Reporting Requirements for Annual Financial Reports of State Agencies and Universities

USAS

USAS Entries
How GL Accounts Close for Specific GAAP Fund Groups

The ending fund balance/net position on the operating statement must agree with the total fund balance/net position reported on the balance sheet. During the USAS GL close process, the net activity on the operating statement is closed to fund balance or net position based on the GAAP fund type of a D23 fund. Take this into consideration when allocating fund balance or net position to other fund equity accounts. For more information, see Allocation of Fund Balance or Net Position.

FMQuery – SIRS reports are presented on a pre-closing basis. This means that the FFS Rev/Expend Summary Acct Cat total must be netted with the total for the closing fund balance/net position GL account to arrive at the true fiscal year-end balance.

However, DAFRs are presented on a post-closing basis. Therefore, the fund balance/net position amounts reported in the DAFR8580 Balance Sheet – Governmental and Proprietary Fund Types (FFS) represent the true ending balances.