Laserfiche WebLink
<br /> <br />Basis of Accounting <br /> <br />. Modified Accrual basis <br /> <br />- Records transactions when Measurable & Available. <br /> <br />- Available means the local government will collect <br />the cash to pay their obligation within the same time <br /> <br />period. <br /> <br />- Used for all governmental fund types <br /> <br /> <br />Accrual/Modified Accrual <br /> <br />. Accrual <br />- Recognize revenues when earned <br />- Match expenses against the revenues <br />. Modified Accrual <br />- Recognize revenues when Measurable and Available <br />(available to pay this year's bills - for ex. Revenue received <br />wilhin 60 days of year-end) <br />- Recognize expenditures when the obligation is incurred - no <br />attempt to match revenues, match 10 period of occurrence only <br /> <br /> <br />Fund vs. Government ide <br />Statements <br /> <br />. Government-wide statements use accrual <br />basis and list long-term assets and liabilities for <br />all fund types <br />. Fund perspective statements use modified <br />accrual for governmental type funds and omit <br />long-term assets and long-term liabilities on <br />government fund balance sheet <br /> <br />9 <br />