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U.S. Department of Labor Office of Labor-Management Standards (OLMS)

U.S. Department of Labor Office of Labor-Management Standards (OLMS) Bookkeeping for the New Labor Organization Annual Report Form LM-2 Overview Option 1 – Set up chart of accounts using categories that mirror the LM-2 categories

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U.S. Department of Labor Office of Labor-Management Standards (OLMS)

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  1. U.S. Department of LaborOffice of Labor-Management Standards(OLMS) Bookkeeping for the New Labor Organization Annual Report Form LM-2

  2. Overview • Option 1 – Set up chart of accounts using categories that mirror the LM-2 categories • Option 2 - You may also keep your existing chart of accounts and add the LM-2 categories for bookkeeping classifications • Option 3 – Book to both the union accounts and LM-2 accounts and use the “LM Contra Account” to offset the double-booking

  3. Overview • Each transaction should be assigned to an LM-2 bookkeeping account • Individual credit card transactions must be entered into the system and assigned to the proper LM-2 bookkeeping categories • Data from accounting software reports can be exported to a spreadsheet program in order to be imported into the LM-2 software

  4. Chart of Accounts This is a sample LM-2 chart of accounts

  5. Chart of Accounts

  6. Chart of Accounts

  7. Chart of Accounts

  8. Chart of Accounts

  9. Chart of Accounts

  10. Chart of Accounts

  11. Chart of Accounts

  12. Chart of Accounts

  13. Chart of Accounts

  14. Chart of Accounts

  15. Chart of Accounts

  16. Your Chart of Accounts – Options 2 and 3

  17. Keeping your Chart of Accounts • If you decide to keep your existing chart of accounts, you must add the LM-2 categories identified above.

  18. Keeping your Chart of Accounts • List your accounts on the Chart of Accounts and list LM-2 categories in that same number series. Example: Officer 1 incurs expenses for reimbursed meals and lodging as well as auto expenses for a union car assigned to him/her.

  19. Keeping your Chart of Accounts Union Account Only Union and LM-2 Accounts

  20. Keeping your Chart of Accounts Union and LM-2 Accounts for Travel

  21. Keeping your Chart of Accounts Union and LM-2 Accounts for Travel

  22. Keeping your Chart of Accounts Union and LM-2 Accounts for Travel An Example – The union credit card is used by Officer 1 to charge expenses including hotel charges ($198 – Hyatt Hotel) and meals ($70 – Outback Steakhouse) related to negotiating a collective bargaining agreement. The $198 – Hyatt Hotel charge included a meal of $30 and an in-room movie charge of $11. The union also charged a conference room for two days of negotiations ($200 – Hyatt Hotel). Roundtrip airfare of $250 was also charged for travel to and from negotiations.

  23. Keeping your Chart of Accounts – Option 2 Proper Bookkeeping

  24. Keeping your Chart of Accounts – Option 3 Negative Splits – Union & LM-2 Accounts

  25. Keeping your Chart of Accounts – Option 3 Another Example Union Check written to Officer 1 for reimbursed Travel and Auto expense

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