Steps to Set Up
General Ledger for GASB 34Note: Complete the steps to set up General Ledger and Fixed Asset Inventory (if applicable) for GASB 34 prior to generating the GASB 34 reports.
Steps to Set Up
General Ledger for GASB 34
Steps
to Set Up Fixed Asset Inventory for GASB 34
1. From the General Ledger screen, select the Government Reporting menu and then North Dakota GASB 34 Reports.
Generating the GASB 34 Reports:
2. Enter the ending date of the fiscal year for which to generate the GASB 34 reports in the Fiscal Year End field. Use the mm/dd/yyyy format or click the down-arrow button to select the desired date.
3. In the Report Format Year field, the corresponding year appears for the specified fiscal year (from the Fiscal Year End field) as the report format to use when generating the report, and cannot be changed.
Note: If the report format for the specified fiscal year is not yet available, the most recent year displays, and then when generating the report, a prompt will appear asking to generate the report with the old format.
4. In the Reports List, select which reports to generate. To select a report, click the box under the Selected column to the left of the desired report. A checkmark will appear in the box if the report is selected. To select all of the reports, click the Select All button located above the Reports List.
Tip: The date and time when each report was last generated (executed) for the specified fiscal year displays in the Last Generated column, and the date and time when each report was last edited (if applicable) after being generated displays in the Last Modified column. Do not regenerate any report that has been edited and is correct.
5. Each of the funds defined by the state that are reported on the GASB 34 reports appear in the Funds List. The fund number, description, which reports the funds are included on, and whether it is considered a GASB Major fund are listed for each fund.
For each of the funds, enter the actual fund number being used to track the specified fund under the Actual Fund column, or click the down-arrow button to select the correct one. Up to 30 different fund numbers can be entered for a fund. If more than one fund number is entered in the Actual Fund columns, the funds will be combined together and included under the one number on the report. For example, Fund 10 may be used to track specific information, but on the report, this fund should be combined with Fund 01; therefore, under the Actual Fund columns for Fund 01, enter both 01 and 10.
Additional Report Funds are listed for Funds 10, 11, and 12. For Report Fund 10, list all internal service funds. The Report Funds 11 and 12 allow the district to specify which trust funds and custodial funds (normally listed for Fund 07 when generating the annual report) they have set up for Trust Funds (entered as Actual Funds for Fund 11) and Custodial Funds (entered as Actual Funds for Fund 12).
When entering the Actual Fund numbers for each fund, be sure to include the fund number set up for Fixed Assets (if applicable) along with the fund number 97 (or different number if 97 was already being used) for Report Fund 97. By entering the number for the Fixed Asset Fund here, the entries made from completing depreciation and asset disposal in the Fixed Asset Inventory module will automatically be included with the adjustments for the Governmental Funds and will not need to be entered manually with the other Fund 97 adjustments.
Select which funds to be included on the reports are considered major funds for GASB by clicking the box under the GASB Major column to the left of the desired fund. A checkmark will appear in the box if the fund is selected as a GASB major fund. Remember, the General Fund and Food Service Fund are always major funds and the Report Funds 97 and 98 must be selected as major funds or the information will not print correctly for the adjustment entries made to these two funds. For assistance in deciding if funds are considered major or minor funds for GASB, refer to the regulations given with GASB 34 or consult your auditor.
Note: The funds flagged as major funds will each print in a separate column on the GASB 34 reports, while the minor funds will be rolled together into one column called "Other XXXX Funds" (with XXXX being replaced with the type of fund — governmental, proprietary, or fiduciary).
6. Click the Save button.
7. Click the Budget Batches tab.
All the budget batches posted this fiscal year appear in the Budget Batches List.
Verify and if needed, select which budget batches contained new budget entries (not budget changes) by clicking the box under the New Budget column to the right of the desired batch. A checkmark will appear in the box if the batch is selected as a new budget.
If changes were made, click the Save button.
8. Click the GASB Revenue tab.
All the revenue account numbers with a year-to-date balance for the applicable funds specified under the Actual Fund columns on the Generate screen appear in the GASB Revenue List.
For each revenue account number listed, enter the corresponding row and column number for where the total for that account should print on the G2-Statement of Activities report in the Report Row and Report Column fields. To complete this step, do a print screen or a print grid of the GASB Revenue screen; then click the Edit tab and specify to edit the G2-Statement of Activities report. Determine where the totals for each revenue account number should post and note the row and column numbers; the numbers for the rows display to the left of each row and the column numbers display at the top of each column. After all the row and column numbers have been noted for each revenue account number, click the GASB Revenue tab and enter each row and column number. For assistance in determining the correct row and column number for each revenue account number, refer to the regulations given with GASB 34 or consult your auditor.
Note: If an invalid row or column number is entered for a revenue account number, an error icon will appear for the field; if an invalid row/column combination is entered, an error icon will appear to the right of only the Report Column field.
Tip: If the rows and columns for the revenue account numbers were completed last year, that information will appear; verify the rows and columns are correct for the current year.
Click the Save button once all the information has been entered.
9. Click the Generate tab and then click the Execute button to generate the GASB 34 reports with the specified information.
Note: If the report format for the corresponding fiscal year is not yet available, a prompt will appear asking to generate the report with the old format; click OK to continue generating the report using the most recent year's format, and then once the new format is released, the report will need to be regenerated.
10. After the reports are generated, the screen listing any invalid account numbers will appear. Invalid account numbers are those that are not included within the reporting range on one or more of the reports and so the amounts for those accounts will not be reported. To print a listing of the invalid account numbers, complete a print screen or a print grid. From this list, decide how to include the amounts for the invalid account numbers on the applicable reports. The invalid account numbers can be reported by completing one of the following: 1) edit the applicable reports and manually include the amounts (refer to Step 11 below); 2) complete manual journal entries to transfer the amounts to different account numbers that are within the reporting range and then regenerate the reports; or 3) crosswalk invalid account numbers to ones that are within the reporting range and then regenerate the reports.
Editing the GASB 34 Reports:
11. To manually make changes to the GASB 34 reports, click the Edit tab.
12. Enter the name of the report to edit in the Report Name field, or click the down-arrow button to select the correct one.
13. If the G10-Budgetary Comparison Schedule report is specified in the Report Name field, the Report Fund Description field is enabled. If applicable, enter the description of the fund to edit in the Report Fund Description field, or click the down-arrow button to select the correct one.
14. Make the desired changes to the report. Use the mouse or arrow keys to move around the screen.
Tip: To zoom in or out while viewing the report, press the Ctrl key and use the scroll wheel on your mouse to increase or decrease the magnification.
If an amount for a balance sheet account is changed manually on the G3 or G5 report, a prompt will appear when saving the changes asking to copy the amounts to the G1 report; to copy the amounts, click Yes.
If an amount for an expense or a revenue account is changed manually on the G4 or G6 report, a prompt will appear when saving the changes asking to copy the amounts to the G2 report; to copy the amounts for the expense accounts only, click Yes.
Note: The amounts for the revenue accounts do not get posted to the G2 report (even if Yes is selected), and so the changes must also be made manually for those particular revenue accounts on the G2 report.
When editing the G7 report, there will not be any amounts included on the report as the system only generates the blank template for it; if desired, manually enter the amounts onto the report in order to save and print the report.
When editing the G9 report, the totals for all the expense accounts for the applicable funds will be reflected in the Other Deductions line (row) and can be edited as needed.
The adjustments made within Funds 97 (plus the necessary entries from the Fixed Asset Fund, if applicable) and 98 will appear when editing the G3, G4, G5, and G6 reports and can be changed manually if needed.
15. After all the changes have been made to the selected report, click the Save button.
16. Repeat Steps 11-15 until all the desired reports have been edited.
Printing the GASB 34 Reports:
Tip: When printing the G3, G4, G5, or G6 report, the report will print twice—the first copy will print without the adjustments and then a second copy will print with a column of the totals from the first copy, a column of the adjustments, and the totals that will be reported on the Governmental-Wide Financial Statements (G1 and G2 reports). The first copy is what is filed and the second copy is just for your use to verify the adjustments.
17. To print a specific report while editing, click the To Printer button.
18. To print multiple reports at once, click the Generate tab, select the reports to print, and click the To Printer button.
Exporting the GASB 34 Reports into a Spreadsheet (if desired):
19. To export the GASB 34 reports into a spreadsheet file in order to open and edit the reports in Microsoft® Excel, if desired, click the Edit tab, select the report to edit (export), select the Options menu, and then select Export Spreadsheet. The File to Export screen will appear; select the desired path (drive and folders) for the destination location and click the Save button. The file will be created in the specified location.
20. The GASB 34 report information can be accessed anytime during the year and will remain unchanged until you edit it or regenerate it.
21. Click the X in the upper right-hand corner to close the GASB 34 report screen.