Review the SCO-522 Click one time on the SCO-522 node. The revenues and expenditures per the SCO-545 have been posted to the Agency Records column on the SCO-522. Completing the Closing Entry via the SCO-529 Form Click one time on the SCO-529 node. Click one time on the Calculate Closing Entry icon on the horizontal ribbon to calculate the closing entry. Click one time on the OK button. The closing entry will be displayed, as well as the ending fund balance. Click one time on the Fund package node. The screen will indicate that the fund is in balance. (Once the fund is in balance, you may post any additional reclass or adjusting journal entries.) Locally Held Agency Package Forms SCO-510 The purpose of the Explanation of GAAP Account Changes is to identify and explain material changes in GAAP accounts from the prior year to the current year. Material changes for statewide reporting purposes are determined by applying two separate tests, as defined below. A change meeting either test is considered material and must be explained. SCO-521 The purpose of the Locally Held Funds Trial Balance For Assets, Liabilities and Fund Equity is to provide a worksheet for conversion of agency records to the GAAP basis. Form is read-only SCO-530 The purpose of the Account Summary Analysis Form is to summarize reclassifications by account number. This summary allows for a smoother transition when posting reclassifications to the trial balance. Form is read-only SCO-544 The purpose of the Miscellaneous Journal Entry Form is to post reclassifying journal entries that are not made by other forms. Form is used to post reclassifying journal entries that are not made by other forms Entries on this form will automatically carry to the SCO-547 Should only be used when there is no way to use an automated journal entry from another package form SCO-545 The purpose of the Trial Balance Entry Form is to post account balances, per agency records, that are not posted by other forms.
Review the SCO-522 Click one time on the SCO-522 node. The revenues and expenditures per the SCO-545 have been posted to the Agency Records column on the SCO-522. Completing the Closing Entry via the SCO-529 Form Click one time on the SCO-529 node. Click one time on the Calculate Closing Entry icon on the horizontal ribbon to calculate the closing entry. Click one time on the OK button. The closing entry will be displayed, as well as the ending fund balance. Click one time on the Fund package node. The screen will indicate that the fund is in balance. (Once the fund is in balance, you may post any additional reclass or adjusting journal entries.) Locally Held Agency Package Forms SCO-510 The purpose of the Explanation of GAAP Account Changes is to identify and explain material changes in GAAP accounts from the prior year to the current year. Material changes for statewide reporting purposes are determined by applying two separate tests, as defined below. A change meeting either test is considered material and must be explained. SCO-521 The purpose of the Locally Held Funds Trial Balance For Assets, Liabilities and Fund Equity is to provide a worksheet for conversion of agency records to the GAAP basis. Form is read-only SCO-530 The purpose of the Account Summary Analysis Form is to summarize reclassifications by account number. This summary allows for a smoother transition when posting reclassifications to the trial balance. Form is read-only SCO-544 The purpose of the Miscellaneous Journal Entry Form is to post reclassifying journal entries that are not made by other forms. Form is used to post reclassifying journal entries that are not made by other forms Entries on this form will automatically carry to the SCO-547 Should only be used when there is no way to use an automated journal entry from another package form SCO-545 The purpose of the Trial Balance Entry Form is to post account balances, per agency records, that are not posted by other forms.
GAAP%20Package%20Training%2012.docx