CALIFORNIA SCHOOL ACCOUNTING MANUAL
CALIFORNIASCHOOLACCOUNTINGMANUAL2019 EDITIONOfficially approved by theCalifornia State Board of EducationPublished by theCalifornia Department of EducationSacramento, 2019
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CALIFORNIASCHOOLACCOUNTINGMANUAL2019 EDITIONOfficially approved by theCalifornia State Board of Educationin accordance with Education Code Section 41010for required use by California public schoolsPrepared under the direction of theSchool Fiscal Services DivisionCalifornia Department of Education
Publishing InformationThe California School Accounting Manual (2019 Edition) was approved by the California StateBoard of Education on January 9, 2019. The members of the State Board were the following: Dr.Michael Kirst, State Board President; Dr. Ilene Straus, State Board Vice President; Ms. Sue Burr,Mr. Bruce Holaday, Dr. Feliza I. Ortiz-Licon, Ms. Patricia Ann Rucker, Dr. Nicolasa Sandoval,Dr. Ting L. Sun, Dr. Karen Valdes, Ms. Trish Boyd Williams, Gema Cardenas, Student Member.This publication was developed by the School Fiscal Services Division, California Departmentof Education. It was designed and prepared for printing by the staff of CDE Press. It waspublished by the Department of Education, 1430 N Street, Sacramento, CA 95814-5901. It wasdistributed under the provisions of the Library Distribution Act and Government Code Section11096. 2019 by the California Department of EducationAll rights reservedISBN 978-0-8011-1800-5Ordering InformationThis publication is available to be viewed, printed, or downloaded from CDE’s Definitions,Instructions, & Procedures web page at http://www.cde.ca.gov/fg/ac/sa/.
California School Accounting ManualContents(To view and search this manual electronically, visit CDE’s Definitions, Instructions, andProcedures web page at http://www.cde.ca.gov/fg/ac/sa/.)A Message from the State Superintendent of Public Instruction .xiiiIntroduction . xvSECTION 100GENERAL ACCOUNTING PRINCIPLESProcedure 101Governmental AccountingRevised March 2016 . 101-1Generally Accepted Accounting Principles . 101-1Governmental Accounting Principles . 101-1Measurement Focus . 101-2Basis of Accounting . 101-2Revenue Recognition . 101-3Financial Reporting. 101-4Procedure 105Fund AccountingRevised October 2011 . 105-1Definition and Purpose of Funds . 105-1Categories and Types of Funds . 105-1Restricted Programs and Activities Within the General Fund . 105-4SECTION 200ACCOUNTING PROCESSESProcedure 201Books of AccountsRevised March 2016 . 201-1Chart of Accounts . 201-1Double-Entry Accounting . 201-1Journals . 201-2General Ledger. 201-2Subsidiary Ledgers. 201-3Control Accounts in the Chart of Accounts . 201-3Computerized Systems. 201-4Procedure 205The Accounting CycleRevised January 2019 . 205-1Sequence of the Accounting Cycle . 205-1Source Documents . 205-2Analyzing Transactions . 205-2Recording Transactions in Journals . 205-4Posting to the Ledger . 205-4Trial Balance and Adjustments . 205-5Financial Statements . 205-6Closing the General Ledger . 205-7January 2019iii
California School Accounting ManualContents(To view and search this manual electronically, visit CDE’s Definitions, Instructions, andProcedures web page at http://www.cde.ca.gov/fg/ac/sa/.)Reversing Entries . 205-8Procedure 210Budgetary AccountingRevised March 2016 . 210-1Budgetary Accounts and Integration . 210-1Recording Budgeted Revenues . 210-3Recording Budgeted Expenditures . 210-5Recording Budgeted Components of Fund Balance . 210-9Checking the Trial Balance . 210-11Recording Encumbrances . 210-12Recording Adjustments to the Budget . 210-20Procedure 215Audit AdjustmentsRevised January 2019 . 215-1Reaching Agreement on Audit Adjustments . 215-1Suggested Steps for Booking Audit Adjustments . 215-2Audit Adjustments and Other Restatements of Fund Balance. 215-4Common Audit Adjustments . 215-4Schedule of Audit Adjustments . 215-11SECTION 300CHART OF ACCOUNTSProcedure 301Overview of the Standardized Account Code StructureRevised March 2016 . 301-1Standardized Account Code Structure Fields . 301-2Standardized Account Code Structure Layout . 301-5Use of the Standardized Account Code Structure. 301-6Procedure 305Fund ClassificationRevised January 2019 . 305-1How the Fund Field Is Used . 305-1Flexibility of the Fund Field . 305-1List of Fund Codes . 305-2Fund Code Definitions . 305-4Procedure 310Resource (Project/Reporting) ClassificationRevised January 2019 . 310-1How the Resource Field Is Used . 310-1Flexibility of the Resource Field. 310-4Table of Resource Codes . 310-5Procedure 315Project Year ClassificationRevised January 2019 . 315-1How the Project Year Field Is Used . 315-1ivJanuary 2019
California School Accounting ManualContents(To view and search this manual electronically, visit CDE’s Definitions, Instructions, andProcedures web page at http://www.cde.ca.gov/fg/ac/sa/.)Examples of Project Year Codes . 315-2Flexibility of the Project Year Field . 315-2Procedure 320Goal ClassificationRevised March 2016 . 320-1How the Goal Field Is Used . 320-1Flexibility of the Goal Field. 320-2Importance of the Goal Field in Program Cost Accounting . 320-2List of Goal Codes . 320-3Goal Code Definitions . 320-5Procedure 325Function (Activity) ClassificationRevised January 2019 . 325-1How the Function Field Is Used . 325-1Flexibility of the Function Field . 325-1Importance of the Function Field in the Indirect Cost RateCalculation . 325-2List of Function Codes . 325-3Function Code Definitions . 325-6Procedure 330Object ClassificationRevised January 2019 . 330-1How the Object Field Is Used . 330-1Flexibility of the Object Field . 330-1List of Object Codes . 330-2Object Code Definitions . 330-13Procedure 335School ClassificationRevised July 2005 . 335-1How the School Field Is Used . 335-1Procedure 340Valid Account Code CombinationsRevised January 2019 . 340-1Function by Object Combinations . 340-1Fund by Function Combinations. 340-2Fund by Goal Combinations . 340-2Fund by Object Combinations . 340-3Fund by Resource Combinations . 340-4Goal by Function Combinations . 340-5Resource by Object Combinations. 340-6January 2019v
California School Accounting ManualContents(To view and search this manual electronically, visit CDE’s Definitions, Instructions, andProcedures web page at http://www.cde.ca.gov/fg/ac/sa/.)Procedure 345Illustrations Using the Account Code StructureRevised March 2016 . 345-1Revenue Transactions . 345-1Expenditure Transactions. 345-3Balance Sheet Transactions . 345-4SECTION 400TOPICS RELATING TO ASSETS AND LIABILITIESProcedure 405Accounting for InventoriesRevised January 2019 . 405-1Fund Type . 405-1Typical Entries . 405-2Determining the Cost of Inventory . 405-2Overhead . 405-3Physical Inventory . 405-5Procedure 410Conducting a Physical InventoryRevised January 2019 . 410-1Precount Procedures. 410-1Counting Procedures . 410-2Recount Procedures . 410-3Procedure 415Adopting a Stores SystemRevised January 2019 . 415-1Methods of Financing, Controlling, and Accounting for Stores . 415-1Types of Supplies in a Stores System . 415-1Essentials of a Stores System. 415-2Procedure 420Prepaid ExpendituresRevised January 2019 . 420-1Procedure 425Fair Value: Accounting and Reporting for Certain InvestmentsRevised January 2019 . 425-1Determining Fair Value . 425-1Recognition and Reporting of Investment Income . 425-2Fund Balance Classification for Unrealized Gains . 425-6Materiality of Adjustments to Fair Value . 425-6Procedure 430Capital AssetsRevised March 2016 . 430-1Recordkeeping Requirements for Capital Assets . 430-1Accounting for Acquisition of Capital Assets . 430-2Valuation of Property and Equipment . 430-2viJanuary 2019
California School Accounting ManualContents(To view and search this manual electronically, visit CDE’s Definitions, Instructions, andProcedures web page at http://www.cde.ca.gov/fg/ac/sa/.)Reporting Capital Assets of Governmental Activities . 430-4Reporting Capital Assets of Business-Type Activities . 430-4Reporting Capital Assets of Fiduciary Activities . 430-4Estimated Useful Life . 430-5Procedure 465Liability for Compensated Absences in Governmental FundsRevised November 2013 . 465-1Procedure 470Long-Term Debt in Proprietary and Fiduciary Trust FundsRevised July 2005 . 470-1SECTION 500TOPICS RELATING TO REVENUES AND EXPENDITURESProcedure 501Revenue and Other Financing SourcesRevised March 2016 . 501-1Procedure 505Recording Revenue and Other Cash ReceiptsRevised January 2019 . 505-1Procedure 510Recognition of Common Revenue SourcesRevised March 2016 . 510-1Procedure 515Abatement of RevenueRevised July 2005 . 515-1Accounting Instructions for Abatement of Revenue . 515-1Items Allowable as Abatements of Revenue . 515-1Relationship of Abatements of Revenue to Revenue Control . 515-2Procedure 551Expenditures and Other Financing UsesRevised March 2016 . 551-1Expenditures . 551-1Interfund Transfers. 551-1Recognition of Expenditures and Interfund Transfers . 551-2Classification of Expenditures as Commitments Are Made . 551-2Procedure 560Abatement of ExpendituresRevised January 2019 . 560-1Accounting Instructions for Abatement of Expenditures . 560-1Receipts Allowable as Abatements of Expenditures . 560-2Receipts Not Allowable as Abatements of Expenditures . 560-3Special Considerations Regarding Abatement of Salaries. 560-4Relationship of Abatements of Expenditures to AppropriationControl . 560-4January 2019vii
California School Accounting ManualContents(To view and search this manual electronically, visit CDE’s Definitions, Instructions, andProcedures web page at http://www.cde.ca.gov/fg/ac/sa/.)SECTION 600CODING COMMON TRANSACTIONSProcedure 605Balance Sheet Accounts—Coding ExamplesRevised January 2019 . 605-1Procedure 610Revenues—Coding ExamplesRevised January 2019 . 610-1Procedure 615Expenditures—Coding ExamplesRevised January 2019 . 615-1Direct-Charged Costs . 615-1Transfers of Direct Costs . 615-2Transfers of Indirect Costs .
Publishing Information. The . California School Accounting Manual (2019 Edition) was approved by the California State Board of Education on January 9, 2019.
FINANCIAL ACCOUNTING : MEANING, NATURE AND ROLE OF ACCOUNTING STRUCTURE 1.0 Objective 1.1 Introduction 1.2 Origin and Growth of Accounting 1.3 Meaning of Accounting 1.4 Distinction between Book-Keeping and Accounting 1.5 Distinction between Accounting and Accountancy 1.6 Nature of Accounting 1.7 Objectives of Accounting 1.8 Users of Accounting Information 1.9 Branches of Accounting 1.10 Role .
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