CONTENT REVIEW OF FINANCIAL SKILLS MODULE
FLORIDA BUREAU OF FUNERAL AND CEMETERY SERVICES
STATE EXAMINER TRAINING PROGRAM
OVERVIEW OF BASIC BOOKKEEPING
This section will contain information about:
Transactions
Journal
General Ledger
Record Keeping
Accounting Transactions
Objective:
To review the basics of a funeral home or cemetery typical transactions,
related journals, general ledger and resultant financial statements.
We will also review the unique aspects of record-keeping for cemeteries and funeral
homes which tend to be quite complex for the size of the typical operation.
There are certain records that must be maintained by funeral homes and/or cemeteries
that are unique to the industry. This is because of the importance of meeting the
requirements of the sales contract as it was arranged at the time of sale, and because those
who may be handling the future arrangements may not be the same people who made the
initial arrangements.
The accounting transactions for a typical sale can be much more complicated than for
other businesses, and will be illustrated in this section.
Record Keeping Requirements
The necessity to retain documentation relating to funeral and final disposition
transactions will vary according to the type of facility, the nature of the transaction, and
the type of information involved. Permanent records should be retained for interment
spaces and interments performed, records of interment right ownership and final
disposition, and records relating to the cremation process.
The following is a list of items limited to record keeping considerations arising from
funeral service and cemetery transactions specifically related to contracts and final
disposition. Permanent records should be kept for:
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Each interment space sold.
Instructions for final disposition of human remains
Authorizations for cremations.
Each interment performed.
Data on each memorial installed in the cemetery.
There are other important aspects to maintaining records, such as:
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Copies of all prepaid contracts and a record of prepaid contract trust fund deposits
and withdrawals should be retained for a specified time period following
performance or cancellations of the contract.
At need contracts should be retained for a specified time period following
performance.
The State regulatory authority should have reasonable access to examine required
records to determine compliance.