Accounting Guidelines

Administrative Procedure no.701

Background

To the extent applicable, the Board uses the accrual method of accounting for revenues and expenditures.

Procedures

  1. Accounting System

      2.  

    1. The accounting system must make it possible to:

      2.  

      1. Provide an accurate record of all financial transactions of the school division.

        2.  

      2. Produce meaningful interim and annual financial reports.

        3.  

      3. Show compliance with legal provisions.

        4.  

      4. Provide a basis for safeguarding the financial resources of the school division.

     

  2. Classification of Accounts

      3.  

      The classification of accounts within each fund is to be consistent with the requirements of the Department of Learning, and, in accordance, where applicable, with Generally Accepted Accounting Principles (G.A.A.P.).

       

  3. Reporting

    4.  

    1. Financial reports are to be prepared monthly to reflect financial operations, the current condition of the budgetary accounts, and other information necessary to monitor operations.

      2.  

    2. An audited financial report is to be prepared as of 31 December in each year and presented to the Board.