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-1103 - Liabilities and Other Credit Codes

Current through Register Vol. 50, No. 6, June 20, 2024
A. Liabilities are LEA debts plus items that
				are not debts, but which may become debts at some future time.
B. Current liabilities - Those debts the LEA
				expects to pay within a short period of time, usually within a year or less.
1. 401 Interfund Loans Payable-A liability
				account used to record a debt owed by one fund to another fund in the same
				governmental unit. It is recommended that separate accounts be maintained for
				each Interfund loan.
2. 402
				Interfund Accounts Payable-A liability account used to indicate amounts owed by
				a particular fund to another fund in the same LEA for goods and services
				rendered. It is recommended that separate accounts be maintained for each
				Interfund payable.
3. 411
				Intergovernmental Accounts Payable- Amounts owed by the reporting LEA to
				another governmental unit. It is recommended that separate accounts be
				maintained for each interagency payable.
4. 421 Accounts Payable-Liabilities on open
				account owing to private persons, firms, or corporations for goods and services
				received by an LEA (but not including amounts due to other funds of the same
				LEA or to other governmental units).
5. 422 Judgments Payable-Amounts due to be
				paid by an LEA as the result of court decisions, including condemnation awards
				paid for private property taken for public use.
6. 423 Warrants Payable-Amounts due to
				designated payees in the form of a written order drawn by the LEA directing the
				LEA treasurer to pay a specific amount.
7. 431 Contracts Payable-Amounts due on
				contracts for assets, goods and services received by an LEA.
8. 432 Construction Contracts
				Payable-Retainage-liabilities on account of construction contracts for that
				portion of the work that has been completed but on which part of the liability
				has not been paid, pending final inspection, or the lapse of a specified time
				period, or both. The unpaid amount is usually a stated percentage of the
				contract price.
9. 433 Construction
				Contracts Payable-Amounts due by an LEA on contracts for constructing buildings
				and other structures, and other improvements.
10. 441 Matured Bonds Payable-Bonds that have
				reached or passed their maturity date, but which remain unpaid.
11. 442 Bonds Payable-Current-bonds that have
				not reached or passed their maturity date, but which are due within one year or
				less. This account is used only in proprietary or fiduciary funds, as well as
				in the government-wide financial statements.
12. 443 Unamortized Premiums on Issuance of
				Bonds-an account that represents that portion of the excess of bond proceeds
				over par value and that remains to be amortized over the remaining life of such
				bonds. This account is used only in proprietary or fiduciary funds, as well as
				in the government-wide financial statements.
13. 451 Loans Payable-shortterm obligations
				representing amounts borrowed for short periods of time, usually evidenced by
				notes payable or warrants payable.
14. Lease Obligations-Current-capital lease
				obligations that are due within one year.
15. 455 Interest Payable-interest due within
				one year.
16. 461 Accrued Salaries
				and Benefits-salary and fringe benefit costs incurred during the current
				accounting period; these costs are not payable until a subsequent accounting
				period.
17. 471 Payroll Deductions
				and Withholdings-amounts deducted from employee salaries for withholding taxes
				and other purposes. District-paid benefit amounts payable also are included. A
				separate liability account may be used for each type of benefit.
18. 472 Compensated
				Absenses-Currents-compensated absences that will be paid within one
				year.
19. 473 Accrued Annual
				Requirement Contribution Liability-a liability arising from payments not made
				to pension funds. This amount represents any difference between the actuarially
				determined annual required contribution and actual payments made to the pension
				fund.
20. 481 Deferred Revenues-a
				liability account that represents revenues collected before they become
				due.
21. 491 Deposits
				Payable-liability for deposits received as a prerequisite to providing or
				receiving services, goods, or both.
22. 492 Due to Fiscal Agent-amounts due to
				fiscal agents, such as commercial banks, for serving an LEA's matured
				indebtedness.
23. 499 Other Current
				Liabilities-other current liabilities not provided for elsewhere.