complete and up-to-date data for their guidance and information; (3) furnish the means for effective budgetary control; and (4) provide a method for school districts to present their fiscal operating results and financial needs to the state Legislature, the Superintendent of Public Instruction, and the general public. Members who serve on the committee represent the Office of Superintendent of Public Instruction, the State Auditors Office, the Washington Association of School Administrators, the Washington Association of School Business Officials, the Association of Educational Service Districts, the Washington Association for Career and Technical Education, the Washington State Treasurers Office, the Washington State Association of County Treasurers, and the Washington School Information Processing Cooperative. Since the initial publication of this manual in March 1968, the committee has met regularly to discuss the application of various parts of the manual to specific situations affecting each fund. Subsequent revisions of the manual reflect many of the generally accepted accounting principles (GAAP) affirmed by the Governmental Accounting Standards Board in Statement 1, Authoritative Status of NCGA Pronouncements and AICPA Industry Audit Guide. Legal references provided in this edition are those in effect as of December 2010. Appreciation is hereby expressed for the time and assistance given to this endeavor by all members of the manual committee and others whose efforts made this publication possible. NOTE: Boxes surrounding information throughout this manual indicate information needed only by those districts preparing financial reporting in compliance with generally accepted accounting principles (GAAP).
Effective Date: 9-1-11
Accounting Manual for Public School Districts
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Effective Date: 9-1-11
_______________________________________________________ Accounting Manual for Public School Districts
Accounting Manual Table of Contents i Effective Date: 9-1-10
ACCOUNTING MANUAL - Table of Contents Chapter 1 Principles of Accounting Table of Contents ................................................................................................................ 1-i Principles of Accounting ................................................................................................... 1-1 Chapter 2 Budgeting Table of Contents ................................................................................................................ 2-i Budgeting ........................................................................................................................... 2-1 Chapter 3 Accounting Guidelines Table of Contents ................................................................................................................ 3-i Internal Control Structure ................................................................................................. 3-1 Payroll Process .................................................................................................................. 3-3 Revenues and Receipts ..................................................................................................... 3-5 Expenditures and Disbursements .................................................................................... 3-9 Inventory ........................................................................................................................... 3-14 Capital Assets .................................................................................................................. 3-16 Investments ...................................................................................................................... 3-20 Debt and Lea