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Accounting & Bookkeeping

RFG provides extensive accounting and bookkeeping assistance across all Municipal divisions, from Governmental Fund Accounting to Enterprise Accrual Accounting.

Accounting & Bookkeeping Process 

RFG provides guidance, clarification, and detailed assistance with all forms of accounting and bookkeeping requirements and guidelines. The focus of our team is aiding with proper and accurate accounting. Distinct differences are present between general accounting practices typically seen in corporate America and the Fund Accounting practices that Municipalities must adhere to for governmental funds. Fund Accounting for Governmental Funds is only one accounting method Municipalities are faced with, cash and accrual accounting are involved when Municipalities have Enterprise Funds such as utilities. The following are relevant frameworks for accounting within the State of Indiana that our team is ready to assist you with:

  • Governmental Accounting Standards Board (GASB)
  • Financial Accounting Standards Board (FASB)
  • Generally Accepted Accounting Principles (GAAP) 
  • Comprehensive Basis of Accounting Other Than Accounting Principles Generally Accepted in the United States of America 
  • Regulatory Basis of Accounting 
  • Comprehensive Annual Financial Reports 
  • Cash vs Accrual Accounting

RFG stands ready to assist your Municipality with all its accounting needs from the initial setup of a Fund or account to the regular maintenance and financial reporting requirements of the various oversight bodies. Federal, State, Local, and Regulatory agencies all have specific requirements related to how a Municipality records and reports its financial activity and our team is here to assist.