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Reporting Requirements for Annual Financial Reports of State Agencies and Universities

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Reporting Requirements for Annual Financial Reports of State Agencies and Universities

Agency Funds

Common USAS Entries for Suspense Funds

Reclassify Revenues and Expenses in Suspense Funds

Reclassify revenues and expenses at the GAAP source/object level for GAAP suspense funds. It is inappropriate to report suspense funds with operating statement activity.

To determine which funds have revenue and expense activity for the fiscal year, order and review the DAFR8580 report. If you need further assistance in identifying the proper COBJs to use, contact your financial reporting analyst.

Reclassify all operating statement activity at the GAAP source/object level using the following generic T-codes:

Seq No Batch Type Doc Type Eff Date Fin Agy TC AY COBJ** PCA Amount R Appn No Fund Input GL*
To Reverse Deposit to Suspense
(1) 5 U 0832CY XXX 630 XX 3790 99999 $ XX.XX   N/A XXXX 9999
To Reclassify Revenue
(2) 5 U 0832CY XXX 631 XX 3XXX 99999 $ XX.XX   N/A XXXX 9999
To Reverse Payment from Suspense
(3) 5 U 0832CY XXX 633 XX 7902 99999 $ XX.XX   N/A XXXX 9999
To Reclassify Expenditure
(4) 5 U 0832CY XXX 632 XX 7XXX 99999 $ XX.XX   N/A XXXX 9999
* Analyze the 28A screen to determine which T-code to input, depending on which generic revenue or expense GL needs to be debited or credited.
** Agencies can use Appendix C or review DAFR8590 to identify the COBJ to use.

Accounting effect of above entries:

Debit Credit
(1) To Reverse Deposit to Suspense    
  5100 GAAP Revenue Offset $ XX.XX  
  9999 System Clearing   $ XX.XX
(2) To Reclassify Revenue    
  9999 System Clearing $ XX.XX  
  5100 GAAP Revenue Offset   $ XX.XX
(3) To Reverse Payment from Suspense    
  9999 System Clearing $ XX.XX  
  5600 GAAP Expenditure Offset   $ XX.XX
(4) To Reclassify Expenditure    
  5600 GAAP Expenditure Offset $ XX.XX  
  9999 System Clearing   $ XX.XX

Reversing T-codes 658 and 659 may also be used. System clearing must not have a balance after all transactions are entered.

Reclassify Balance Sheet Activity in Suspense Funds

At fiscal year-end, reclassify Funds Held for Others GL 1149 to an applicable general ledger account, such as:

  • 1046-Unearned Revenue
  • 1018-Payroll Deduction/Return Liability
  • 1153-Return Expenditure Liability.

For example, since the activity produced by USPS automatically reverses in the current fiscal year, reclassify to GL 1018 with the reversing generic T-codes 646/647.

Seq No Batch Type Doc Type Eff Date Fin Agy TC* AY PCA Amount R Appn No Fund Input GL
To Reverse Suspense Fund Balance that is a Credit
(1) 5 U 0832CY XXX 646 XX 99999 $ XX.XX   N/A XXXX XXXX
To Reverse Suspense Fund Balance that is a Debit
(2) 5 U 0832CY XXX 647 XX 99999 $ XX.XX   N/A XXXX XXXX
* Both T-codes 646 & 647 reverse in the following fiscal year.

Accounting effect of above entries:

Debit Credit
(1) To Reverse Suspense Fund Balance that is a Credit    
  XXXX Input GL $ XX.XX  
  9999 System Clearing   $ XX.XX
(2) To Reverse Suspense Fund Balance that is a Debit    
  9999 System Clearing $ XX.XX  
  XXXX Input GL   $ XX.XX

Agencies must consider in which column of their AFR the revenue should be reported. Agencies can either:

  1. Leave the reclassified revenue in the suspense fund. This is only done if the cash will be (or has been) moved to this suspense fund in the following fiscal year.
    –OR–
  2. Move the revenue to the fund into which the cash is moved during the following fiscal year. If the agency decides to move the revenue, it should consider if a due from/due to between the suspense fund and the fund into which the cash is moved during the following fiscal year is necessary. If it is necessary, use reversing generic T-codes. For more information, see Due From/Due To Within Same Agency.
Seq No Batch Type Doc Type Eff Date Fin Agy TC AY PCA Amount R COBJ Fund Input GL
To Remove the Revenue from the Suspense Fund
(1) 5 U 0832CY XXX 658 XX 99999 $ XX.XX R XXXX XXXX* 9999
To Report the Due To in the Suspense Fund
(2) 5 U 0832CY XXX 663 XX 99999 $ XX.XX   XXXX XXXX* 1053
To Report the Revenue in the Fund Into Which the Cash Will be Moved During the Following Fiscal Year
(3) 5 U 0832CY XXX 658 XX 99999 $ XX.XX   XXXX XXXX 9999
To Report the Due From in the Fund Into Which the Cash Will be Moved During the Following Fiscal Year
(4) 5 U 0832CY XXX 662 XX 99999 $ XX.XX   XXXX XXXX 0283
* Use a fund number that points to GAAP fund 0900. T-codes 658, 662 and 663 reverse in the following fiscal year.

Accounting effect of above entries:

Debit Credit
(1) To Remove the Revenue from the Suspense Fund    
  5100 GAAP Revenue Offset $ XX.XX  
  9999 System Clearing   $ XX.XX
(2) To Report the Due To in the Suspense Fund    
  9999 System Clearing $ XX.XX  
  1053 Due To Other Funds   $ XX.XX
(3) To Report the Revenue in the Fund Into Which the Cash Will be Moved During the Following Fiscal Year    
  9999 System Clearing $ XX.XX  
  5100 GAAP Revenue Offset   $ XX.XX
(4) To Report the Due From in the Fund Into Which the Cash Will be Moved During the Following Fiscal Year    
  0283 Due From Other Funds $ XX.XX  
  9999 System Clearing   $ XX.XX

WARNING: System clearing must not have a balance after all transactions are entered.

Eliminating USAS Activity in GAAP Fund 1000 for the Non-Controlling Agency — Reported by Agency 902

Agencies cannot report CIST for the sweep account in FT01 because agency 902 reports the amounts in FT01. Agency 902 establishes a D23 fund that points to GAAP fund 1000 (appropriated fund 0001, FT01). If an agency does not use appropriation number 99906 when depositing cash, the fiscal year-end sweep does not eliminate this cash. For any cash balance in this fund, the agency must coordinate with agency 902 in order to agree upon the amount of cash to be eliminated and the appropriate revenue COBJ to be used by agency 902. The agency must reverse its cash and funds held for others balance to zero and agency 902 reports this activity in its FT01 with the appropriate revenue object code.

Seq No Batch Type Doc Type Eff Date Fin Agy TC AY PCA Amount R COBJ Fund Input GL
Agency’s Entry:
To Record Decrease in Shared Cash in FT01 (offset to balance in GL 0045)
(1) 5 U 0832CY XXX 647 XX 99999 $ XX.XX   N/A XXXX 0047
To Record Decrease in Funds Held for Others in FT01
(2) 5 U 0832CY XXX 646 XX 99999 $ XX.XX   N/A XXXX 1149

Agency 902 will do the following entries:

Seq No Batch Type Doc Type Eff Date Fin Agy TC AY PCA Amount R COBJ Fund Input GL
To Record Increase in Shared Cash in FT01
(3) 5 U 0832CY 902 646 XX 99999 $ XX.XX   N/A XXXX 0047
To Record GAAP Revenue
(4) 5 U 0832CY 902 658 XX 99999 $ XX.XX   XXXX XXXX 9999

Accounting effect of above entries:

Debit Credit
(1) To Record Decrease in Shared Cash in FT01 (offset to balance in GL 0045)    
  9999 System Clearing $ XX.XX  
  0047 Shared Cash   $ XX.XX
(2) To Record Decrease in Funds Held for Others in FT01    
  1149 Funds Held for Others $ XX.XX  
  9999 System Clearing   $ XX.XX
Agency 902
(3) To Record Increase in Shared Cash in FT01    
  0047 Shared Cash $ XX.XX  
  9999 System Clearing   $ XX.XX
(4) To Record GAAP Revenue    
  9999 System Clearing $ XX.XX  
  5100 GAAP Revenue Offset   $ XX.XX

Eliminating USAS Activity in GAAP Fund 0882 for the Non-Controlling Agency — Reported by Agency 902

Agencies cannot report CIST for the sweep account in FT05 because agency 902 reports the amounts in FT01. Agencies that have D23 fund 0882 that points to GAAP fund 0001, FT01, should follow instructions in the previous section. Agency 902 establishes a D23 fund that points to GAAP fund 0882 (appropriated fund 0882, FT01). If an agency does not use appropriation number 99907 when depositing cash, the fiscal year-end sweep does not eliminate this cash. For any cash balance in this fund, the agency must coordinate with agency 902 in order to agree upon the amount of cash to be eliminated and the appropriate revenue COBJ to be used by agency 902. The agency must reverse its cash and funds held for others balance to zero and agency 902 reports this activity in its FT01 with the appropriate revenue object code.

Seq No Batch Type Doc Type Eff Date Fin Agy TC AY PCA Amount R COBJ Fund Input GL
Agency’s Entry:
To Record Decrease in Shared Cash in FT05 (offset to balance in GL 0045)
(1) 5 U 0832CY XXX 647 XX 99999 $ XX.XX   N/A XXXX 0047
To Record Decrease in Funds Held for Others in FT05
(2) 5 U 0832CY XXX 646 XX 99999 $ XX.XX   N/A XXXX 1149

Agency 902 will do the following entries:

Seq No Batch Type Doc Type Eff Date Fin Agy TC AY PCA Amount R COBJ Fund Input GL
To Record Increase in Shared Cash in FT01
(3) 5 U 0832CY 902 646 XX 99999 $ XX.XX   N/A XXXX 0047
To Record GAAP Revenue
(4) 5 U 0832CY 902 658 XX 99999 $ XX.XX   XXXX XXXX 9999

Accounting effect of above entries:

Debit Credit
(1) To Record Decrease in Shared Cash in FT05 (offset to balance in GL 0045)    
  9999 System Clearing $ XX.XX  
  0047 Shared Cash   $ XX.XX
(2) To Record Decrease in Funds Held for Others in FT05    
  1149 Funds Held for Others $ XX.XX  
  9999 System Clearing   $ XX.XX
Agency 902
(3) To Record Increase in Shared Cash in FT01    
  0047 Shared Cash $ XX.XX  
  9999 System Clearing   $ XX.XX
(4) To Record GAAP Revenue    
  9999 System Clearing $ XX.XX  
  5100 GAAP Revenue Offset   $ XX.XX