The art of recording, classifying, summarizing, reporting ad interpreting the results of financial activities is the accounting process. Generally Accepted Accounting Principles (GAAP) are the accounting rules that state and local governments should follow. GAAP provide a set of uniform minimum standards and guidelines for financial accounting and reporting. Adherence to GAAP implies that financial reports of different organinzations contain the same types of financial statements, for the same categories and types of accounting funds.
Accounting includes planning (budgeting), doing (bookkeeping) and disseminating (reporting). The primary purposes of accounting are to:
-Safeguard the assets of the organization
-Report on the stewardship responsibility for individual resources
-Provide financial information for decision-making
Our office prints vendor payments on the 15th and the last working day of the month. Adherence to posted deadlines for submission of payment requests is necessary to ensure quality and timeliness of our check distributions.