Review and Finalize your Financial Data in the MDFM – ClearGov Support Center

After an MDFM administrator has uploaded the latest data, utilize this process guide, in this exact order, to ensure that all data is mapped and reconciled appropriately before reviewing and editing tables within a report.

Phase 1: Statements Models (Governmental, Proprietary and Fiduciary Funds)

Step 1: Map any Unmapped Accounts

Within each Statement’s data model (Governmental, Proprietary and Fiduciary Funds) review the Map section to ensure that all accounts are mapped appropriately within the statement. Edit or create local rules to map them.

Resource: Map Unmapped Accounts in the Statement Data Models

Step 2: Create and Post Journal Entries (Adjustments)

If your financial statement presentation requires reclassifications that cannot be achieved using local rules, you can use the adjustment template to create and post journal entries directly within the data models.

For example, if your ERP system does not separate liabilities into current and non-current portions, you can use an adjustment to reclassify the balances appropriately for financial statement presentation.

You can create adjustments as needed to ensure your financial data is presented correctly in the ACFR. Our adjustment functionality requires all journal entries to be properly balanced, with total debits equal to total credits.

Note: If you’ve made any manual changes in the model and are reviewing numbers in a pivot table to find the adjustments to be made, be sure to refresh the data by right clicking and selecting Rollup.

Resource: Create an Adjustment (Journal Entry)

Step 3: Manage Rounding in Statements

Even after your statements are complete, rounding differences may occur due to mathematical calculations.

Our system allows you to identify individual reporting funds with rounding differences. You need then make rounding adjustments as needed to achieve $1 accuracy in your financial reporting.

Resource: Review and Balance Fund-Level Statements and Budgetary Schedules with Rounding Adjustments

Phase 2: Review Major and Non-Major Funds

Evaluate every governmental and enterprise fund against the 10% and 5% GASB 34 thresholds and determine if anything needs to be reclassified.

Resource: Evaluate Major and Non Major-Fund Classifications against GASB 34 Thresholds

Phase 3: Reconciliation Model (Reconciliation to Government-Wide)

Step 1: Create and Post Conversion Entries

Make conversion entries to transform modified accrual accounting practice into full-accrual government-wide financial statements required by GASB 34 by making adjustments in the Reconciliation to Government-Wide data model.

Resource: Create and Post Conversion Entries in the Reconciliation for Government-Wide Data Model

Step 2: Map any Unmapped Accounts

Within the Reconciliation to Government-Wide data model, review the Map section to ensure that all accounts are mapped appropriately within the statement. Edit or create local rules to map them.

Resource: Map Unmapped Accounts in the Statement Data Models

Phase 4: Review Government Wide Models (Statement of Net Position, Statement of Activities)

Government-wide models use the same funds from the statement models but are also connected to the specific statement lines. Since these models can use data from up to all three data models (Governmental, Proprietary, Fiduciary Funds), by reviewing the mapping of the Government-Wide data model, you make sure that the shared dimensions are working as expected and that everything is mapped appropriately in the Statement models.

If something is unmapped in either the Statement of Net Position or Statement of Activities, navigate back to the Statement models for the specific Funds and statements to ensure that the accounts are mapped appropriately. Make adjustments to the Statement Model’s local rules to have the data accurately flow to the Government-Wide Models.

Resource: Review for Unmapped Accounts in Government Wide Models

Phase 5: Manage Rounding in Government Wide and Reconciliation Models

Review the funds and Check table within the Statement of Net Position, Statement of Activities and Reconciliation to Government-Wide data models to determine if rounding adjustments are needed to balance the totals.

Resource: Reconcile Government-Wide Statements (Statement of Activities and Net Position) for Rounding Differences

Phase 6: Final check of Major and Non-Major Funds

After making all of these edits, perform a final check of the Major and Non-Major Funds to evaluate every governmental and enterprise fund against the 10% and 5% GASB 34 thresholds and determine if anything needs to be reclassified.