N.H. Admin. Code § Rev 1110.01

Current through Register No. 50, December 12, 2024

Section Rev 1110.01 - Assets and Other Debits

(a) Current assets shall consist of cash or anything that can be readily converted to cash and be classified as follows:

(1) Account 100, cash, classification shall be used for sum total of district cash held in banks, on hand, as petty cash, as change fund and/or by fiscal agent, as follows:

a. Account 101, cash in bank, classification shall be used for all funds on deposit with a bank or savings and loan institution;

b. Account 102, cash on hand, classification shall be used for currency, coin, checks, postal and express money orders, and bankers' drafts on hand;

c. Account 103, petty cash, classification shall be used for a sum of money set aside for the purpose of paying small obligations for which issuance of a formal voucher and check would be too expensive and time-consuming;

d. Account 104, change cash, classification shall be used for a sum of money set aside for providing change; and

e. Account 105, cash with fiscal agent, classification shall be used for deposits with fiscal agents for payment of matured bonds and interest;

(2) Account 110, investments, classification shall be used for sum total of district investments, unamortized premium on investments, unamortized discount on investments, interest receivable on investments and accrued interest on investments purchased, as follows:

a. Account 111, investments, classification shall be used for securities with a maturity of 90 days or more, held for the production of income in the form of interest or dividends;

b. Account 112, unamortized premiums on investments, classification shall be used for the excess of the amount paid for long term investments over the face value which has not yet been amortized;

c. Account 113, unamortized discounts on investments, a credit classification shall be used for the excess of the face value of securities over the amount paid for them which has not yet been amortized;

d. Account 114, interest receivable on investments, classification shall be used for amount of interest receivable on investments, exclusive of interest purchased; and

e. Account 115, accrued interest on investments purchased, classification shall be used for interest accrued on investments between last interest payment date and date of purchase;

(3) Account 120, assessments receivable, classification shall be used for the uncollected portion of current assessment which is due theLEA;

(4) Account 130, interfund receivable, classification shall be used for the sum total of interfund loans and interfund accounts receivable, as follows:

a. Account 131, interfund loans receivable, classification shall be used for an asset account to record the loan by one fund to another fund in the same LEA; and

b. Account 132, interfund accounts receivable, classification shall be used for amounts owed to a particular fund by another fund in the same LEA for goods sold or services rendered;

(5) Account 140, intergovernmental accounts receivable, classification shall be used for amounts due to the LEA from another governmental unit;

(6) Account 150, other receivables, classification shall be used for the sum total of other accounts receivable and estimates for uncollectibles accounts, as follows:

a. Account 151, loans receivable, classification shall be used for amounts which have been loaned to persons or organizations, including notes taken as security for such loans, where permitted by statutory authority;

b. Account 152, estimated uncollectible loans receivable, a credit classification, shall be used for that portion of loans receivable which is estimated will not be collected;

c. Account 153, other accounts receivable, classification shall be used for amounts owing on open accounts from private persons, firms or corporations for goods and services furnished by the LEA; and

d. Account 154, estimated uncollectible accounts receivable, a credit classification, shall be used for that portion of accounts receivable which is estimated will not be collected;

(7) Account 160, bond proceeds receivable, classification shall be used for an account used to designate the amount receivable upon the sale of bonds;

(8) Account 170, inventories, classification shall be used for the sum total of the cost of goods, supplies or equipment held by the LEA for either consumption or resale, as follows:

a. Account 171, inventories for consumption, classification shall be used for the cost of supplies and equipment on hand, not yet distributed to requisitioning units; and

b. Account 172, inventories for resale, classification shall be used for the value of goods held by the LEA for resale rather than for use in its own operations;

(9) Account 180, prepaid expenditures/expenses, classification shall be used for expenditures/expenses paid for benefits not yet received; and

(10) Account 190, other current assets, classification shall be used for the sum total of deposits and other current assets not otherwise classified, as follows:

a. Account 191, deposits, classification shall be used for funds deposited by the LEA as prerequisite to receiving services and/or goods; and

b. Account 199, other current assets, classification shall be used for current assets not otherwise classified.

(b) Account 200, capital assets, shall consist of assets the LEA intends to hold or continue in use over a long period of time, as follows:

(1) Account 210, sites, classification shall be used for a capital asset account which reflects the acquisition value of land owned by the LEA, as follows:

a. If land is purchased, this account shall include the purchase price and costs incurred to put the land in condition for its intended use; and

b. If the land is acquired by gift, the account shall reflect the appraised value at time of acquisition;

(2) Account 220, site improvements, classification shall be used for a capital asset account which reflects the acquisition value of permanent improvements, other than buildings, which add value to land, as follows:

a. If improvements are purchased or constructed, this account shall contain the purchase or contract price; and

b. If improvements are obtained by gift, this account shall reflect the appraised value at the time of acquisition;

(3) Account 230, buildings and building improvements, classification shall be used for a capital asset account which reflects the acquisition value of permanent structures to house persons and property owned by the LEA, as follows:

a. If buildings are purchased or constructed, this account shall include:

1. Purchase or contract price of all permanent buildings; and

2. Fixtures attached to and forming a permanent part of such buildings;

b. If buildings are acquired by gift, the account shall reflect their appraised value at time of acquisition; and

c. This account shall include all building improvements added after purchase, construction or acquisition by gift;

(4) Account 240, machinery and equipment, classification shall be used for total cost of machinery and equipment including applicable accumulated depreciation; and

(5) Account 250, construction in progress, classification shall be used for the cost of construction work undertaken but not yet completed.

(c) Budgeting accounts and other debits shall consist of categories for budgeted and actual amounts of revenues as well as offsetting accounts, as follows:

(1) Account 301, estimated revenues, classification shall be used for the amount of revenues estimated to be received or to become receivable during the fiscal period; and

(2) Account 302, revenues, a credit classification, shall be used for the total of all revenues realized during a period.

N.H. Admin. Code § Rev 1110.01

#5072, eff 2-21-91, EXPIRED 2-21-97

New. #6476, eff 3-26-97; ss by #6869, eff 10-20-98; ss by #8306, eff 3-22-05; ss by #10304, eff 3-22-13