FINANCIAL MANAGEMENT FOR GEORGIA LOCAL UNITS OF ADMINISTRATION Latest Revisions to Financial Management for Georgia Local Units of Administration Title Introduction Preface How to Use This Manual Last Revised September 2008 September 2008 September 2008 SECTION I. GENERALLY ACCEPTED ACCOUNTING AND FINANCIAL REPORTING PRINCIPLES Chapter 1 Chapter 2 Chapter 3 Chapter 4 Chapter 5 Chapter 6 Chapter 7 Chapter 8 Chapter 9 Chapter 10 Chapter 11 Chapter 12 Chapter 13 Chapter 14 Chapter 15 Chapter 16 Chapter 17 Chapter 18 Chapter 19 Chapter 20 Introduction to LUA Accounting Basic Accounting Theory Double Entry Accounting Accounting Records Principles of Accounting Fund Accounting Summary of the Basis of Accounting/ Measurement Focus Budgetary Accounting Revenue and Receipt Accounting Expenditure and Disbursement Accounting Payroll Accounting Inventory Accounting for Consumable Supplies Interfund Activities Capital Projects Funds Debt Service Funds Capital Assets Long Term Debt Enterprise Funds Internal Service Funds Fiduciary Funds February 2009 February 2009 February 2009 July 2011 February 2009 March 2009 March 2009 July 2011 July 2011 July 2011 September 2008 July 2011 April 2009 July 2011 April 2009 July 2011 April 2009 April 2009 April 2009 April 2009 SECTION II. FINANCIAL REPORTING Chapter 21 Chapter 22A Chapter 22B Interim Financial Reporting Annual Financial Reporting Auditor’s Reports February 2010 May 2009 September 2008 Title Chapter 22C Chapter 22D Chapter 22E Chapter 22F Chapter 22G Chapter 22H Chapter 22I Chapter 23A Chapter 23B Chapter 23C Chapter 23D Chapter 24 Chapter 25 Chapter 26 Chapter 26A Basic Financial Statements Notes to the Financial Statements Comprehensive Annual Financial Report The Financial Reporting Rewards Program Converting from the Fund Financial Reporting Level to the Entity-Wide Financial Reporting Level Preparing for a Governmental Accounting Standards Board (GASB 34) Audit The Single Audit Act Amendments of 1996 Overview of Annual State Financial/Budget Report Closing the Fiscal Year Budget/Financial Date Review and Transmission CS-1 Salary and Travel Reporting Requirements The QBE Funding Formula Government Fund Deficits Indirect Costs Rates Pollution Remediation Obligations Last Revised August 2011 August 2011 September 2008 April 2009 April 2009 May 2009 September 2008 September 2008 September 2008 September 2008 October 2008 September 2008 September 2008 September 2008 February 2010 SECTION III. THE ACCOUNTING CYCLE PROCEDURES Chapter 27 Chapter 28 Chapter 29 Chapter 30 Cash Receipts Cash Disbursements Payroll Administration Inventories September 2008 September 2008 September 2008 September 2008 SECTION IV. FINANCIAL MANAGEMENT Chapter 31 Chapter 32 Chapter 33 Chapter 34 Chapter 35 Chapter 36 Chapter 37 Chapter 38 Chapter 39 Developing Financial Policies Preparing Operating Budgets Preparing a Capital Improvements Program Purchasing Debt Issuance and Management Managing Cash and Investments Implementing a Capital Assets Management System The Annual Audit Risk Management September 2008 September 2008 September 2008 September 2008 September 2008 September 2008 September 2008 September 2008 September 2008 SECTION V. OTHER INFORMATION Title Chapter 40 Chapter 41 Chapter 41A Chapter 42 Chapter 43 Chapter 43A Statewide Travel Regulations State and Federal Fiscal Rules and Procedures School Food and Nutrition Records Management School Activity Accounts Charter Schools Last Revised September 2008 November 2008 January 2010 September 2008 September 2008 August 2009 SECTION VI. REGIONAL EDUCATIONAL SERVICE AGENCIES Chapter 44 Regional Education Service Agencies September 2008 SECTION VII. APPENDICES Appendix A Appendix B Appendix C Appendix D Appendix E-1 Appendix E-2 Appendix E-3 Appendix E-4 Appendix F Appendix G Appendix H Appendix I Appendix J Appendix K Appendix L Acronyms and Pronouncements Glossary of Terms Chart of Accounts Illustrative Comprehensive Annual Financial Report Data Transmission Dates Data File Specifications Financial Data Single Fund Transmission Financial Data (All) Funds Transmission Revenues GASB 34 Classification of Expenses – GASB 34 Required Note Disclosures Accrual of Salaries and Benefits Department of Audits Education Division Resources QBE Expenditure Tests CS1 Instructions September 2008 September 2008 September 2008 September 2008 September 2008 September 2008 September 2008 September 2008 September 2008 September 2008 September 2008 September 2008 August 2010 September 2008 September 2008 SECTION VIII. RECOMMENDED BEST PRACTICES Fund Balance Policy effective June 30, 2011 Intangible Asset Policy Template IRC Section 3402(t) compliance (3% withholding of vendor payments) May 2011 June 2011 June 2011