Fund Based Double Entry Accrual Accounting System

The Urban Local Bodies in Karnataka were maintaining their accounts under single entry cash based system. This was an incomplete accounting system wherein ULBs were not aware of what they own and what they owe. There were no financial reports generated by the accounting system for fund management, resource mobilizations and budgetary control. In view of this the Government of Karnataka, as part of its reforms process, initiated implementation of Fund Based Double Entry Accrual Accounting System including Computerization of Accounts in the ULBs of Karnataka.