Governmental entities are actually a specialized type of non-profit operating entity. Their financial statements or reports utilize a different format than regular non-profits or not-for-profit entities. Two types of financials are kept: government-wide reports and fund-type reports for each governmental fund in the governmental entity.
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Jeanine can set up small governmental accounting systems for clients. We can also utilize simple governmental systems and provide all of the accounting cycle functions and financial statements. We can assist larger company clients on their already existing systems on a project or regular basis at their sites.
Governmental entities utilize government-wide financial statements and fund financial statements for each fund in their accounting system. Funds are self-balancing units of a governmental entity, where revenues and expenditures or expenses are tracked for the particular purpose of the fund. Fund types include: governmental on a modified accrual basis, proprietary funds on an accrual basis, and fiduciary funds on an accrual basis.
Government-wide financial statements are based on the accrual accounting basis and include: Statement of Financial Position; Statement of Activities and Operations; Statement of Cash Flow.
Because the governmental funds utilize modified accrual basis, they require adjustments for the purpose of the government-wide financial statements.
Fund financial statements are based on the type of fund at issue. Their financial statements include: Statement of Financial Position; Statement of Activities and Operations; Statement of Cash Flow.
Please schedule a 15 minute telephone appointment if we may be of service to you.
We look forward to learning about your entity!