“The Department of Finance shall consult with the Controller concerning significant changes to these financial and accounting methods, unless those changes are otherwise specified in law. “State agencies shall prepare and maintain financial and accounting data for inclusion in the Governor’s Budget, Budget Act and related documents, and the budgetary-legal basis annual report described in section 12460, according to the methods and bases provided in regulations, budget letters, and other directives of the Finance.” The Department of Finance (Finance) Fiscal Systems and Consulting Unit offers the State Fund Accounting Course emphasizing accounting with lesser emphasis on the budgeting process. This write-up focuses more on the budgeting aspects and how accounting relates to it. These accounting processes are dependent on the budgeting of expenditure authorizations (appropriations) being enacted by the legislative branch. However, these planning and enactment processes are dependent upon the accounting of past-year and current-year expenditures, revenues, transfers and prior year adjustments.Īccounting focuses on the recording, classifying, and interpreting of financial transactions.
Generally, budgeting is regarded more in terms of planning and enacting a fiscal plan. This results in an interrelationship and a need for coordination between these two fiscal disciplines. Both budgeting and accounting are fiscal systems or processes that involve the planning, allocating, and disbursing of monetary resources.
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