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Government accounting is the style and standards of accounting used by government agencies. These standards and the style of accounting is established and overseen by the Government Accounting Standards Board (GASB), which in turn consults with the Governmental Accounting Standards Advisory Council (GASAC).
Government accounting standards dictate that the reported fiscal year runs from June to June - an important aspect of information about government accounting standards. If you serve a government agency, or sell to the government, be aware of facts like these!
* Note that most, if not all accounting software, confirms to these standards.
Government accounting is a slightly different animal than your typical business or personal accounting. The reason for this is that the government needed to standardize their accounting process to ensure compatibility and consistency throughout all of their agencies.
Most non profit and fund accounting must comply with government standards, as well as any government agencies and often government subcontractors. If you want to learn more about specific government accounting standards, visit the Government Accounting Standards Board (GASB)online at: http://www.gasb.org/.
Most accounting software packages have developed software that is compatible with the most recent release of government accounting standards.
Government accounting standards are addressed in government accounting software packages available through many accounting software companies.
Some tips on choosing your government accounting software package:
* It is important when you are learning about government accounting standards and software that you choose a scalable solution that will meet the needs of your growing business or non profit. Seek a modular system that can grow with you.
* Make sure that your staff has appropriate accounting software training to ensure that they are maximizing the features offered by the software.
* Work with your accounting software company to maximize your investment and use the data entry and reporting tools to the best of your ability. Complying with GASB is only the first step.
One of the most comprehensive government accounting software is the MIP Government Series.
This software series introduces solutions to the thirty-four challenges of the Government Accounting Standards Board.
These solutions include:
* Individual fund and grant tracking
* Built-in accounting report writer that is preformatted to comply with GASB standards for such reports.
* Features to set up charts of various accounts
* Security features to protect account information according to government accounting standards