How is accounting kept in a budget unit? Budgetary units operate on the basis of separate acts. This means that the accounting kept in them is also governed by slightly different rules. Some people even think that budget accounting has nothing to do with ordinary accounting. Is it really so? How is accounting done in a budget unit?

Form of keeping budget accounting

Public finance sector entities must keep full accounting books. Regardless of what income they achieve, they cannot keep simplified accounting. Budgetary units are appointed by the state to carry out tasks that usually do not generate income. Examples of this type of unit are schools, kindergartens and centers for the disabled. This type of activity is also undertaken by the private sector, but the state undertakes to offer such services to citizens free of charge. Accounting for budgetary units does not focus on profits, revenues or costs. It is not about achieving the highest possible financial result and its creation. Such action would be unreasonable, as budgetary units practically do not generate income. Those who achieve them are not able to fully finance themselves from them.This means that the main form of financing budgetary units are grants or subsidies. It is from them that an entity has to settle accounts and this is what its accounting is mainly focused on. The point is to list what public money is spent on. The received money must also be accounted for in the sense that its surplus at the end of the year should be transferred to the state budget. Meanwhile, budgetary establishments also operate on the basis of received subsidies, but they can also generate their own income. Examples are social welfare homes, cultural centers and urban green areas. Moreover, the activity of establishments is often conducted for a fee. This means the need to keep accounting records that allow you to determine the financial result and profitability of the plant.

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Principles of budget accounting

In general, it seems that budget accounting is governed by similar principles to that of private entities. In public units, accountants have to open general ledger accounts, auxiliary ledgers or keep a journal. Moreover, the records must include a list of assets and a statement of turnover and balances. However, the accounts may have a slightly different name, which results from the regulation of the Minister of Finance. Budgetary units are required to keep detailed records on some accounts. For example, fixed assets should be listed in detail. Accountants must also specify types of settlements or cash accounts. Budgetary entities must also prepare financial statements periodically. However, there is no distinction between micro, small or large units.All budget units prepare reports in the same form.

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What’s more, accountants are required to record all budget expenses. Unfortunately, these expenses must be the same as planned. Each unplanned expense must be justified. Accountants also record income. These can be divided into assigned and unassigned. Assigned ones refer to those payments that the entity should receive. Unallocated ones refer to payments that have not been previously planned.Assigned ones refer to those payments that the entity should receive. Unallocated ones, on the other hand, refer to payments that have not been previously planned.Assigned ones refer to those payments that the entity should receive. Unallocated ones refer to payments that have not been previously planned.

How to keep accounting of budget units?

A specialized program can be used to conduct budget accounting. Why is this a good solution? First of all, a program of this type is created with public entities in mind. All kinds of account names or report templates are matched to these units. This is very important because the requirements are clearly defined in ordinances and laws. The budgetary unit must therefore follow the set rules. Accounting of budgetary units is significantly different from that carried out in private units. Here, we cannot freely choose the names of accounts or accounting methods. The rules regarding, for example, property valuation or determining income tax advances are also simplified. Moreover, budgetary units often do not pay taxes at all. Means,that accountants are released from the obligation to calculate and record them.

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Nevertheless, the accounting of a budgetary unit must be carried out very diligently. The point is that it should be able to present a clear state of finances of an individual that has public money at its disposal. Accountants do not focus on taxes or financial result, but they must carefully record all receipts and expenses. In the accounting of budgetary units, everything has to be correct – there is no room for any embezzlement here. Budget accounting must account for the money that the entity receives. Each income must also be properly recorded so as to be able to determine any income tax or a surplus to be refunded to the state budget.Nevertheless, the accounting of a budgetary unit must be carried out very diligently. The point is that it should be able to present a clear state of finances of an individual that has public money at its disposal. Accountants do not focus on taxes or financial result, but they must carefully record all receipts and expenses. In accounting for budgetary units, everything has to be correct – there is no room for any embezzlement here. Budget accounting must account for the money that the entity receives. Each income must also be properly recorded so as to be able to determine the possible income tax or the surplus to be refunded to the state budget.Nevertheless, the accounting of a budgetary unit must be carried out very diligently.

The point is that it should be able to present a clear state of finances of an individual that has public money at its disposal. Accountants do not focus on taxes or financial result, but they must carefully record all receipts and expenses. In accounting for budgetary units, everything has to be correct – there is no room for any embezzlement here. Budget accounting must account for the money that the entity receives. Each income must also be properly recorded so as to be able to determine any income tax or a surplus to be refunded to the state budget.Accountants do not focus on taxes or financial result, but they must carefully record all receipts and expenses. In the accounting of budgetary units, everything has to be correct – there is no room for any embezzlement here. Budget accounting must account for the money that the entity receives. Each income must also be properly recorded so as to be able to determine any income tax or a surplus to be refunded to the state budget.Accountants do not focus on taxes or financial result, but they must carefully record all receipts and expenses. In the accounting of budgetary units, everything has to be correct – there is no room for any embezzlement here. Budget accounting must account for the money that the entity receives. Each income must also be properly recorded so as to be able to determine the possible income tax or the surplus to be refunded to the state budget.so as to be able to determine the possible income tax or the surplus to be reimbursed for the state budget.