GENERAL FUND RECEIPT ACCOUNT (GFR) SCENARIO 1: CUSTODIAL STATEMENT 

COLLECTIONS: COLLECTION OF NON-EXCHANGE REVENUE: TAXES – INDIVIDUAL AND NOT 

OTHERWISE CLASSIFIED

EFFECTIVE FISCAL YEAR 2021

PREPARED BY:

GENERAL LEDGER AND ADVISORY BRANCH

FISCAL ACCOUNTING OPERATIONS

BUREAU OF THE FISCAL SERVICE

U.S. DEPARTMENT OF THE TREASURY
Version 

Number

Date Description of Change Effective USSGL TFM

1.0 08/2007 Original TFM Bulletin No. 2018-04

2.0 07/2020 Added General Fund of the U.S. 

Government Transactions, Updated 

Financial Statements

TFM Bulletin No. 2020-21
GENERAL FUND RECEIPT (GFR) ACCOUNT GUIDE: SCENARIO 1: CUSTODIAL STATEMENT COLLECTIONS: 

COLLECTION OF NON-EXCHANGE REVENUE: TAXES – INDIVIDUAL AND NOT OTHERWISE CLASSIFIED

Effective Fiscal 2021

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August 2020

Background

Definition of a General Fund Receipt (GFR) Account

The Government Accountability Office (GAO) defines a GFR Account as: “A receipt account credited with all collections that are not 

earmarked by law for another account for a specific purpose. These collections are presented in the President’s budget as either 

governmental (budget) receipts or offsetting receipts. These include taxes, customs duties, and miscellaneous receipts.” (Government 

Accountability Office, A Glossary of Terms Used in the Federal Budget Process, September 2005, GAO–05-734SP)

Purpose

This guidance proposes accounting and reporting guidance for various collections classified in GFR accounts. The focus of this 

guidance is on the GFR account activity.

Federal Account Symbols (FAS), Treasury Account Symbols (TAS), and Collections

The Federal Account Symbols and Titles (FAST) Book, published by Treasury, lists all FAS available for Federal agency use. A 

collection can be classified to any of the listed accounts. To classify a receipt, append your agency’s two digit department code to the 

FAS. This combination of department code and FAS creates TAS. For example, collections for work performed in accordance with 

Economy Act can be deposited into any type of expenditure account. On the other hand, National Park Service fees are designated by 

law to be deposited to a special fund receipt account. Similarly, collections for the National Endowment for the Arts Gift Fund are 

designated by law to be deposited to a trust fund receipt account. Amounts collected in the course of business by the U.S. Postal 

Service are, by law, deposited to a revolving fund. Amounts not belonging to the Government are, by law, classified to deposit fund 

accounts. As you can see, a specific law determines how the collections in the preceding examples are classified in a TAS.

Absent specific legislation, collections should be classified to a General Fund Receipt TAS. Title 31, United States Code (USC), 

chapter 33, section 3302(b) establishes this concept by stating: “Except as provided in section 3718 (b) of this title, an official or agent 

of the Government receiving money for the Government from any source shall deposit the money in the Treasury as soon as 

practicable without deduction for any change or claim.” Also, Title 31, USC, chapter 33, section 3302(e) states that “an official or 

agent of the Government having custody or possession of public money shall keep an accurate entry of each amount of public money 

received, transferred, and paid.”
GENERAL FUND RECEIPT (GFR) ACCOUNT GUIDE: SCENARIO 1: CUSTODIAL STATEMENT COLLECTIONS: 

COLLECTION OF NON-EXCHANGE REVENUE: TAXES – INDIVIDUAL AND NOT OTHERWISE CLASSIFIED

Effective Fiscal 2021

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GFR Account Categories in the FAST Book

The “Types of Collections and Relevant FASAB References” column was included in the table to assist users in providing 

background information. The users should note that the types of collections and limited paragraph references listed on the chart are 

suggestions and they should not be solely relied on. Each entity should perform its own research to determine the appropriate 

category for its collection.

FAS Description of Types of GFR Accounts Types of Collections and Relevant 

FASAB Reference

0100-Taxes Receipts from levies (other than duties on imports) under the taxing and 

regulatory powers of the Constitution, such as income, excise, and social security.

Nonexchange, SFFAS No. 7, par. 2, 5, 

21, 22, 30, 49, 129, 157, 242 - 244, 

246, 248, 249, 253, 255, 263, 281, 306, 

310

GFR Account Reporting Responsibility

Within each GFR account category listed in the FAST Book there are unique FAS to identify specific activity. After selecting the 

proper TAS, the reporting entity should append its 3-digit agency identifier code to the beginning of the TAS for classifying the 

receipt to Treasury. A collecting entity typically reports all GFR TAS beginning with its 3-digit agency identifier code within its 

entity financial statements.

Identifying and Reporting Custodial Collections

This guidance uses the word “custodial” as it relates to the Statement of Custodial Activity. The Statement of Custodial Activity was 

intended for those entities whose primary mission is collecting taxes or other revenues, particularly sovereign revenues that are 

intended to finance the entire Government’s operations, or at least the programs of other entities, rather than their own activities1

. 

Organizations that collect custodial revenues that are incidental to their primary mission do not need to report the collections and 

disposition of these revenues in a separate statement. The disclosure of the sources and amounts of the collections and the amounts 

distributed to others could be disclosed in accompanying footnotes2. 

1 See SFFAC No. 2, paragraph 101.

2 SFFAC No. 2, paragraph 103.
GENERAL FUND RECEIPT (GFR) ACCOUNT GUIDE: SCENARIO 1: CUSTODIAL STATEMENT COLLECTIONS: 

COLLECTION OF NON-EXCHANGE REVENUE: TAXES – INDIVIDUAL AND NOT OTHERWISE CLASSIFIED

Effective Fiscal 2021

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Nonexchange Revenue

Entities that collect nonexchange revenue for the General Fund and other entities should not recognize the revenue as theirs, but 

instead they need to account and report for that revenue in accordance with provisions of Statement of Federal Financial Accounting 

Concept No. 2 above and Statement of Federal Financial Accounting Standard No. 7 (paragraphs 48-63).
GENERAL FUND RECEIPT (GFR) ACCOUNT GUIDE: SCENARIO 1: CUSTODIAL STATEMENT COLLECTIONS: 

COLLECTION OF NON-EXCHANGE REVENUE: TAXES – INDIVIDUAL AND NOT OTHERWISE CLASSIFIED

Effective Fiscal 2021

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August 2020

FLOWCHART - GFR COLLECTIONS TO COLLECTING AGENCY’S FINANCIAL STATEMENTS

Yes No

Yes

No

No

Custodial Revenue

Yes

No

Yes

Yes

Does the collecting 

agency have costs 

related to generating 

the revenue?

Is the custodial

revenue material?

Agency Revenue

Statement of 

Changes in Net 

Position

Balance 

Sheet

Not Revenue

Balance 

Sheet

Footnote 

Disclosure

Statement of 

Custodial Activity

Balance Sheet

Statement 

of Net 

Cost

Statement of 

Changes in Net 

Position

Is the GFR collection 

revenue?

Is the GFR collection 

exchange revenue?

Balance 

Sheet

Scenarios:

5 – Proceeds from disposition of assets 

(Transferred-In)

6 – Downward reestimate (Transferred-In)

7 - Seigniorage

Scenarios:

3 – Exchange Revenue

4 – Receivables from Canceled 

Authority

Scenarios: 1 Nonexchange Revenue

 2 Nonexchange Revenue
GENERAL FUND RECEIPT (GFR) ACCOUNT GUIDE: SCENARIO 1: CUSTODIAL STATEMENT COLLECTIONS: 

COLLECTION OF NON-EXCHANGE REVENUE: TAXES – INDIVIDUAL AND NOT OTHERWISE CLASSIFIED

Effective Fiscal 2021

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Chart - Impact on Collecting Entity’s Financial Statements by Various Types of Collections

GFR Account Activity

Statement 

of Net 

Cost

Statement of 

Changes in Net 

Position (SCNP)

Statement 

of 

Custodial 

Activity 

(SCA)

Footnote 

Disclosure Balance Sheet

FASAB 

Standard 

Reference

(see Appendix) 

Collection of nonexchange 

revenue

No No Yes, if 

material and 

part of 

primary 

mission

Yes, if 

immaterial 

and 

incidental 

to primary 

mission

Yes, 

cumulative 

result is -0-.

SFFAS No. 7 –

Par. 48, 49
GENERAL FUND RECEIPT (GFR) ACCOUNT GUIDE: SCENARIO 1: CUSTODIAL STATEMENT COLLECTIONS: 

COLLECTION OF NON-EXCHANGE REVENUE: TAXES – INDIVIDUAL AND NOT OTHERWISE CLASSIFIED

Effective Fiscal 2021

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Listing of USSGL Accounts Used in This Scenario

Account Number Account Name

Proprietary

101000 Fund Balance With Treasury 

132500 Taxes Receivable

132900 Allowance for Loss on Taxes Receivable

298000 Custodial Liability

331000 Cumulative Results of Operations

580000 Tax Revenue Collected – Not Otherwise Classified

580100 Tax Revenue Collected - Individual

582100 Tax Revenue Accrual Adjustment - Individual

583100 Contra Revenue for Taxes - Individual

599000 Collections for Others – Statement of Custodial Activity

599100 Accrued Collections for Others – Statement of Custodial Activity
GENERAL FUND RECEIPT (GFR) ACCOUNT GUIDE: SCENARIO 1: CUSTODIAL STATEMENT COLLECTIONS: 

COLLECTION OF NON-EXCHANGE REVENUE: TAXES – INDIVIDUAL AND NOT OTHERWISE CLASSIFIED

Effective Fiscal 2021

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August 2020

 

Scenario 1: Custodial Statement Collections: Collection of Nonexchange Revenue: Taxes – Individual and Not 

Otherwise Classified

This scenario addresses collections of nonexchange tax revenue that are reported on the Statement of Custodial 

Activity. Refer to SFFAS No. 7, paragraphs 49, 176, 245, 281, and 353 and SFFAC No. 2, Entity and Display. 

NOTE: The IRS has data limitations and cannot separately post, by tax class, penalties and fines receivables and 

revenue from taxes receivables and tax collections. FASAB’s SFFAS 7 paragraph 185 recognizes IRS systems 

limitations.

1. To record a collection of Non-Federal revenue reported on the Statement of Custodial Activity or on the custodial footnote that is 

deposited into a General Fund receipt account.

GFR Account Debit Credit TC General Fund of the U.S. 

Government (099)

Debit Credit TC

Budgetary Entry

None

Proprietary Entry

101000 (G)3 Fund Balance With Treasury4

(RC 40)5

 580000 (N) Tax Revenue Collected – 

 Not Otherwise Classified 

1,000

1,000

C141

Budgetary Entry

None

 

Proprietary Entry 

198000 (F) Assets for Agency’s 

Custodial and Non-Entity Liability 

 (RC 46)6

 201000 (F) Liability for Fund 

 Balance With Treasury (RC 40)

 

1,000

1,000

N/A

3 The Federal/Non-Federal attribute domain value of “G” will always have trading partner 099 agency identifier. 

4 Although USSGL account 101000 is deposited into the General Fund of the U.S. Government, the collecting agency still has to carry the 

balances of USSGL accounts 101000 and 298500 on its quarterly Balance Sheet. Treasury’s CARS system does not sweep USSGL account 

101000 until the year end. The agency should make a note of this as a reconciling item.

5 RC – Reciprocal Category is shown for Intragovernmental Elimination Analysis (not included in GTAS upload)

6 The Trading Partner is Department of the Treasury (020).
GENERAL FUND RECEIPT (GFR) ACCOUNT GUIDE: SCENARIO 1: CUSTODIAL STATEMENT COLLECTIONS: 

COLLECTION OF NON-EXCHANGE REVENUE: TAXES – INDIVIDUAL AND NOT OTHERWISE CLASSIFIED

Effective Fiscal 2021

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Also Post:

2. To record a contra-revenue in the amount of revenue collected for others and to establish a custodial liability.

GFR Account Debit Credit TC General Fund of the U.S. 

Government (099)

Debit Credit TC

Budgetary Entry

None

Proprietary Entry

599000 (G) Collections for Others –

Statement of Custodial Activity (RC 44)

 298000 (G) Custodial Liability (RC 46) 

1,000

1,000

C142

Budgetary Entry

None

 

Proprietary Entry 

198000 (F) Asset for Agency’s 

Custodial and Non-Entity Liabilities –

General Fund of the U.S. Government 

(RC 46)

 571000 (F) Transfer in of Agency 

 Unavailable Custodial and Non-

 Entity Collections (RC 44)

1,000

1,000

GFR Account Preclosing Trial Balance

Account Description Debit Credit

Budgetary

None

Proprietary

101000 (G) Fund Balance With Treasury 1,000

298000 (G) Custodial Liability 1,000

580000 (N) Tax Revenue Collected 1,000

599000 (G) Collections for Others – Statement of 

Custodial Activity

1,000

Total 2,000 2,000
GENERAL FUND RECEIPT (GFR) ACCOUNT GUIDE: SCENARIO 1: CUSTODIAL STATEMENT COLLECTIONS: 

COLLECTION OF NON-EXCHANGE REVENUE: TAXES – INDIVIDUAL AND NOT OTHERWISE CLASSIFIED

Effective Fiscal 2021

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BALANCE SHEET AS OF DECEMBER 31, YEAR 1

Line 

No.

GFR 

Account

Assets (Note 2)

Intragovernmental

1. Fund Balance with Treasury (Note 3) (101000E) 1,000

6. Total intragovernmental 1,000

15. Total assets 1,000

Liabilities (Note 13)

Intragovernmental

19. Other (Note 15, 16, and 17) (298000E) 1,000

20. Total Intragovernmental 1,000

Net Position

33. Cumulative results of operations – All Other Funds (Combined or Consolidated Totals) -

35. Total Net Position – All Other Funds -

36. Total Net Position -

37. Total liabilities and net position 1,000
GENERAL FUND RECEIPT (GFR) ACCOUNT GUIDE: SCENARIO 1: CUSTODIAL STATEMENT COLLECTIONS: 

COLLECTION OF NON-EXCHANGE REVENUE: TAXES – INDIVIDUAL AND NOT OTHERWISE CLASSIFIED

Effective Fiscal 2021

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August 2020

STATEMENT OF CUSTODIAL ACTIVITY FOR THE QUARTER ENDED DECEMBER 31, YEAR 1

Line 

No.

GFR 

Account

Revenue Activity:

Sources of Cash Collections:

7. Miscellaneous (580000E) 1,000

8. Total Cash Collections 1,000

10. Total Custodial Revenue 1,000

Disposition of Collections:

11. Transferred to Others (by Recipient) (599000E) 1,000

12. (Increase)/Decrease in Amounts Yet to be Transferred (+/-) (298000E) (1,000)

14. Retained by Reporting Entity -

15. Total Disposition of Collections -

16. Net Custodial Activity 1,000
GENERAL FUND RECEIPT (GFR) ACCOUNT GUIDE: SCENARIO 1: CUSTODIAL STATEMENT COLLECTIONS: 

COLLECTION OF NON-EXCHANGE REVENUE: TAXES – INDIVIDUAL AND NOT OTHERWISE CLASSIFIED

Effective Fiscal 2021

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August 2020

Reclassified Financial Statements:

RECLASSIFIED BALANCE SHEET AS OF DECEMBER 31, YEAR 1

Line 

No.

GFR 

Account

3 Federal

3.1 Fund Balance with Treasury (RC 40)/1 (101000E) 1,000

3.14 Total federal assets 1,000

4. Total assets 1,000

Liabilities 

7. Federal

7.10 Liability to the General Fund of the U.S. Government for custodial and other non-entity assets (RC 46)/1 (298000E) 1,000

7.15 Total federal liabilities 1,000

8 Total liabilities 1,000

9 Net Position

9.1 Net Position – funds from dedicated collections (580000E, 599000E) -

10 Total net position -

11. Total liabilities and net position 1,000
GENERAL FUND RECEIPT (GFR) ACCOUNT GUIDE: SCENARIO 1: CUSTODIAL STATEMENT COLLECTIONS: 

COLLECTION OF NON-EXCHANGE REVENUE: TAXES – INDIVIDUAL AND NOT OTHERWISE CLASSIFIED

Effective Fiscal 2021

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RECLASSIFIED STATEMENT OF OPERATIONS AND CHANGES IN NET POSITION AS OF 

DECEMBER 31, YEAR 1

Line 

No.

GFR 

Account

5 Non-federal non-exchange revenue:

5.7 Other taxes and receipts (580000N) (1,000)

5.9 Total non-federal non-exchange revenue (1,000)

8 Other financing sources:

8.4 Non-entity collections transferred to the General Fund of the U.S. Government (RC 44) (599000E) 1,000

8.11 Total other financing sources 1,000

9 Net cost of operations -

10 Net position, end of period -
GENERAL FUND RECEIPT (GFR) ACCOUNT GUIDE: SCENARIO 1: CUSTODIAL STATEMENT COLLECTIONS: 

COLLECTION OF NON-EXCHANGE REVENUE: TAXES – INDIVIDUAL AND NOT OTHERWISE CLASSIFIED

Effective Fiscal 2021

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Year 1 – 4th Quarter

1. To record a collection of Non-Federal revenue reported on the Statement of Custodial Activity or on the custodial footnote that is 

deposited into a General Fund receipt account.

GFR Account Debit Credit TC General Fund of the U.S. 

Government (099)

Debit Credit TC

Budgetary Entry

None

Proprietary Entry

101000 (G) Fund Balance With Treasury 

(RC 40)

 580100 (N) Tax Revenue Collected –

 Individual 

6,000

6,000

C141

Budgetary Entry

None

 

Proprietary Entry 

198000 (F) Assets for Agency’s 

Custodial and Non-Entity Liability

 201000 (F) Liability for Fund 

 Balance With Treasury (RC 40)

6,000

6,000

N/A

Also Post:

2. To record a contra-revenue in the amount of revenue collected for others and to establish a custodial liability.

GFR Account Debit Credit TC General Fund of the U.S. 

Government (099)

Debit Credit TC

Budgetary Entry

None

Proprietary Entry

599000 (G) Collections for Others –

Statement of Custodial Activity (RC 44)

 298000 (G) Custodial Liability (RC 46) 

6,000

6,000

C142

Budgetary Entry

None

 

Proprietary Entry 

198000 (F) Asset for Agency’s 

Custodial and Non-Entity Liabilities –

General Fund of the U.S. Government 

(RC 46)

 571000 (F) Transfer in of Agency 

 Unavailable Custodial and Non-

 Entity Collections (RC 44)

6,000

6,000

N/A
GENERAL FUND RECEIPT (GFR) ACCOUNT GUIDE: SCENARIO 1: CUSTODIAL STATEMENT COLLECTIONS: 

COLLECTION OF NON-EXCHANGE REVENUE: TAXES – INDIVIDUAL AND NOT OTHERWISE CLASSIFIED

Effective Fiscal 2021

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August 2020

3. To record accrual of nonexchange revenue at the end of the year. (See SFFAS No. 7, Para. 53-55)

GFR Account Debit Credit TC General Fund of the U.S. 

Government (099)

Debit Credit TC

Budgetary Entry

None

Proprietary Entry

132500 (N) Taxes Receivable 

 582100 (N) Tax Revenue Accrual 

 Adjustment – Individual 

3,000

3,000

C402

Budgetary Entry

None

 

Proprietary Entry 

None

Also Post:

4. To record contra-revenue in the amount of revenue accrued and establish a custodial liability.

GFR Account Debit Credit TC General Fund of the U.S. 

Government (099)

Debit Credit TC

Budgetary Entry

None

Proprietary Entry

599100 (G) Accrued Collections for Others 

– Statement of Custodial Activity (RC 48)

 298000 (G) Custodial Liability (RC 46) 

3,000

3,000

C404

Budgetary Entry

None

 

Proprietary Entry 

198000 (F) Asset for Agency’s 

Custodial and Non-Entity Liabilities –

General Fund of the U.S. Government 

 (RC 46)

 571200 (F) Accrual of Agency 

 Amount To be Collected – Custodial 

 and Non-Entity – General Fund of the 

 U.S. Government (RC 48)

3,000

3,000
GENERAL FUND RECEIPT (GFR) ACCOUNT GUIDE: SCENARIO 1: CUSTODIAL STATEMENT COLLECTIONS: 

COLLECTION OF NON-EXCHANGE REVENUE: TAXES – INDIVIDUAL AND NOT OTHERWISE CLASSIFIED

Effective Fiscal 2021

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5. To record in a General Fund receipt account, the accrued estimated uncollectible nonexchange revenue reported on the Statement of 

Custodial Activity or on the custodial footnote.

GFR Account Debit Credit TC General Fund of the U.S. 

Government (099)

Debit Credit TC

Budgetary Entry

None

Proprietary Entry

583100 (N) Contra Revenue for Taxes -

Individual

 132900 (N) Allowance for Loss on 

 Taxes Receivable 

1,200

1,200

D424

Budgetary Entry

None

 

Proprietary Entry 

None

Also Post:

6. To record the reduction of custodial liability by the amount of estimated uncollectible nonexchange revenue collected for others in a 

General Fund receipt account.

GFR Account Debit Credit TC General Fund of the U.S. 

Government (099)

Debit Credit TC

Budgetary Entry

None

Proprietary Entry

298000 (G) Custodial Liability (RC 46)

 599100 (G) Accrued Collections for 

 Others – Statement of Custodial Activity

 (RC 48) 

1,200

1,200

D422

Budgetary Entry

None

 

Proprietary Entry 

571200 (F) Accrual of Agency 

Amount To be Collected – Custodial 

and Non-Entity – General Fund of the 

U.S. Government (RC 48)

 198000 (F) Asset for Agency’s 

 Custodial and Non-Entity Liabilities 

 General Fund of the U.S. 

 Government (RC 46) 

 

1,200

1,200
GENERAL FUND RECEIPT (GFR) ACCOUNT GUIDE: SCENARIO 1: CUSTODIAL STATEMENT COLLECTIONS: 

COLLECTION OF NON-EXCHANGE REVENUE: TAXES – INDIVIDUAL AND NOT OTHERWISE CLASSIFIED

Effective Fiscal 2021

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Preclosing Trial Balance – Year 1

Account Description Debit Credit

Budgetary - -

None - -

- -

Proprietary - -

101000 (G) Fund Balance With Treasury 7,000 -

132500 (N) Taxes Receivable 3,000 -

132900 (N) Allowance for Loss on Taxes Receivable - 1,200

298000 (G) Custodial Liability - 8,800

580000 (N) Tax Revenue Collected 1,000

580100 (N) Tax Revenue Collected - Individual - 6,000

582100 (N) Tax Revenue Accrual Adjustment -

Individual

- 3,000

583100 (N) Contra Revenue for Taxes - Individual 1,200 -

599000 (G) Collections for Others – Statement of 

Custodial Activity

7,000 -

599100 (G) Accrued Collections for Others – Statement 

of Custodial Activity

1,800

Total 20,000 20,000
GENERAL FUND RECEIPT (GFR) ACCOUNT GUIDE: SCENARIO 1: CUSTODIAL STATEMENT COLLECTIONS: 

COLLECTION OF NON-EXCHANGE REVENUE: TAXES – INDIVIDUAL AND NOT OTHERWISE CLASSIFIED

Effective Fiscal 2021

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August 2020

Year 1 – Preclosing Adjusting Entry

1. To record the closing of General Fund receipt accounts associated with fund balance at yearend. (Refer to TFM Bulletin No. 2019-15

paragraph 26 for a detailed description of the sweeping of the general fund receipt accounts.)

GFR Account Debit Credit TC General Fund of the U.S. 

Government (099)

Debit Credit TC

Budgetary Entry

None

Proprietary Entry

298000 (G) Custodial Liability (RC 46)

 101000 (G) Fund Balance With 

 Treasury (RC 40) 

7,000

7,000

F124

Budgetary Entry

None

 

Proprietary Entry 

201000 (F) Liability for Fund Balance 

With Treasury (RC 40)

 198000 (F) Asset for Agency’s

 Custodial and Non-Entity Liabilities 

 General Fund of the U.S. 

 Government (RC 46)

7,000

7,000

N/A
GENERAL FUND RECEIPT (GFR) ACCOUNT GUIDE: SCENARIO 1: CUSTODIAL STATEMENT COLLECTIONS: 

COLLECTION OF NON-EXCHANGE REVENUE: TAXES – INDIVIDUAL AND NOT OTHERWISE CLASSIFIED

Effective Fiscal 2021

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Preclosing Adjusted Trial Balance – End of Year 1

Account Description Debit Credit

Budgetary - -

None - -

- -

Proprietary - -

132500 (N) Taxes Receivable 3,000 -

132900 (N) Allowance for Loss on Taxes Receivable - 1,200

298000 (G) Custodial Liability - 1,800

580000 (N) Tax Revenue Collected - 1,000

580100 (N) Tax Revenue Collected - Individual - 6,000

582100 (N) Tax Revenue Accrual Adjustment -

Individual

- 3,000

583100 (N) Contra Revenue for Taxes - Individual 1,200 -

599000 (G) Collections for Others – Statement of 

Custodial Activity

7,000 -

599100 (G) Accrued Collections for Others – Statement 

of Custodial Activity

1,800 -

Total 13,000 13,000
GENERAL FUND RECEIPT (GFR) ACCOUNT GUIDE: SCENARIO 1: CUSTODIAL STATEMENT COLLECTIONS: 

COLLECTION OF NON-EXCHANGE REVENUE: TAXES – INDIVIDUAL AND NOT OTHERWISE CLASSIFIED

Effective Fiscal 2021

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Financial Statements

BALANCE SHEET AS OF SEPTEMBER 30, YEAR 1

Line 

No.

GFR 

Account

Assets (Note 2)

Intragovernmental

1. Fund Balance with Treasury (Note 3) (101000E) -

6. Total intragovernmental -

10. Taxes receivable, net (Note 7) (132500E, 132900E) 1,800

15. Total assets 1,800

Liabilities (Note 13)

Intragovernmental

19. Other (Note 15, 16, and 17) (298000E) 1,800

20. Total Intragovernmental 1,800

Net Position

33. Cumulative results of operations – All Other Funds (Combined or Consolidated Totals) (58XXXXE, 59XXXXE) -

35. Total Net Position – All Other Funds -

36. Total Net Position -

37. Total liabilities and net position 1,800
GENERAL FUND RECEIPT (GFR) ACCOUNT GUIDE: SCENARIO 1: CUSTODIAL STATEMENT COLLECTIONS: 

COLLECTION OF NON-EXCHANGE REVENUE: TAXES – INDIVIDUAL AND NOT OTHERWISE CLASSIFIED

Effective Fiscal 2021

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August 2020

STATEMENT OF CUSTODIAL ACTIVITY FOR THE YEAR ENDED SEPTEMBER 30, YEAR 1

Line 

No.

GFR 

Account

Total Custodial Revenue:

Sources of Cash Collections:

1. Individual Income and FICA/SECA Taxes (580100E) 6,000

7. Miscellaneous (580000E) 1,000

8. Total Cash Collections 7,000

9. Accrual Adjustments (+/-) (582100E, 583100E) 1,800

10. Total Custodial Revenue 8,800

Disposition of Collections:

11. Transferred to Others (by Recipient) (599000E) 7,000

12. (Increase)/Decrease in Amounts Yet to be Transferred (+/-) (599100E) 1,800

14. Retained by Reporting Entity -

15. Total Disposition of Collections 8,800

16. Net Custodial Activity -

OMB Circular No. A-136, Financial Reporting Requirements, Section II.3.8.35 – Note 35 Incidental Custodial Collections states: 

“Organizations collecting immaterial custodial revenues that are incidental to their primary mission may disclose the sources and 

amounts of the collections and the amounts distributed to others in accompanying notes rather than on the face of the statement.” Also, 

see SFFAC No. 2, Entity and Display, paragraph 103.

Note: The Statement of Net Cost, Statement of Changes in Net Position, Statement of Budgetary Resources, and the SF 133 & 

Schedule P are not applicable to this scenario.
GENERAL FUND RECEIPT (GFR) ACCOUNT GUIDE: SCENARIO 1: CUSTODIAL STATEMENT COLLECTIONS: 

COLLECTION OF NON-EXCHANGE REVENUE: TAXES – INDIVIDUAL AND NOT OTHERWISE CLASSIFIED

Effective Fiscal 2021

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August 2020

Reclassified Financial Statements

RECLASSIFIED BALANCE SHEET AS OF SEPTEMBER 30, YEAR 1

Line 

No.

GFR 

Account

1

2. Non-federal

2.2 Accounts and taxes receivable, net (132500E, 132900E) 1,800

2.9 Total non-federal assets 1,800

3 Federal

3.1 Fund Balance with Treasury (RC 40)/1 (101000E) -

3.14 Total federal assets -

4. Total assets 1,800

Liabilities 

7. Federal

7.11 Liability to agency Other Than the General Fund of the U.S. Government for custodial and other non-entity assets (RC 

10)/1 (298000E)

1,800

7.15 Total federal liabilities 1,800

8 Total liabilities 1,800

9 Net Position

9.2 Net Position – funds other than those from dedicated collections -

10 Total net position -

11. Total liabilities and net position 1,800
GENERAL FUND RECEIPT (GFR) ACCOUNT GUIDE: SCENARIO 1: CUSTODIAL STATEMENT COLLECTIONS: 

COLLECTION OF NON-EXCHANGE REVENUE: TAXES – INDIVIDUAL AND NOT OTHERWISE CLASSIFIED

Effective Fiscal 2021

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August 2020

RECLASSIFIED STATEMENT OF OPERATIONS AND CHANGES IN NET POSITION AS OF 

SEPTEMBER 30, YEAR 1

Line 

No.

GFR 

Account

5 Non-federal non-exchange revenue:

5.1 Individual income tax and tax withholdings (for use by Treasury only) (580100E, 582100E, 583100E) (7,800)

5.7 Other taxes and receipts (580000N) (1,000)

5.9 Total non-federal non-exchange revenue (8,800)

8 Other financing sources:

8.4 Non-entity collections transferred to the General Fund of the U.S. Government (RC 44) (599000E) 7,000

8.5 Accrual for non-entity amounts to be collected and transferred to the General Fund of the U.S. Government (RC 48) 

(599100E) 1,800

8.11 Total other financing sources 8,800

9 Net cost of operations -

10 Net position, end of period -

Note: The Reclassified Statement of Net Cost is not applicable to this scenario.
GENERAL FUND RECEIPT (GFR) ACCOUNT GUIDE: SCENARIO 1: CUSTODIAL STATEMENT COLLECTIONS: 

COLLECTION OF NON-EXCHANGE REVENUE: TAXES – INDIVIDUAL AND NOT OTHERWISE CLASSIFIED

Effective Fiscal 2021

Page 25 of 26

August 2020

Closing Entries

1. To record the closing of revenue, expense, and other financing source accounts to cumulative results of operations.

GFR Account Debit Credit TC General Fund of the U.S. 

Government (099)

Debit Credit TC

Budgetary Entry

None

Proprietary Entry

331000 Cumulative Results of Operations

 599000 (G) Collections for Others –

 Statement of Custodial Activity (RC 44) 

 599100 (G) Accrued Collections for 

 Others – Statement of Custodial Activity 

 (RC 48) 

And:

580000 (N) Tax Revenue Collected

580100 (N) Tax Revenue Collected -

Individual 

582100 (N) Tax Revenue Accrual 

Adjustment - Individual 

 331000 Cumulative Results of 

Operations

 583100 (N) Contra Revenue for Taxes –

 Individual 

8,800

1,000

6,000

3,000

7,000

1,800

8,800

1,200

F336

Budgetary Entry

None

 

Proprietary Entry 

571000 (F) Transfer in of Agency 

Unavailable Custodial and Non-Entity 

Collections (RC 44)

571200 (F) Accrual of Agency 

Amount to be Collected – Custodial 

and Non-Entity – General Fund of the 

U.S. Government (RC 48)

 331000 Cumulative Results of 

 Operations 

7,000

1,800

8,800
GENERAL FUND RECEIPT (GFR) ACCOUNT GUIDE: SCENARIO 1: CUSTODIAL STATEMENT COLLECTIONS: 

COLLECTION OF NON-EXCHANGE REVENUE: TAXES – INDIVIDUAL AND NOT OTHERWISE CLASSIFIED

Effective Fiscal 2021

Page 26 of 26

August 2020

Post-Closing Trial Balance

Account Description Debit Credit

Budgetary - -

None - -

- -

Proprietary - -

132500 (N) Taxes Receivable 3,000 -

132900 (N) Allowance for Loss on Taxes Receivable - 1,200

298000 (G) Custodial Liability - 1,800

Total 3,000 3,000