Local Official Training Unit
Accounting Principles and Procedures (Advanced Accounting School)
This 2½ day school is designed to familiarize participants with accounting and financial reporting requirements for local governments in New York. The course provides guidance on certain operational issues, such as cash management, purchasing, processing claims for payment and utilizing reserve funds.
This school is a good follow-up to our Basic Accounting School. It will benefit Chief Executive Officers, Chief Fiscal Officers, Comptrollers, Treasurers, Clerks, Accounting Personnel, Board Members and Department Heads
Day 1: 9:00 a.m. - 4:00 p.m.
- Overview of the basic Generally Accepted Accounting Principles for local governments as promulgated by the Governmental Accounting Standards Board (GASB)
- Criteria for recognizing revenues, receivables and other current assets
- Criteria for recognizing expenditures, expenses, payables and other current liabilities
- Understanding the various categories of interfund transactions
- Managing your cash assets effectively
Day 2: 9:00 a.m. - 4:00 p.m.
- Purchasing goods and services, and processing claims for payment
- Establishing, funding and accounting for capital reserves, repair reserves and other types of reserve funds
- Establishing and accounting for capital projects financed by debt and other special revenue sources
- Recording property, equipment and infrastructure assets, and creating capital asset records
Day 3 (9:00 a.m. - Noon)
- Understanding trust funds and other fiduciary funds
- Financial reporting requirements