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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

USAS

USAS Entries
Accounts Payable

Accounts Payable Accruals

Accrued accounts payables are amounts owed for goods or services actually rendered or received by the agency as of Aug. 31 for which payments have not been made. Accrued accounts payables are entered for each appropriation using a PCA that points to the appropriate strategy in USAS. Use the correct appropriation year and the correct COBJ when entering these amounts. These amounts are included in the ABEST/USAS reconciliation for all valid strategies.

WARNING: The following entries may be potential ABEST entries. Verify that the PCA points to the appropriate strategy and appropriation. Also see Correcting Bookkeeping and Cost Allocation Entries (APS 021) (FPP A.013).

Seq No Batch Type Doc Type Eff Date Fin Agy TC AY PCA COBJ Amount R Appn No Fund Input GL
To Record Accounts Payable (Impacts ABEST at Document Level)
(1) 4 or 7 1, 2, 9, T 0831CY XXX 225 XX XXXXX XXXX $XX.XX   XXXXX XXXX N/A
To Record Accounts Payable (Impacts ABEST at Summary Level)
(2) 5 or 4 U 0831CY XXX 420 XX XXXXX XXXX $XX.XX   XXXXX XXXX N/A

Accounting effect of above entry:

Debit Credit
(1) To Record Accounts Payable (Impacts ABEST at Document Level)    
  5501 Expenditure Control – Accrued $ XX.XX  
  1009 Vouchers Payable   $ XX.XX

USAS liquidates this transaction with T-code 380 and generates the warrant for the vendor. USAS posts the payable using an 08/31/CY (or 08/32/CY) effective date but substitutes the current system management date for the cash liquidation that processes in fiscal 20FY.

Debit Credit
(2) To Record Accounts Payable (Impacts ABEST at Summary Level)    
  5501 Expenditure Control – Accrued $ XX.XX  
  1010 Accounts Payable   $ XX.XX

USAS reverses this entry with T-code 421. USAS posts the payable using an 08/31/CY (or 08/32/CY) effective date but substitutes the current system management date for the system-generated reversal entry that processes in fiscal 20FY.

Recording Payables Using Cost Pools

Agencies using the cost pool method to record expenditures must determine which fund will be used to record a payable prior to actually recording it. Payables may be recorded directly in the fund in which the expenditure ultimately belongs, that is, allocated manually. Or they can be recorded in a cost pool as an account payable with an interfund payable recorded in the fund in which the expenditure belongs and an interfund receivable recorded in the fund where the original payable was recorded.

USAS Tip

The DAFR8700 may be used to review expenditures by PCA for appropriated funds in the state treasury. It includes the program code, appropriated fund, appropriation number and appropriation year.