Review Fund Numbers
- Go to Transactions > Chart of Accounts
- Click on the Funds tab
Review fund numbers for proper classification
- General Expense (0XX)
- Special Revenue (1XX) - 20% or more restricted/committed revenue other than debt or capital projects (See BARS Manual)
- Debt (2XX) - General Obligation debt only. Debt related to proprietary funds should be in a 400 level fund.
- Capital Projects (3XX) - restricted, committed or assigned for capital outlays
- Proprietary (4XX) - water, sewer, etc including related debt funds
-
Fiduciary (6XX) - not your money (use specific 600 numbers)
- Investment Trust Funds 600-609
- Pension (and Other Employee Benefit) Trust Funds 610-619
- Private-Purpose Trust Funds 620-629
- Agency Funds 630-699 (i.e. Consumer Deposits, funds held for a legally separate entity such as a regional transportation planning organization, etc.)
For a more detailed explanation of funds, see Fund Types and Accounting Principles on the SAO website.
- Confirm that all funds are defined here including petty cash. Add any missing funds.
- Combine funds using the Report On Column
- All general expense funds must be combined
- For cities & towns, combine proprietary funds by type - Report on funds can be created expressly for the purpose of reporting. Your entity must maintain the reporting structure prescribed by BARS.
- Set C-4/C-5 column to 4 except fiduciary funds to 5
- Define ending reserve balances with the Reserve Amount & Reserved columns
To properly setup Reserved Funds and balances, see the SAO's BARS Cash Manual. Ending Balances are set in the Chart of Accounts, but beginning reserved balances must be set from the General Ledger using the Beginning Balance Wizard. A valid 308.10 must be used and the fund needs to either be marked as reserved or have a reserved amount.
Closing Funds
- If a fund needs to be closed, it is best practice to do it and the end of the year so the fund will have a zero balance and does not need to be added to the New Year.