GAAP

Owned by Former user (Deleted)
Last updated: Aug 17, 2020 by Former user (Deleted)
2 min read

The GAAP extract allows you to extract fiscal year activity. The resulting file may then be uploaded into the web based WEBGAAP system.

  1. From the Extracts menu select 'GAAP'

  2. Select the Fiscal Year from the down down menu

  3. Click on to extract the data into a tab-delimited (TXT) file which can then be saved on your computer.

Data Extracted

Two different record types are extracted: Funds and Cash transactions. The record types are sorted within the output file so that the Fund information appears first. For each Fund/SCC, a Fund record is written to the output file.

For cash transactions, there are 3 types of records: Cash, Budget, and Revenue. A cash record will be written for each Fund/SCC with a July 1st cash balance <>0. Budgets will be collapsed to Fund, Func, Obj, SCC level. Receipts will be collapsed to Fund, Receipt, SCC level. Fund information (Fund/SCC) will be exported as well. This includes the Fund/SCC, description, and type of fund (General, Special Revenue, etc.). Fields with character limits, like description, will be truncated to fit the limit in the GAAP system. Fund data will be exported using the following rules for GASB34 compliance:

  • Non-Expendable trust funds will be defined as Private Purpose Trust.

  • Expendable trust funds will be defined as Special Revenue.

  • The entity may have to modify some of these funds once they have been uploaded to the Web GAAP system. For example, there may be a fund that gets set to Private Purpose Trust by the export that really needs to be defined as Permanent.
    Currently, the program cannot determine if a fund is actually one of the following:

    • Permanent

    • Pension

    • Investment Trust

When exporting cash activity the following rules apply:
For Cash accounts (TI=00):
If July 1 cash balance is not = zero, it is included in the Export. Fund, SCC, and the July 1 cash balance are written to the Export.

For Budget accounts (TI=02): If ALL amount fields needed by GAAP are zero, the budget account is NOT processed. Fund, func, obj, SCC, original budget, revised budget (FYTD Expendable), actual (FYTD Actual expense), current encumbrances, prior fy encumbrances, and expenditures against prior year encumbrances are all written to the Export.

For Revenue accounts (TI=03): If ALL amounts needed by GAAP are zero, the receipt account is NOT processed.Fund, receipt, SCC, original revenue estimate, revised revenue estimate (FYTD Receivable), and actual (FYTD actual receipts) are written to the Export file.

 

Output File

The file generated by this program is a tab delimited data file which can be uploaded into the web based GAAP/GASB database or into various spreadsheets.