The school shall use a standard accounting system as legal in the State of New Jersey.
| NORTHFIELD BOARD OF EDUCATION | FILE CODE: 3400 | |
| Northfield, New Jersey | X | Monitored Mandated |
| Policy | X | Other Reasons |
| ACCOUNTS | ||
All activity accounts in the school year are to be administered under the supervision of the business administrator.
The accounting system shall be established according to state guidelines and reviewed by the auditor and include all generally accepted accounting practices considered necessary. These practices provide that all revenues of moneys shall be deposited intact in the bank within 24 hours of receipt.
Payments are to be made only by check.
Generally Accepted Accounting Principles
The Superintendent of Schools shall ensure that generally accepted accounting principles (GAAP) are applied in preparing the budget and keeping all accounts of the district in accordance with code and statute.
Adopted: October 6, 1997 NJSBA Review/Update: October 2009; December 2010 Readopted: October 24, 2011
Key Words
Bookkeeping, Accounting, Generally Accepted Accounting Principles
Legal References: N.J.S.A. 18A:4-14 Uniform system of bookkeeping for school districts
- 18A:17-8 Secretary; collection of tuition and auditing of accounts
- 18A:17-35 Records of receipts and payments
- 18A:22-8 Contents of budget; program budget system
- 18A:34-2 Care and keeping of textbooks and accounting
- 6A:23A-8.1 et seq. budget submission, support documentation, website publication
- 6A:23A-16.1 et seq. Double Entry Bookkeeping and GAAP Accounting in Local School Districts
Handbook 2R2 – Financial Accounting for Local and State School Systems
Possible
Cross References: *3100 Budget planning, preparation and adoption
*3326 Payment for goods and services
*3450 Money in school buildings
*3451 Petty cash funds
*3453 School activity funds
*3570 District records and reports
3571 Financial reports *3571.4 Audit
*Indicates policy is included in the Critical Policy Reference Manual.