I have a standard list of journal entries that I make each month. The only difference in these entries is the dollar amounts. Is there a way that I can set up standard journal entries that “recur” each month?

Yes. Go to General Ledger – Data Entry tab – Add/Edit Recurring Journal Entries. Enter the respective journal entries (including dollar amounts) for the current entry. The dollar amounts can be changed in subsequent months by returning to this screen. Now, go to the Actions Tab and click on Update Recurring Journal Entries. Select the respective accounting period to be posted, and then click OK.

Rhode Island Fund Accounting | Enhanced Business Systems

Fund accounting is a specialized system of financial management used primarily by non-profit organizations and government entities. Unlike private sector accounting—which focuses on measuring profitability and maximizing shareholder value—fund accounting is built entirely around accountability. Its primary goal is to ensure that restricted resources and public money are tracked transparently and spent exactly as intended, mandated by law, or directed by grantors.

Instead of pooling all resources into a single bank account, fund accounting splits an organization’s finances into separate, self-balancing “funds.” You can think of these funds as individual buckets of money, each with its own specific purpose, checkbook, and set of rules.

The Three Main Types of Funds

To maintain strict control over public resources, state and local governments categorize their finances into three primary buckets:

Governmental Funds: These account for the core, day-to-day services provided by the government. They are largely funded by tax revenues and intergovernmental grants. This includes public safety, health and human services, public education, and general administration.
Proprietary (Business-Type) Funds: These operate similarly to private businesses. They are used for government activities that are primarily funded through customer charges and user fees rather than broad taxation (e.g., a municipal water utility or a toll bridge).
Fiduciary Funds: These account for assets held by the government in a trustee capacity for the benefit of others, such as state employee pension plans. The government cannot use these funds to support its own programs.

Why Fund Accounting is Crucial

Fund accounting is essential for public trust and legal compliance. When citizens pay taxes, pay tolls, or when a state receives federal grants, there are strict legal stipulations on how that money can be used. Fund accounting prevents the “commingling” of these resources. For example, if a state receives a $50 million federal grant explicitly for highway repair, fund accounting ensures those dollars are isolated in a specific infrastructure fund and cannot be accidentally spent on administrative salaries or local parks.

Fund Accounting in Action: The State of Rhode Island

For a state like Rhode Island, Rhode Island fund accounting is not just a best practice; it is strictly mandated by the Rhode Island General Laws (RIGL) and the State Constitution. The preparation of Rhode Island’s Annual Comprehensive Financial Report (ACFR) relies heavily on fund accounting to demonstrate fiscal responsibility to its citizens, the General Assembly, and federal regulators.

Here is how fund accounting directly shapes Rhode Island’s state finances:

The General Fund and the “97% Rule”: The General Fund is the chief operating fund for Rhode Island, accounting for all financial resources except those legally required to be placed in another fund. Crucially, the Rhode Island State Constitution dictates that general revenue appropriations cannot exceed 97% of available general revenue sources.
The Rainy Day Fund (State Budget Reserve): Because of the 97% rule, the remaining 3% is directed into the State Budget Reserve and Cash Stabilization Account. Fund accounting isolates this reserve, ensuring it is only tapped into during emergencies or unanticipated deficits, and only with the explicit approval of the General Assembly.
Rhode Island Capital Plan Fund (RICAP): Fund accounting dictates a strict flow of excess capital. If the Rainy Day Fund’s balance exceeds 5% of total general revenues, the overflow doesn’t go back into general spending; it is legally transferred into the RICAP fund to be used strictly for capital improvement projects, like repairing state buildings or infrastructure.
Proprietary Activities in RI: Rhode Island operates several business-type activities that must be tracked separately from taxpayer dollars. The Rhode Island Lottery is a primary example of a proprietary fund. It generates its own revenue through ticket sales, pays out prizes and operational costs, and then transfers the net profit to the General Fund. Other examples include the Rhode Island Convention Center Authority and the Employment Security Trust Fund.
Fiduciary Responsibilities: The state manages massive fiduciary funds, most notably the Employees’ Retirement System of Rhode Island (ERSRI), which holds the pensions for state employees, teachers, and judges. Fund accounting provides the necessary firewall between state operational money and the retirement assets belonging to public workers.

By utilizing fund accounting, Rhode Island can provide a transparent, legally compliant roadmap of every dollar that enters and exits the state, ensuring that specific revenue streams are respected and utilized exactly as the law dictates.