The Code of Virginia requires all school systems to have a modern system of accounting for all school funds, to subject all financial records to an annual audit by an independent CPA firm, and to issue annual comprehensive financial reports. The general accounting function of the finance department uses the Comprehensive Information Management System (CIMS) accounting system, which assists in the maintenance of the financial management system, the fixed asset accounting system, and the employee management system. The accounting function prepares and monitors all financial procedures in accordance with Generally Accepted Accounting Principles (GAAP) and also ensures compliance with the requirements of the Government Accounting Standards Board (GASB).
General accounting strives for efficiencies in processing tremendous volumes of paperwork, strives for the timely payment to all vendors, and continually seeks to provide quality assistance to schools and departments. General accounting coordinates and monitors student activity funds, provides training and support for the school bookkeepers, conducts bookkeeper meetings, and provides continued development for school level financial decision makers.