A school may establish as many separate sub-accounts within each fund as is considered necessary to accurately account for the financial activity of the school. A sub-account is defined as a group or particular activity with a claim against the assets of the school without regard to the specific asset (checking, savings, certificate of deposit (C.D.), etc.) 1-6. Basis of Accounting: Basis of accounting refers to when revenues and expenditures are recognized in the accounting records and reported in the financial statements. Specifically, it relates to the timing of the measurements made. All schools are to maintain their accounting records on the cash basis of accounting, modified at year end to reflect any receivables or payables that may exist. Revenues are to be recognized when received and expenditures when checks are issued. 1-7. Accounting Records: The following accounting records must be maintained for each fund: Pre-numbered receipt forms Transaction (Receipts and disbursements) Journal Requisition and purchase orders Bank checkbook Bank deposit slips Monthly financial statements Annual financial statements 1-8. Transaction Journal: A transaction (receipts and disbursements) journal is to be maintained for each fund established at a school to record all receipts and disbursements of the fund. It is recommended that all county boards require a standardized electronic accounting system for all schools within a county to use. Regardless of whether a computerized or manual system is used, the following transactions must be posted to the transaction journal on a daily basis: all receipts; all disbursements; all voided receipts; all voided checks; all interest earned; all bank charges; all transfers between accounts within a fund; all transfers between different funds; and all transfers between depository and investment bank accounts. Each posting must include the following: the date of the transaction; receipt or check
A school may establish as many separate sub-accounts within each fund as is considered necessary to accurately account for the financial activity of the school. A sub-account is defined as a group or particular activity with a claim against the assets of the school without regard to the specific asset (checking, savings, certificate of deposit (C.D.), etc.) 1-6. Basis of Accounting: Basis of accounting refers to when revenues and expenditures are recognized in the accounting records and reported in the financial statements. Specifically, it relates to the timing of the measurements made. All schools are to maintain their accounting records on the cash basis of accounting, modified at year end to reflect any receivables or payables that may exist. Revenues are to be recognized when received and expenditures when checks are issued. 1-7. Accounting Records: The following accounting records must be maintained for each fund: Pre-numbered receipt forms Transaction (Receipts and disbursements) Journal Requisition and purchase orders Bank checkbook Bank deposit slips Monthly financial statements Annual financial statements 1-8. Transaction Journal: A transaction (receipts and disbursements) journal is to be maintained for each fund established at a school to record all receipts and disbursements of the fund. It is recommended that all county boards require a standardized electronic accounting system for all schools within a county to use. Regardless of whether a computerized or manual system is used, the following transactions must be posted to the transaction journal on a daily basis: all receipts; all disbursements; all voided receipts; all voided checks; all interest earned; all bank charges; all transfers between accounts within a fund; all transfers between different funds; and all transfers between depository and investment bank accounts. Each posting must include the following: the date of the transaction; receipt or check
68-8619-412012-07-10-15-01-16-120-2012-07-13-14-44-19-057.docx