Accounting Policy Meeting
Wednesday, July 27, 2022
|2:00 p.m.||Welcome and Introductions||Lawrence Koonce, expenditure assistance program specialist, Fiscal Management Division, Texas Comptroller of Public Accounts|
|2:05 – 2:35 p.m.||Preparing for Fiscal Year-End Close||Laurel Mulkey, systems analyst, Fiscal Management Division, Texas Comptroller of Public Accounts|
|2:35 – 2:55 p.m.||USAS System-Generated Lapse||Lou Moreno, appropriation control supervisor, Fiscal Management Division, Texas Comptroller of Public Accounts|
|2:55 – 3:15 p.m.||GASB 87 Reporting Requirement Updates/Modified Web Applications||Lisa Parks, financial reporting analyst, Fiscal Management Division, Texas Comptroller of Public Accounts|
|3:15 – 3:40 p.m.||Leases – Recognition & Measurement/SEFA Update – UEI Replaces DUNS||Megan Toliver, financial reporting analyst, Fiscal Management Division, Texas Comptroller of Public Accounts|
|3:40 – 3:55 p.m.||Questions||Appropriation Control, Expenditure Audit, and Financial Reporting sections, Fiscal Management Division, Texas Comptroller of Public Accounts|
|3:55 – 4:00 p.m.||Adjourn||Lawrence Koonce, expenditure assistance program specialist, Fiscal Management Division, Texas Comptroller of Public Accounts|
Date: July 27, 2022
Time: 2–4 p.m. (CDT)
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- Use Google Chrome as the internet browser to avoid Webex connectivity issues.
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At this time, no CPE Credit is offered.
If you have questions about the webinar, email the Expenditure Assistance section at firstname.lastname@example.org
Questions and Answers
Presentation handouts are located on FMX’s Accounting Policy Meetings page specific to that meeting date.
USAS Auto Lapse Program
The auto lapse program run in early November made committed lapses to our collected appropriations that must be corrected. Has this issue been corrected?
There have been no changes made to the USAS auto lapse program. The program is not sophisticated enough to analyze appropriations at the same level as that of an accountant or analyst. Appropriations need to be cleaned up before the auto lapse program runs to prevent these types of errors. This includes reducing excess budget created, moving forward cash balances with Unexpended Balance (UB) authority, transferring out unappropriated cash balances and processing eligible budgetary UBs for unobligated balances.
The LeaseQuery launch is temporarily delayed. Watch for announcements about system availability, training and user information.
If we are using LeaseQuery what will be produced for us? Will we receive journal entries? Will LeaseQuery do the USAS entries for us?
You should ensure that you have the proper security access as soon as possible. Contact your agency’s security coordinator to request LeaseQuery access for each agency number you are reporting. Unlike the Comptroller’s AFR web applications, login credentials will come from LeaseQuery when access is granted.
LeaseQuery produces amortization schedules and journal entries. LeaseQuery does not have access to USAS – the agency is required to enter them in USAS.
If the lease amount to use is at the inception of the lease, how will this work for leases starting before 9/1/21?
Leases starting before 9/1/21 must be measured and recognized based on facts and circumstances of the lease at the beginning of fiscal 2022, as this is the period of implementation for GASB 87. Leases starting after 9/1/21 must be measured and recognized at the inception of the lease agreement.