3. Beginning account balances have already been entered for you in the problem template provided Type your journal entries in this space – you do not have to type commas, the cells are formatted to put them in. Estimated Revenues 750,000 Estm’ Other Financing Sources 100,000 Appropriations 800,000 Budgetary Fund Balance 185,000 To record budget Next we will post these to the t-accounts.

4. Estimated Revenues 750,000 Estm’ Other Financing Sources 100,000 Appropriations 800,000 Budgetary Fund Balance 185,000 To record budget Click on the first cell where you wish to post the entry.

5. Estimated Revenues 750,000 Estm’ Other Financing Sources 100,000 Appropriations 800,000 Budgetary Fund Balance 185,000 To record budget Type an equals sign Click on the cell you wish to link from and hit “enter” key =

6. Estimated Revenues 750,000 Estm’ Other Financing Sources 100,000 Appropriations 800,000 Budgetary Fund Balance 185,000 To record budget The amount will appear in the destination cell 750,000

7. Estimated Revenues 750,000 Estm’ Other Financing Sources 100,000 Appropriations 800,000 Budgetary Fund Balance 185,000 To record budget = Repeat for additional debits and credits in the entry - Type an equals sign Click on the cell you wish to link from and hit “enter” key

8. Estimated Revenues 750,000 Estm’ Other Financing Sources 100,000 Appropriations 800,000 Budgetary Fund Balance 185,000 To record budget = Repeat for additional debits and credits in the entry - Type an equals sign Click on the cell you wish to link from and hit “enter” key 750,000 100,000

9. After you post each journal entry, scroll down to check that debits equal credits. If they don’t, you probably posted something to the wrong side of a t-account.

10. OK, now we have all the journal entries posted and we are ready to move on to closing entries. These are located on the second tab, found at the bottom of the excel screen.

11. But before we move on, what accounts will we be closing? Only the Activity and Budgetary accounts are closed. Now open the second window by clicking on the tab below Activity Accounts Budgetary Accounts

12. Type in names of the budgetary and activity accounts. Because we are closing the accounts, we will debit those with credit balances and credit those with debit balances Click a cell and type an equals sign. =

13. = Open the first tab

14. Click on the cell you wish to link from and hit “enter” key

15. You will return to the 2 nd tab and the amount will appear. Repeat these steps for each activity and budgetary account. 703,000

16. The T-accounts for the “equity” accounts (Fund balance or Net Position) appear again on this tab. Post the closing entry to these T-accounts using the same linking (=) procedures. The budgetary fund balances are now eliminated. The remaining fund balance is the end of the year balance and will appear on the balance sheet.

17. GASB requires that the “equity” accounts (Fund balance or Net Position) be reported within specific categories, as described in the textbook. A table is provided for allocating the total among the various categories. Equals supplies Equals encumbrances Plug Then open the first financial statement tab

18. The headings are built into the template and will appear when the file is printed Some problems may assume balances for other funds. This will be described on the spreadsheet. areas shaded in blue are not a requirement of this exercise but are assumed to provide a complete financial statement

19. It is now time to link the financial statements to the work completed on earlier tabs All items appearing on Activity Statements can be found in the closing entry Click on the first cell and type an equals sign. Open the 2nd tab. =

20. Click on the desired cell and hit enter.

21. The template will calculate subtotals and totals The amount will appear in the financial statement. Repeat for remaining items 703,000

22. Before leaving the activity statement, check that the totals agree with tab 2 Note, link to the beginning fund balance here (Tab 1)

23. Finally, move on to the balance sheet

24. Link all these items to ending account balances on Tab 1 Link all these items to the table on Tab 2

25. Finally, check to see if the Balance Sheet is in balance.

26. By using links within your worksheet, if you need to adjust a journal entry, you can do so and everything else will be automatically adjusted for the change.