Steps to Add a Fund_____ 1. Setup GASB Funds 97 and 98 in the Fund File. For Iowa school districts only, setup GASB Funds 01 and 02 instead. When adding the new fund, be sure to select the Active and GASB 34 Fund fields and leave the checking account fields blank.
Note: If the fund numbers 97 and 98 (01 and 02 for Iowa school districts) are already being used for other purposes, set up two different fund numbers that are not being used.
Tip: GASB Fund 97 (01 for Iowa school districts) will be used for adjustments for governmental activities (governmental funds) and GASB Fund 98 (02 for Iowa school districts) will be used for adjustments for business-type activities (proprietary funds).
_____ 2. Enter the necessary adjustment entries for Funds 97 and 98 (01 and 02 for Iowa school districts) as manual journal entries. The manual journal entries should be posted to the processing month of 06/yyyy (08/yyyy for Nebraska school districts), with yyyy being the year you are closing. For assistance on the adjustment entries to make, refer to the regulations given with GASB 34 or consult your auditor. After the entries have been made, print a report to verify the information and then post the batch.
Steps to Enter Manual Journal Entries
Note: Additional account numbers may need to be added to the Chart of Accounts for the new funds in order to enter the adjustments.
Steps to Add an Account Number to the Chart of Accounts
Tip: For those districts with the Fixed Asset Inventory module and a Fixed Asset Fund set up in General Ledger, the adjustments pertaining to fixed assets (for recording depreciation and asset disposal) will already be included in the Fixed Asset Fund and will not need to be made within Fund 97 (01 for Iowa school districts).
_____ 3. Generate, edit, and print the GASB 34 Reports.
