Financial Accounting Manual - Jordan School District

Jordan School District Financial Accounting Manual Prepared by: Accounting/Budget Office ______________________________ Updated Fall 2012 Table of Contents INTRODUCTION LETTER ................................................................................................................................ ii INTERNAL CONTROL SYSTEM ........................................................................................................................ 1 ACCOUNT CODING SYSTEM .......................................................................................................................... 1 PURCHASING ................................................................................................................................................. 3 FIXED ASSETS................................................................................................................................................. 9 PURCHASING CARDS ................................................................................................................................... 11 DISTRICT REIMBURSEMENTS ...................................................................................................................... 16 CASH RECEIPTS ............................................................................................................................................ 19 CASH HANDLING ......................................................................................................................................... 22 SCHOOL LEDGER ACCOUNTS ...................................................................................................................... 24 CASH DISBURSEMENTS ............................................................................................................................... 30 JOURNAL ENTRIES ....................................................................................................................................... 35 DISCRETIONARY FUNDS .............................................................................................................................. 35 PERSONAL USE OF DISTRICT ASSETS ........................................................................................................... 35 SIGNING OF OFFICIAL DISTRICT DOCUMENTS ............................................................................................ 35 EMPLOYEE TRAVEL ...................................................................................................................................... 36 GRANTS ....................................................................................................................................................... 41 DONATIONS ................................................................................................................................................ 41 UTAH SALES TAX ......................................................................................................................................... 44 PAYMENT TO EMPLOYEES VS INDEPENDENT CONTRACTORS (W-2 VS. 1099) ........................................... 45 FINANCIAL RECORD RETENTION SCHEDULE ............................................................................................... 47 SCHOOL SPECIFIC ISSUES ............................................................................................................................

48 FACILITY RENTAL GUIDELINES AND FEE SCHEDULE .................................................................................... 57 APPENDIX .................................................................................................................................................... 71 i INTRODUCTION LETTER November 2012 This manual is intended for all Jordan School District employees who have any financial responsibility within the District. Although not all sections of this manual will apply to everyone, it should prove helpful to anyone who has questions regarding accounting within the District. All District employees shall comply with the policies and procedures in the accounting manual. This manual was reviewed and approved by the deputy superintendent for Business Services. In addition, the District’s administrative cabinet gives input into its contents. The policies in this manual provide a framework for audits as well as establish the processes for District financial activity. Balancing good accounting practices with practical procedures in an educational environment is challenging. Each policy in this manual was thought out and felt to be appropriate; however, if you have a suggestion or idea on changes that may need to be made to improve the accountability of the District’s finances or to streamline the accounting processes, please let us know. As with most manuals, updates, additions, and corrections will need to be made constantly. If you notice anything in this manual that is wrong or should be changed, please notify the accounting department. We want this manual to be useful, which means it must be as up-to-date and correct as possible. Significant changes that have been made since the previous version (Fall 2010) have been highlighted for the reader’s convenience. At the end of the manual is a set of forms and other documents that should be of help to each department and school. Please feel free to copy and use these forms as appropriate. Electronic versions of these forms are also available on the accounting department webpage: www.jordandistrict.org/departments/accounting/. Sincerely, John N. Larsen, CPA, Director of Accounting, Budgets, and Audits Heather D. Ellingson, CPA, Accountant/Internal Auditor ii INTERNAL CONTROL SYSTEM The policies and procedures outlined in this manual are based on a principle of internal controls. Internal controls are designed to limit the risk of misstatement due to errors, theft and misappropriation of district assets. The control environment reflects the overall attitude, awareness, and action of the Board, Administration, and others concerning the importance of control and its emphasis in the district. The accounting system establishes a method to identify, assemble, analyze, classify, record, and report the district’s transactions and to maintain...

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