Louisiana Administrative Code › Title 28 - EDUCATION › Part XLI - Bulletin 1929-Louisiana Accounting and Uniform Governmental Handbook › Chapter 11 - Classification of Balance Sheet Accounts › Section XLI-1101 - Assets and Other Debit Codes

Current through Register Vol. 50, No. 6, June 20, 2024
A.
				Assets and other debits include what is owned and what is not owned (as of the
				date of the balance sheet) but is expected to become owned fully at some future
				date. Also included are other budgeting and offsetting accounts which normally
				have debit balances.
B. Current
				Assets-cash or anything that can be readily converted into cash.
1. 101 Cash in Bank-all funds on deposit with
				a bank or savings and loan institution in interest bearing and
				non-interest-bearing checking accounts.
2. 102 Cash on Hand-currency, coins, checks,
				postal and express money orders, and bankers' drafts on hand.
3. 103 Petty Cash-a sum of money set aside
				for the purpose of paying small obligations for which the issuance of a formal
				voucher and check would be too expensive and time-consuming.
4. 104 Change Cash-a sum of money set aside
				to provide change.
5. 105 Cash with
				Fiscal Agents-deposits with fiscal agents, such as commercial banks, for paying
				matured bonds and interest.
6. 111
				Investments-securities and real estate held for producing income in the form of
				interest, dividends, rentals or lease payments. The account does not include
				capital assets used in LEA operations. Separate accounts for each category of
				investments may be maintained
7.
				112 Unamortized Premiums on Investments-The excess of the amount paid for
				securities over the face value which has not yet been amortized. Use of this
				account is restricted to long-term investments.
8. 113 Unamortized Discounts on Investments
				(credit)-The excess of the face value of securities over the amount paid for
				them which has not yet been written off. Use of this account is normally
				restricted to long-term investments.
9. 114 Interest Receivable on Investments-The
				amount of interest receivable on investments, excluding interest purchased.
				Interest purchased should be shown in a separate account.
10. 115 Accrued Interest on Investments
				Purchased- Interest accrued on investments between the last interest payment
				date and date of purchase. The account is carried as an asset until the first
				interest payment date after the date of purchase. Upon receipt and deposit of
				the cash, an entry is made debiting the account "Cash in Bank", and crediting
				the "Accrued Interest on Investments Purchased" account for the amount of
				interest purchased and an interest earning revenue account (1510) for the
				balance.
11. 121 Taxes
				Receivable-The uncollected portion of taxes that a LEA or governmental unit has
				levied and that has become due, including any interest or penalties that may
				have accrued. Separate accounts may be maintained on the basis of tax roll,
				current and delinquent taxes, or both.
12. 122 Allowance for Uncollectable Taxes
				(Credit)-that portion of taxes receivable it is estimated will not be
				collected. The account is shown on the balance sheet as a deduction from the
				taxes receivable account in order to arrive at the net taxes receivable.
				Separate accounts may be maintained on the basis of tax roll year, delinquent
				taxes, or both.
13. 131 Interfund
				Loans Receivable-An asset account used to record a loan by one fund to another
				fund in the same governmental unit. It is recommended that separate accounts be
				maintained for each Interfund receivable loan.
14. 132 Interfund Accounts Receivable-An
				asset account used to indicate amounts owed to a particular fund by another
				fund in the same LEA for goods sold or services rendered. It is recommended
				that separate accounts be maintained for each Interfund receivable.
15. 141 Intergovernmental Accounts
				Receivable- Amounts due to the reporting governmental unit from another
				governmental unit. These amounts may represent grants-in-aid, shared taxes,
				taxes collected for the reporting by the reporting unit, loans, and charges for
				services rendered by the reporting unit for another government. It is
				recommended that separate accounts be maintained for each interagency
				receivable.
16. 151 Loans
				Receivable-Amounts that have been loaned to persons or organizations, including
				notes taken as security for such loans, where permitted by statutory
				authority.
17. 152 Allowance for
				Uncollectible Loans (Credit)-the portion of loans receivable that it is
				estimated will not be collected. The account is shown on the balance sheet as a
				deduction from the other loans receivable account.
18. 153 Other Accounts Receivable-Amounts
				owed on open account from private persons, firms, or corporations for goods and
				services furnished by an LEA (but not including amounts due from other funds or
				from other governmental units).
19.
				154 Allowance for Uncollectible Accounts Receivable (Credit)-a provision for
				that portion of accounts receivable that it is estimated will not be collected.
				The account is shown on the balance sheet as a deduction from the other
				accounts receivable account.
20.
				161 Bond Proceeds Receivable-An account used to designate the amount receivable
				upon the sale of bonds.
21. 171
				Inventories for Consumption-The cost of supplies and equipment on hand not yet
				distributed to requisitioning units.
22. 172 Inventories for Resale-The value of
				goods held by an LEA for resale rather than for use in its own
				operations.
23. 181 Prepaid
				Expenses-expenses paid for benefits not yet received. Prepaid expenses differ
				from deferred charges in that they are spread over a shorter period of time
				than deferred charges and are regularly recurring costs of operation. Examples
				of prepaid expenses are prepaid rent, prepaid interest, and unexpired insurance
				premiums.
24. 191 Deposits-Funds
				deposited by the LEA as prerequisite to receiving services, goods, or
				both.
25. 192 Deferred
				Expenditures/Expenses-certain disbursements that are made in one period but are
				more accurately reflected as an expenditure/expense in the next fiscal
				period.
26. 194 Premium and
				Discount on Issuance of Bonds-represents amounts to be amortized as debt
				premium/discount in connection with the issuance of bonds.
27. 199 Other Current Assets-current assets
				not provided for elsewhere.
28. 211
				Land and Land Improvements-a capital asset account that reflects the
				acquisition value of land owned by an LEA. If land is purchased, this account
				includes the purchase price and costs, such as legal fees, filling and
				excavation costs, and other associated improvement costs incurred to put the
				land in condition for its intended use. If land is acquired by gift, the
				account reflects its appraised value at the time of acquisition.
29. 221 Site Improvements-a capital asset
				account that reflects the acquisition value of permanent improvements, other
				than buildings, which add value to land. Examples of such improvements are
				fences, retaining walls, sidewalks, pavements, gutters, tunnels and bridges. If
				the improvements are purchased or constructed, this account contains the
				purchase or contract price. If improvements are obtained by gift, it reflects
				the appraised value at the time of acquisition.
a. Site improvements are improvements that
				have a limited useful life. Because these improvements decrease in their
				value/usefulness over time, it is appropriate to depreciate these assets.
				Therefore, all capitalized site improvements should be depreciated over their
				expected useful life.
30. 222 Accumulated Depreciation on Site
				Improvements-accumulated amounts for depreciation of land
				improvements.
31. 231 Building and
				Building Improvements-a capital asset account that reflects the acquisition
				value of permanent structures used to house persons and property owned by the
				LEA. If buildings are purchased or constructed, this account includes not only
				the purchase or contract price of all permanent buildings, but also the
				fixtures attached to and forming a permanent part of such buildings. This
				account includes all building improvements. If buildings are acquired by gift,
				the account reflects their appraised value at the time of
				acquisition.
32. 232 Accumulated
				Depreciation on Buildings and Building Improvements-accumulated amounts for
				depreciation of buildings and building improvements.
33. 241 Machinery and Equipment-tangible
				property of a more or less permanent nature, other than land, buildings, or
				improvements thereto, which is useful in carrying on operations. Examples are
				machinery, tools, trucks, cars, buses, furniture and furnishings.
				Definition-Supplies vs. Equipment provides criteria to distinguish whether a
				purchase is a supply or a piece of machinery or equipment.
34. 242 Accumulated Depreciation on Machinery
				and Equipment-accumulated amounts for depreciation of machinery and
				equipment.
35. 251 Works of Art and
				Historical Treasures-individual items or collections of items that are of
				artistic or cultural importance.
36. 252 Accumulated Depreciation on Works of
				Art and Historical Collections-accumulated amounts for the depreciation (as
				applicable) of works of art and historical treasures.
37. 261 Infrastructure-a capital asset,
				network, or subsystem that has a useful life that is significantly longer that
				those of other capital assets. These assets may include water/sewer systems,
				roads, bridges, tunnels, and other similar assets.
38. 262 Accumulated Depreciation on
				Infrastructure-accumulated amounts for the depreciation of infrastructure
				assets.
39. 271 Construction in
				Progress-the cost of construction work undertaken, but not yet
				completed.
40. 303 Amount Available
				in Debt Service Funds-an account in the general long-term debt account group.
				It designates the amount of fund balance available in the debt service fund for
				the retirement of long-term debt.
41. 304 Amount to be Provided for Retirement
				of General Long-Term Debt-an account in the general long-term debt account
				group. It designates the amount to be provided from taxes or other revenue to
				retire long-term debt.