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Tag Archives: inventory
Physical Inventory Considerations
Do you know how to perform an inventory? Although it may appear straightforward, there are considerations that should be reviewed prior to commencing to avoid delays or inefficiencies. Below is a list of items to consider when planning for a … read more
Posted in Articles
Tagged assets, government, inventory, nonprofit, NPO, Sarah Jacobs, school district
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USFR Account Changes for Equipment Thresholds
The Arizona Auditor General has recently updated the Chart of Accounts in the Uniform System of Financial Records for Arizona School Districts (USFR) to allow for easier federal reporting for capital purchases. This Chart of Accounts change is effective July … read more
Posted in Articles
Tagged Arizona, assets, compliance, equipment, Federal, financial reporting, financial statements, inventory, Kara Curtis, OMB, purchasing, school districts, USFR
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Sarah Jacobs, CPA, SFO, MBA
Areas of Expertise: GAAP Accounting Principles Arizona Uniform System of Financial Records for School Districts School ERP Pro, powered by Infinite Visions Arizona School District Chart of Accounts Arizona County Superintendent Cash Reconciliations Arizona School District Bank Reconciliations Arizona School … read more
Posted in Profiles
Tagged accounting, auditor, capital assets, consultant, consulting, CPA, CPA firm, goverment, inventory, nonprofit, NPO, Sarah Jacobs, school district, Scottsdale, SFO, USFR
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Property Control and Tagging Item Concerns for USFR Compliance
The USFR Compliance Questionnaire requires Arizona school districts to appropriately tag stewardship and capital asset items that should then correspond to a district’s stewardship or capital asset listing. The sample size for this requirement has increased over the past few … read more
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Tagged Arizona school districts, audit, capital assets, compliance questionnaire, internal control, inventory, stewardship, tagging, USFR
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Tips to Have Your Capital Asset Schedules Ready for Your Audit
Capital assets are usually a significant account balance on your financial statements. That means capital assets are material and your auditors will want to review your capital asset schedules to ensure your financial statements are free from material misstatements. It … read more
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Tagged accounting, Arizona, assets, audit, capital assets, Cristina Oropeza, government, inventory, nonprofit, school district, Texas
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School District Physical Inventory Process
Do you know the last time your district completed a full physical inventory over all assets? Did you know that federal rules require an inventory of equipment to be completed every two years and that state rules require the physical … read more
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Tagged Alex Cooksey, Arizona, audit, capital assets, consulting, internal control, inventory, physical inventory, school district
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Capital Assets under the Capitalization Threshold
The common understanding under Government Accounting Standards Board (GASB) Statement 34 was that capital items under the capitalization threshold, typically $5,000, were not capitalized and that like items (laptops, furniture) would not be added together to create one asset. However, … read more
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Tagged Arizona, capital assets, capitalization, financial report, GASB, government, inventory, Michael Lauzon, school district, value
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