Funds Management (PSM-FM)
These represent reporting for the financial balances of general
government long-term assets and liabilities for an entity.
Memorandum-type entries are necessary to offset these balances, since
these financial transactions have been or will be reported separately for the respective funds
- The General Fixed Assets account group is used to account for all
general government fixed assets, with offsetting entries made to an "Investment in General Fixed Assets" account.
- The General Long-Term Debt Account Group is used to account for all
general government long-term liabilities, with offsetting entries made
to "Amount Available" and "Amount to be Provided" accounts.
