Governmental Accounting Standards Board (GASB) Statement 34 has been called “the most significant change in the history of government accounting.” It represents a dramatic shift in the way State and Local Governments issue Financial Reports in conformity with General Accepted Accounting Principles (GAAP).

Under the new GASB standard, NET Data has provided its customers with all the required information and reporting to produce the County’s Comprehensive Annual Financial Report (CAFR) in compliance with the GFOA Bluebook.

The following enhancements have been developed for our software applications:

General Ledger Accounting and Reporting

• Period 14 captures your Period 12(year-end) General Ledger Totals in a separate file.
• Adjustments are made to convert from cash or modified accrual to Full Accrual Basis of Accounting by use of worksheets and the adjusting entry feature.
• We produce the “Statement of Activities” as required.
• Our Control File Set-up is versatile and makes it easy to produce all Budgetary, GAAP, and GASB reporting requirements.
• Our Financial Application makes it easy to implement the newly proposed Uniform of Chart of Accounts.

Capturing Receivables From Fee Collecting Offices

• Receivables information for the “Statement of Net Assets” is provided on specific menus in the District Clerk, County Clerk, Justice of the Peace, and Tax Offices.
• We provide the ability to separate fees receivable by County, State, and Other.
• We provide a recommended Methodology to arrive at your % of Allowance for Uncollectible Receivables.

Inventory Program

• We produce the three (3) Reports required in the GFOA Bluebook for reporting Capital assets used in the operation of Government funds”.
• Control File Setup within the Inventory Program groups your Capital Assets by function, activity and class Capital Assets by function, activity and class codes.
• We provide a Depreciation Calculator and the required Depreciation Reporting.
• We provide the ability to track and report assets that are not capitalized within the same program.

Email NET Data for more information.

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