Section Rev 2206.02 - Liabilities and Fund Equity Probable future sacrifices of economic benefits arising from present obligations of a county to transfer assets or provide services to other entities in the future as a result of past transactions or events shall be classified as follows:
(a) Account 2020, accounts payable, classification shall be for balances owed to others for: (3) Services purchased on open accounts;(b) Account 2030, compensated absences payable, classification shall be for balances arising through accounting recognition of unpaid costs that come into existence in the current period which will be discharged at a future time, such as: (2) Earned sick leave; and(c) Account 2060, contracts payable, classification shall be for amounts due on contracts for goods and services, including retainage;(d) Account 2070, due to other governments, classification shall be for amounts owed by the county to another government, which may represent: (1) Charges for goods and services;(3) Intergovernmental grants, entitlements or shared revenues;(e) Account 2080, due to other funds, classification shall be for amounts owed by one county fund to another county fund representing: (1) Charges for goods and services; and(2) Interfund advances from another fund;(f) Account 2090, due to others, classification shall be for amounts owed to other organizations or individuals for which the county acts as an agent or fiduciary, including inmate and patient accounts;(g) Account 2220, deferred revenue, classification shall be for amounts for which asset recognition requirements have been met; but revenue recognition criteria have not been met;(h) Account 2230, notes payable - current, classification shall be for notes due within one year;(i) Account 2250, bonds payable - current, classification shall be for the face value of bonds due within one year;(j) Account 2260, capital leases payable - current, classification shall be for the current portion of the discounted present value of total future stipulated payments on any lease-purchase agreements;(k) Account 2270, other payables, classification shall be for liabilities, not included elsewhere, which requires the sacrifice of economic benefits within one accounting cycle;(l) Account 2310, notes and bonds payable - long-term, classification shall be for amounts owed by the county on notes and bonds, which are not due within one year;(m) Account 2370, capital leases payable, classification shall be for the noncurrent portion of the discounted present value of total future stipulated payments on lease-purchase agreements; and(n) Account 2390, other long-term liabilities, classification shall be for liabilities, not included elsewhere, which requires the sacrifice of economic benefits at some future time beyond the next accounting cycle.N.H. Admin. Code § Rev 2206.02
#5455, eff 8-28-92; ss by #6808, eff 7-21-98; ss by #8687, eff 7-21-06
Amended byVolume XXXIV Number 33, Filed August 14, 2014, Proposed by #10652, Effective 8/8/2014, Expires8/8/2024.