Step-by Step Instructions for Using Spreadsheet Templates
Introduction:
We suggest that you create two separate directories (“GASB 34 Sample Data Files” and “GASB
34 Blank Data Files” directories as shown on our website) on your hard-drive and copy files as listed
under these columns on our website into each of the directories. The “GASB 34 Sample Data Files”
directory will be strictly a non-working directory wherein you can review the financial data recorded in
the templates. Do not erase any financial data recorded in the files of the first directory. The “GASB 34
Blank Data Files” directory is your “working” directory. You will input your data into the files in this
directory.
When erasing the financial data, BE CAREFUL NOT TO ERASE ANY FORMULAS!!!
BE EXREMELY CAREFUL WITH THE CONVERSION WORKHEET (Conversion
Worksheet.xls)!!! This file has several very important formulas in the Total columns (dr. and cr.), the
Statement of Activities columns (dr. and cr.) and the Statement of Net Assets columns (dr. and cr.).
All the excel templates in the “GASB 34 Sample Data Files” directory include sample data that
ties with the other templates except for the schedule to determine major funds template
(Major funds.xls). This template is simply an example that was done earlier as an initial training tool for
GASB 34. The figures used in this template do not pertain to the other templates. This is strictly an
example of how to calculate your major funds. You will need to include your particular school funds into
a blank Major Funds.xls template.
1. Complete: “Schedule to Determine Major Funds” only after all modified accruals have been made in the
governmental funds at year end. (file name: Major Funds.xls).
While completing this worksheet in order to calculate your 10 % criteria and determine your major
funds, keep the following facts in mind:

The General Fund is always considered major. There is really no need to input all your
individual funds within the General Fund. You can just include the totals for all the General
Fund (all of the 1000 range fund numbers) combined on one line since you already know it
will be major.

You do not include Other Sources (Uses) in this worksheet. Only assets, liabilities, revenues
and expenditures are included.

Any Other Governmental Fund is a major fund if any one of the following occur:
1. the assets of that individual fund equal or exceed 10% of total governmental funds
assets
2. the liabilities of that individual fund equal or exceed 10% of total governmental
funds liabilities
3. the revenues of that individual fund equal or exceed 10% of total governmental funds
revenues
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4. the expenditures of that fund equal or exceed 10% of total governmental funds
expenditures

If you have more than one 16th section principal fund (funds 7211 through 7289), these funds
should be combined for purposes of determining major funds. Include the total of all 16th
section principal funds on a single line.

You have the option to show any individual governmental fund as a major fund, even if it
does not meet the 10% criteria.
2. Complete: “Compilation of Non-Major Funds” (file name: Compile Non-Major Funds.xls). The purpose of
this schedule is to compile the assets, liabilities, fund balances, revenues, expenditures, and changes in fund
balances for all non-major governmental funds to be included in the “Other Governmental Funds” columns on
the governmental fund financial statements.
While completing this worksheet, keep the following facts in mind:

There are 50 columns set up on the worksheet. If you have more non-major funds than 50, you will
need to add columns in order to include all of your non-major funds on this worksheet.

On rows 37 and 38, the “Fund balance unreserved, designated for (explain designation)” is for any
situation where the board has designated funds in a more restrictive manner than the fund group
definition. If the account title and explanation you use on the face of the statement is not adequate to
explain the board designation, a footnote disclosure may be necessary. This will probably be a rare
occurrence. Usually, the “Undesignated, reported in” section for the various funds as listed on rows
40 through 43 is adequate for proper disclosure.
3. Complete: the governmental fund financial statements:
a. Balance Sheet - Governmental Funds (file name: Exhibit 3.xls)
A reconciliation of total fund balances on Exhibit 3 to total net assets on
Exhibit 1 is provided at the bottom of the balance sheet. Do not get stuck here! It may be best to
go to the conversion worksheet (step 5 below) and complete that worksheet before doing this
reconciliation and the one discussed in 3b below. Some of the things you will do on the
conversion worksheet will be needed to plug into these reconciliations.
b. Statement of Revenues, Expenditures, and Changes in Fund Balances of Governmental Funds (file
name: Exhibit 4.xls). A reconciliation of net change in fund balances on Exhibit 4 to change in net
assets on Exhibit 2 is provided in a separate template called “Reconciliation of Exhibit 4.xls”.
4. Complete: “Statement of Fiduciary Obligations” (file name: Exhibit 5.xls).
5. Complete: “Conversion Worksheet” (file name: Conversion Worksheet.xls). The purpose of this conversion
worksheet is to convert financial data reported in the governmental fund financial statements (Exhibits 3 and
4) to financial data that is to be reported in the government-wide financial statements (Exhibits 1 and 2).
This worksheet assumes the amounts you use for the initial Governmental Funds Trial Balance columns and
the Beginning Net Assets Trial Balance columns properly reflect modified accrual accounting. One area
that needs special attention is the area of 16th section leases receivable. Guidance can be found in the
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Financial Accounting Manual for Mississippi Public School Districts (the manual) on pages B-33 and B-34
regarding the differences between modified and full accrual. What has been done previously (FY 2002 and
prior) in this area has basically been cash basis. Your books will need to be adjusted for modified accrual
before entering the amounts in the Trial Balance columns of the conversion worksheet.
Sample adjusting entries for various modified to full accrual adjustments have been provided to facilitate
understanding. Please note carefully the following in regard to the worksheet:
a. The first set of debit/credit columns is styled: “Governmental Funds Trial Balance,” and is to be used
for inserting all data reported in the governmental fund financial statements.
b. The second set of debit/credit columns is styled: “Beginning Net Assets Trial Balance,” and is to be
used for inserting all data that affects beginning net assets, such as capital assets and long-term debt
obligations existing as of July 1, the beginning of the fiscal year. Observe that some account titles in
the first left-hand column of the worksheet appear in ALL CAPS. This was done in order to show
which accounts affect beginning net assets. Observe that these ALL CAPS accounts are debited or
credited in the second set of debit/credit columns.
c. The third set of debit/credit columns is to be used for making all adjustments to convert from the
current financial resources measurement focus and modified accrual basis of accounting (used in
governmental funds) to the economic resources measurement focus and the accrual basis of
accounting (used in government-wide reporting).
d. Observe that the “Total” debit and credit columns balance at the end of the worksheet. These figures
are then reflected in the proper government-wide columns—either the Statement of Activities
columns or the Statement of Net Assets columns, as appropriate.
e. Observe that at the bottom of the worksheet is an amount of $3,917,500 that appears in the Statement
of Activities debit column and also in the Statement of Net Assets credit column. This amount stands
for the net increase in net assets for the period. A net increase in net assets means that total revenues
exceeded total expenses for the period; conversely, a net decrease in net assets means total expenses
exceeded total revenues.
f.
Three separate figures will have to be combined from the worksheet to arrive at the appropriate
balance that is to be reported as total net assets in the government-wide statement of net assets. The
example figures that should be combined in the worksheet to arrive at total net assets on Exhibit 1
(statement of net assets) are as follows:
Fund Balance - Beginning
$
10,117,000
CUMMULATIVE EFFECT
ADJUSTMENT AMOUNT
2,696,500
INCREASE IN NET ASSETS
Total Net Assets
3,917,500
16,731,000
$
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6. Complete: “Calculation of Net Asset Balances” (file name: Calc-netassetbal.xls) The purpose of this template
is to convert fund balances in governmental funds into three net assets components that are required to be
separately displayed at the bottom of the Statement of Net Assets. Please refer to pages N-2-2 and N-2-3 of
the financial accounting manual for guidance on where the various account codes need to be placed on
the Statement of Net Assets. This template is also necessary to complete because the “Conversion
Worksheet” does not separately display net assets in the three required components. The three components
are
1) invested in capital assets, net of related debt
2) restricted (distinguishing between major categories of restrictions)
3) unrestricted.
Please note carefully the following in regard to the worksheet:
a. The major categories of restricted net assets that will be separately reported on the statement of net
assets are presented as column headings across the worksheet. Columns for unrestricted net assets
and for invested in capital assets (net of related debt) are also included.
b. The first step is to spread fund balances of the governmental funds across the various restricted
categories, as appropriate, and “unrestricted” amounts should be entered in the unrestricted column.
c. The final step is to allocate the items in the reconciliation to the appropriate categories and make any
other adjustments that may be necessary. Most, if not all, the adjustments necessary to complete this
worksheet will come from the adjusting entries and balances reflected on the “Conversion
Worksheet” completed earlier.
7. Complete: the government-wide financial statements:
a. Statement of Net Assets (file name: Exhibit 1.xls)
b. Statement of Activities (file name: Exhibit 2.xls)
As a preliminary step to preparing the Statement of Activities, it may be necessary to create a
schedule to separately classify program revenues from general revenues. Please refer to pages
N-2-5 and N-2-6 of the financial accounting manual for guidance on where the various
account codes need to be placed on the Statement of Activities. Program revenues net against
programmatic expenses at the top of the Statement of Activities, and general revenues are
displayed at the bottom of the statement.
8. HAVE FUN!!!
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