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Fund types are categories that you can use to group funds for detailed fiscal tracking and reporting. The Generally Accepted Accounting Principles (GAAP) for state and local governmental accounting provides standards that you can follow when you set up your system of funds and fund types.
This procedure was created using the PSUS demo company data in the public sector partition.
- Go to General ledger > Chart of accounts > Funds > Fund types.
- Click New.
- In the Fund type field, type a value.
- The eight fund types under the Generally Accepted Accounting Principles (GAAP) for state and local governmental accounting include: general fund, special revenue funds, capital project funds, debt service funds, enterprise funds, internal service funds, trust funds, and agency funds.
- In the Description field, type a value.
- Click Save.