Certain operating accounts (also referred to as net asset, fund balance, or reserve accounts) must be fully funded by fiscal year-end. The balance is calculated by adding the beginning fund balance (object code 3190) plus revenue object codes, less expense object codes.
This three-hour class is designed to provide guidelines for reconciling asset and liability object codes and monitoring revenue and expense activity. It will define the difference between a reconciliation and monitoring activity, as well as cover risk assessment, properly recording sales tax, correcting unknown variances, and writing-off uncollectible receivables. We will be using the KFS Dashboards and hands-on exercises to reinforce reconciliation techniques and strategies in class.