"EDITED ONLINER DIALOGS"
TOPIC: GAAP compliance via QuickBooks DATE: January 13, 2000
TOPICAL OVERVIEW: GAAP stands for "General Accepted Accounting Principles" and is primarily professional 'rules and regulations' for keeping books and making financial reports. But mostly it applies to reports going to the public, as per opinions expressed in this dialog with regard to the use of QuickBooks (TM) (QB) to do your accounting. FILE: 2003-07
TO: Forum (as edited)
How can I set up QB's chart of accounts so that we account for revenue and expenses and ultimately do our reporting in compliance with FASB 116/117 as Unrestricted, Temporarily and Permanently Restricted?
TO Onliner:We are of the opinion that :
- - Your major fund accounting reporting responsibility exists each day of the year;- - While the above GAAP issue exist only periodically (at least annually).Therefore if you are using the accrual basis fund accounting vehicles provided by QB during the year to make management decisions, you will be in a position to group your financial data for GAAP reporting purposes at the year end for public reporting. As of Friday, 09. March 2012 more information along these lines can be found at:
As most of you know, we here at www.bcidot.org dialog by email with Onliners regarding Ministry Finance (MinFin) matters. Above are what we call "Edited Onliner Dialogs", or edited version of actual dialogs with some of you, but we have honored your privacy and not used your name or that of your Ministry. Our purpose is to make topical MinFin information available to any interested Ministry Finance Team so you can learn from one another.. Let us know if you would like to dialog on a Peer to Peer basis with the other Onliner involved and we will try to put you together. Thanx - Jim Bramer - Proverbs 9:10
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