Fund Equity & Other Credits

Balance Sheet Accounts - Fund Equity and Other Credits

320000 Fund Balance

The difference between assets and liabilities of governmental funds.  This is also the account where year-end revenue/expenditure summaries for governmental funds are closed.

320001 Restatement - Fund Balance

To record prior year adjustments such as audit adjustments and other restatements to fund balance for governmental funds.

321198 Reserve - Monthly Accruals

To record monthly entries for agencies that maintain monthly accruals.

330000 Net Position

The residual of assets plus deferred outflows less liabilities less deferred inflows for proprietary and fiduciary funds. This account is also where the revenue/expense summaries for proprietary and fiduciary funds are closed.

330001 Restatement - Net Position

To record prior year adjustments and other restatements to net position for proprietary and fiduciary funds.

340000 Investment In Property

This account classification is part of a self-balancing set of accounts and represents the cost or expertly appraised value of property. When items are retired or replaced the item and related accumulated depreciation are removed from the account.

390000 Company Closing Account

This account is used to record the close of the prior fiscal year. After the prior year is closed, the balance remaining in the account should be zero (0).