Pros and cons of company credit cards

There are many risks associated with issuing employees company credit cards and p-cards, however outside of those risks there are many benefits to having such cards available for use. Here’s a quick look at the pros and cons of company credit cards and tips to mitigate the risks. Don’t miss: Managing compliance risks Company Credit …

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Net investment in capital assets calculation requirement

Did you know you are now required to include a file containing the calculation of net investment in capital assets? This file is reported on your government-wide statements of net position for both governmental and business-type activities with your ACFR submission package to GFOA. You need it to receive your Certificate of Achievement for Excellence …

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What is the aggregate expenditure limit?

Arizona schools and the state legislature have been in the news recently over the aggregate expenditure limit, but what does that really mean? To fully understand we must go back to 1980, when Arizona voters passed a measure that limits how much Arizona schools (K-12) can spend within a school year. This became known as …

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New USFR procurement reporting question for school districts

For procurements completed beginning July 1, 2020 and a part of fiscal year 2021 audits, school districts have a new USFR procurement reporting question as follows “school districts demonstrating that they have taken steps to ensure that employees have not violated the gifting prohibitions”. But what are the gifting prohibitions? Don’t miss: Guide for independent …

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Pension obligation bonds post GASB 68

Recently, a number of our clients have reached out to us regarding the accounting treatment for pension obligation bonds. Specifically, people want to know about any accounting treatment they should consider when factoring in GASB 68. Even though GFOA advises against governments issuing pension obligation bonds, it is clear that the interest rates on taxable …

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Reconciling your fixed assets

Reconciliations are an important part of determining and following money trails of a organization. In short, a reconciliation is the process of bringing together two separate sets of data and ensuring the data is accurate and agrees with one another. In accounting there are various types of reconciliations that can be performed; one being a …

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Accounting for compensated absences

Compensated absence is as the name implies, the employer’s offering of time off with pay to employees. As the employee prepares for how they will use their time off an employer must also account for it properly regardless how the employee uses that time. As stated from GASB Statements 16 and 34, governments must account …

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The bank reconciliation process

The general ledger contains a record of your company’s cash transactions while the bank statement records all money moving in and out of an account. Theoretically these should result in the same cash balance, however, that is rarely the case. To ensure that these two items balance it is important to perform regular reviews called …

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Legal compliance questionnaire changes

Every year the Charter School Board publishes the current year changes for the Uniform System of Financial Records for Arizona Charter Schools (USFRCS); also known as the Questionnaire or State requirements. This Questionnaire provides guidelines based on Arizona State Legislature for Charter Schools to comply and hold accountable for financial reporting. As a reminder, Charter …

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