Creating and Understanding Monthly Utility Finance Reports

Creating and Understanding Monthly Utility Finance Reports

Creating and Understanding Monthly Utility Finance Reports

Written by: Pati Crofut and Joanna Knapp

Turnagain Press

Annual Certified Financial Statement Spreadsheet:

Designed by Fred Broerman Local Government Specialist

Published by Alaska Department of Commerce, Community, and

Economic Development Division of Community and Regional Affairs

Rural Utility Business Advisor Program

Project Manager John Nickels

Bill Walker, Governor State of Alaska

Chris Hladick, Commissioner Alaska Department of Commerce, Community, and

Economic Development

Katherine Eldemar, Director Division of Community and Regional Affairs

For copies of this publication, contact Alaska Department of Commerce, Community, and Economic

Development Division of Community and Regional Affairs

Rural Utility Business Advisor program

May 2015

Table of Contents

Introduction Lesson 1 Lesson 2 Lesson 3 Lesson 4 Lesson 5 Lesson 6 Lesson 7 Lesson 8 Lesson 9 Lesson 10 Lesson 11 Lesson 12

Glossary

Index

1

Cycle of Utility Financial Reports

3

Using Budget Packets

7

Creating and Using Classes in QuickBooks 11

Building the Chart of Accounts

15

Entering the Budget into QuickBooks

21

Day-to-Day Accounting Transactions

29

Creating the Income Statement

37

Cash versus Accrual Basis

47

Creating the Balance Sheet

53

Budget versus Actual Excel Spreadsheet

59

Updating the Spreadsheet Each Month

69

Certified Financial Statement and

the Fiscal Year End

75

82

87

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