Check links and needs formatting
The system closes the change in fund balances/net assets to different accounts depending on the fund and the trial balance or worksheet. We need to understand the system’s process including data flow and automatic closing accounts to be able to properly code the journal entries that are needed to arrive at the proper amounts in the proper net assets (fund balance) classifications for the various financial statements. By understanding the system defaults, we know when we either need to override the default or enter a reclassification entry as appropriate for the given circumstances.
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The Governmental Consolidation Trial Balance receives post closing (ending) balances for assets, liabilities and net assets from the governmental restricted net assets trial balances, from the general capital assets worksheet, and from the general debt consolidation worksheet. In addition to the post closing balances, the revenues and expenses roll to this trial to allow the preparation of the statement of activities.
The General Capital Assets Worksheet is used to prepare capital asset data for the governmental consolidation trial balance. This worksheet includes capital asset additions with the expenditure elimination, the deletions with the elimination of any proceeds and the recognition of any gain or loss on disposal, and depreciation expense. Net change in net assets from this worksheet closes to invested in capital assets, net of related debt.
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