New Hampshire Code of Administrative Rules
Rev - Department of Revenue Administration
Chapter Rev 1100 - FINANCIAL SOURCE CODING FOR LOCAL EDUCATIONAL AGENCIES
Part Rev 1110 - CLASSIFICATION OF BALANCE SHEET ACCOUNTS
Section Rev 1110.02 - Liabilities, Fund Equity and Other Credits
Universal Citation: NH Admin Rules Rev 1110.02
Current through Register No. 13, March 27, 2025
Liabilities, reserves, and fund balances shall consist of LEA debts, plus items which are not debts, but which might become debts at some future time, as well as other budgeting accounts which normally appear only on the interim financial statements, as follows:
(a) Current liabilities shall be for those debts the LEA expects to pay within the next budget cycle, as follows:
(1) Account 400, interfund payables,
classification shall be used for the sum total of interfund loans and interfund
accounts payable, as follows:
a. Account 401,
interfund loans payable, classification shall be used for a liability account
to record a debt owed by one fund to another fund in the same LEA;
and
b. Account 402, interfund
accounts payable, classification shall be used for amounts owed by a particular
fund to another fund in the same LEA for goods and services rendered;
(2) Account 410, intergovernmental
accounts payable, classification shall be used for amounts owed by the
reporting LEA to another governmental unit;
(3) Account 420, other payables,
classification shall be used for the sum total of the LEA accounts, judgments
and warrants payable, as follows:
a. Account
421, accounts payable, classification shall be used for liabilities on open
accounts owing to private persons, firms or corporations for goods and services
received by an LEA;
b. Account 422,
judgments payable, classification shall be used for amounts due to be paid by
an LEA as a result of court decisions; and
c. Account 423, warrants payable,
classification shall be used for amounts due to designated payees in the form
of a written order drawn by the LEA directing the LEA treasurer to pay a
specific amount;
(4)
Account 430, contracts payable, classification shall be used for the sum total
of the LEA's contracts payable, construction contracts payable and the
retainage on construction contracts, as follows:
a. Account 431, contracts payable,
classification shall be used for amounts due on contracts for assets, goods and
services received by an LEA;
b.
Account 432, retainage on construction contracts, classification shall be used
for liabilities on account of construction contracts for that portion of work
which has been completed but on which part of the liability has not been paid
pending final inspection, or a lapse of a specified time period, or both;
and
c. Account 433, construction
contracts payable, classification shall be used for amounts due by an LEA on
contracts for construction of buildings, structures, and other
improvements;
(5)
Account 440, bonds and interest payable, classification shall be used for the
sum total of matured bonds payable, bonds payable and unamortized premiums on
bonds sold, as follows:
a. Account 441,
matured bonds payable, classification shall be used for bonds which have
reached or passed their maturity date but remain unpaid;
b. Account 442, bonds payable, classification
shall be used for bonds which have not yet reached or passed their maturity
date but are due within one year or less;
c. Account 443, unamortized premiums on bonds
sold, classification shall be used for an account which represents that portion
of the excess of bond proceeds over par value and which remains to be amortized
over the remaining life of the bonds; and
d. Account 444, bond interest payable,
classification shall be used for bond interest due within one year;
(6) Account 450, loans and
interest payable, classification shall be used for short term obligations
representing amounts borrowed for short periods, as follows:
a. Account 451, loans payable, classification
shall be used for short term obligations representing amounts borrowed for
short periods of time;
b. Account
452, lease obligations, classificationshall be for current obligations of lease
amounts; and
c. Account 455, loan
interest payable, classification shall be used for interest due within one
year;
(7) Account 460,
accrued salaries and benefits, classification shall be used for salary and
fringe benefit costs incurred during the current accounting period which are
not payable until a subsequent accounting period;
(8) Account 470, payroll deductions and
withholdings, classification shall be used for amounts deducted from employees'
salaries for withholding taxes and other purposes, including district-paid
benefits amounts payable;
(9)
Account 480, deferred revenues, classification shall be used for a liability
account which represents revenues collected before they become due;
and
(10) Account 490, other current
liabilities, classification shall be used for the sum total of deposits
payable, amounts due fiscal agents and other current liabilities not provided
for elsewhere, as follows:
a. Account 491,
deposits payable, classification shall be used for liability for deposits
received as a prerequisite to providing or receiving services and/or
goods;
b. Account 492, due to
fiscal agent, classification shall be used for amounts due to fiscal agents,
such as commercial banks, for serving the LEA's matured indebtedness; and
c. Account 499, other current
liabilities, classification shall be used for other current liabilities not
provided for elsewhere;
(b) Long-term liabilities shall be for debt with a maturity of more than one year after the date of issuance, as follows:
(1) Account 511, bonds payable,
classification shall be used for bonds which have not reached or passed their
maturity date and which are not due within one year;
(2) Account 521, notes payable,
classification shall be used for an unconditional written promise signed by the
maker to pay a certain sum of money one year or more after the date of
issuance;
(3) Account 531, capital
lease obligations, classification shall be used for amounts remaining to be
paid on capital lease purchase agreements;
(4) Account 551, compensated absences,
classification shall be used for amounts remaining beyond the period of one
year to be paid on compensated absences balances; and
(5) Account 590, other long-term liabilities,
classification shall be used for other long-term liabilities not provided for
elsewhere;
(c) Budgeting accounts of categories for budgeted and actual amounts related to expenditures and encumbrances, which are closed at the end of the year, shall appear during the fiscal period, including the following:
(1) Account 601, appropriations,
classification shall be used for recording authorizations granted to the school
board to make expenditures for specific purposes;
(2) Account 602, expenditures, a debit
classification, shall be used for designating the total of expenditures charged
against appropriations during such periods; and
(3) Account 603, encumbrances, a debit
classification, shall be used for designating obligations in the form of
purchase orders, contracts, or salary commitments which are chargeable to an
appropriation and for which part of the appropriation is reserved;
and
(d) Other credits shall consist of fund equity and other residual interests, as follows:
(1) Account 720, contributed capital,
classification shall be used as an equity account in the proprietary funds
which shows the amount of fund capital contributed by the LEA from general
government revenue and resources;
(2) Account 730, reserve for special purposes
retained earnings, classification shall be used for the accumulated earnings of
the proprietary funds which have been retained in the fund and which are
reserved for a specific purpose;
(3) Account 740, unreserved retained
earnings, classification shall be used for the accumulated earnings of the
proprietary funds which have been retained in the fund and which are not
reserved for any specific purpose;
(4) Account 750, reserved fund balance,
classification shall be used for reserved fund balance as follows:
a. Account 751, reserve for inventories,
classification shall be used for a reserve representing the portion of a fund
balance segregated to indicate that assets equal to the amount of reserve in
inventories;
b. Account 752,
reserve for prepaid expenses, classification shall be used for a reserve
representing that portion of a fund balance segregated to indicate that assets
equal to the amount of reserve in prepaid expenses;
c. Account 753, reserve for encumbrances,
classification shall be used for a reserve representing the segregation of a
portion of a fund balance to provide for unliquidated encumbrances;
d. Account 754, reserve for continuing
appropriations, classification shall be used for segregation of a portion of a
fund balance which represents the unexpended portion of a special warrant
article voted by the legislative body as nonlapsing according to
RSA
32:7, VI or by the governing body according
to RSA
32:7, V;
e. Account 755, reserve for amounts voted
from surplus, classification shall be used for segregation of a portion of a
fund balance set apart by the legislative body at the annual meeting for a
particular purpose in the following fiscal year; and
f. Account 756, reserve for endowments,
classification shall be used for a reserve representing the principal portion
of a nonexpendable trust fund;
(5) Account 760, reserve for special purposes
fund balance, classification shall be used for a reserve representing a portion
of a fund balance segregated for a special unpredicted obligation occurring
prior to the end of the fiscal year; and
(6) Account 770, unreserved fund balance,
classification shall be used for the excess of the assets of a fund over its
liabilities and reserves.
#5072, eff 2-21-91; amd by #6125, eff 11-23-95; ss by #6476, eff 3-26-97; amd by #6869, eff 10-20-98; ss by #8306, eff 3-22-05; ss by #10304, eff 3-22-13
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