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Chart of Accounts Setup for Public Sector

  • 1.  Chart of Accounts Setup for Public Sector

    Posted 30 days ago
    I am looking for any guidance on setting up  chart of accounts for the public sector that will meet the needs of both FASB and GASB in Higher Education.  Does anyone have any documents?

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    Amanda Fowler
    Campus Management Corp.
    FL
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    The first step toward cloud success. - Migrate from AX to D365 with expert guidance from Microsoft. I'm Ready


  • 2.  RE: Chart of Accounts Setup for Public Sector

    TOP CONTRIBUTOR
    Posted 30 days ago
    Hi Amanda,

    It's really not that much different than a COA for a public entity - the trick is getting the ability to utilize the chart of accounts to create not just the GASB (FASB) but the additional reporting that you need - usually around the CAFR prep.

    It's similar to doing something like IFRS or other statutory reporting - if you use the layer functionality and make the adjustments - accrual (GASB) to modified accrual, you can use financial reporting to get the statements you need.  For example, in fixed assets, we have one layer that posts to the expense (because public sector usually budgets that way) and another layer that posts to the balance sheet (for your accrual basis).

    The other thing to remember is that in many cases, they are controlling budget by something different than they might be tracking it.  For example, I may have these dimensions: 1) main account 2) object class 3) department 4) fund.  Although I track budget by all four, I can set the system up to check and control the budget by only object class, department and fund.  This way it doesn't matter if the budget is over in one main account as long as the grouping has enough budget to sustain the purchase.

    And of course, the setup of balancing the funds using all those posting definitions!

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    Shirley Adams
    Solution Architect
    AKA Enterprise Solutions
    New York NY
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    The first step toward cloud success. - Migrate from AX to D365 with expert guidance from Microsoft. I'm Ready


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