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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
Revenues

Review Current Appropriated Revenues

Revenues must be recorded to the correct appropriation, appropriated fund and with the correct comptroller object. If revenue reclassifications are necessary to correct one of these elements (for example, if pass-through revenues were not recorded with COBJ 3725 for state grants or object code 3971 for federal grants) use T-codes 405 and 406 before Aug. 31, 20CY. If the fiscal year has ended, T-codes 465 and 466 accrued revenue reclassifications must be used with an 08/31/CY effective date (or 08/32/CY if entered in USAS after Sept. 30, 20CY).

The 465 and 466 accrued revenue transfer T-codes generate a reversal and an actual movement of cash with T-codes 469 and 470. USAS posts the accrual using an 08/31/CY effective date (or 08/32/CY if entered in USAS after Sept. 30, 20CY), but substitutes the current system management date for the system-generated reversal and actual movement of cash that would be in fiscal 20FY. Revenue object codes are allowable to the appropriations in which they are recorded. The Appropriation/Object Detail Inquiry (49A) screen shows revenues by object and appropriation on a cash basis. For more details regarding pass-through revenues, see Pass-Through Activity, Federal Pass-Throughs and Pass-Through Activity, State Pass-Throughs.

Revenue Accruals

Use the following transaction codes to establish receivables based on whether or not the receivable will be liquidated at a document level:

Seq No Batch Type Doc Type Eff Date Fin Agy TC AY PCA COBJ Amount R APPN No Fund Input GL*
To Establish Receivables That Requires Manual Liquidation at a Document Level
(1) 2 or 5 U 0831CY XXX 103 XX 99999 3XXX $ XX.XX   XXXXX XXXX N/A
WARNING: A reference document is required for any future adjustment to a receivable established with T-code 103.
 
To Establish Receivables That Will Automatically Reverse
(2) 2 or 5 U 0831CY XXX 121 XX 99999 3XXX $ XX.XX   XXXXX XXXX N/A
To Establish Receivables That Will Automatically Reverse and Allow Input of a Specific Receivable GL Account
(3) 2 or 5 U 0831CY XXX 135 XX 99999 3XXX $ XX.XX   XXXXX XXXX XXXX
* The allowable GL accounts for the T-code can be found on the 28B screen.

Accounting effect of above entry:

Debit Credit
(1) To Establish Receivables That Requires Manual Liquidation at a Document Level    
  0230 Accounts Receivable – Billed $ XX.XX  
  5001 Revenue Control – Accrued   $ XX.XX

This transaction applies to receipts deposited into the state treasury only. T-code 193 records the automated liquidation of the revenue receivable and cash revenue deposits into the state treasury for this billed account receivable.

Debit Credit
(2) To Establish Receivables That Will Automatically Reverse    
  0231 Accounts Receivable – Unbilled $ XX.XX  
  5001 Revenue Control – Accrued   $ XX.XX

USAS reverses this entry at the beginning of the next accounting period with T-code 122. USAS posts the accrual using 08/31/CY effective date (or 08/32/CY if entered in USAS after Sept. 30, 20CY), but substitutes the current system management date for the system-generated reversal entry that would be in fiscal 20FY.

Debit Credit
(3) To Establish Receivables That Will Automatically Reverse and Allow Input of a Specific Receivable GL Account    
  XXXX Input GL $ XX.XX  
  5001 Revenue Control – Accrued   $ XX.XX

USAS reverses this entry at the beginning of the next accounting period using T-code 136. USAS posts the accrual using an 08/31/CY effective date (or 08/32/CY if entered in USAS after Sept. 30, 20CY), but substitutes the current system management date for the system-generated reversal entry that would be in fiscal 20FY.

If accruing revenues for AFR purposes only, it is acceptable to use a COBJ that rolls up to the correct GAAP source/object level (D08) at both the FFS level and the GWFS level. In other words, a single COBJ that looks up licenses, fees and permits (at FFS level) can be used for all COBJs described as licenses, fees and permits.

Unappropriated General Revenue

Unappropriated revenue is money that an agency collects or receives but has no appropriation authority to spend. The Comptroller’s office sweeps this account on a regular basis and is responsible for reporting this information.

Some examples of unappropriated revenue include:

  • State sales tax
  • The general revenue portion of professional fees
  • Other fees collected on behalf of the general revenue fund
  • Voided warrants

In preparation for a statewide automated sweep of agency unappropriated receipts, agencies must use the PCA 99906, appropriation number 99906 and appropriated fund 0001.

An example of how a GAAP agency fund is set up for unappropriated general revenue:

  Unappropriated General Revenue Higher Ed. Unappropriated General Revenue
D23 Fund Fund 1000 recommended but not required Fund 1000 recommended but not required
Appropriated Fund 0001 0001
GAAP Fund 0001 0001
GAAP Fund Type 01 05

Initial Deposit in the State Treasury

When an agency receives unappropriated receipts, the following T-code is used to deposit the receipts in the state treasury:

T-code 188
(debit) 0045 – cash in state treasury
(debit) 5100 – GAAP revenue offset
(credit) 5000 – revenue control – cash
(credit) 1149 – funds held for others
Gov’t GAAP Source Object:
0015 – Taxes
0035 – Licenses, Fees and Permits

Refund of Revenue

For an agency to make a refund of taxes or fees paid, the following T-code is used:

T-code 229
(debit) 1149 – funds held for others
(debit) 5001 – revenue control – accrued
(credit) 1009 – vouchers payable
(credit) 5100 – GAAP revenue offset
Gov’t GAAP Source Object:
0015 – Taxes
0035 – Licenses, Fees and Permits

T-code 229 generates T-code 383, which liquidates the accrual and issues a warrant.

USAS Tip

The DAFR7480 Appropriation Activity Summary lists revenues by appropriation.

Local Fund Revenues

Use the following T-code to record revenues collected in funds held outside the state treasury. Enter the proper revenue code on the transaction and a D23 agency fund that infers appropriated fund 9999.

Seq No Batch Type Doc Type Eff Date Fin Agy TC AY PCA COBJ Amount R Appn No Fund Input GL
To Record Revenues Collected in Local Funds
(1) 5 U 0832CY XXX 643 XX 99999 3XXX $ XX.XX   N/A XXXX N/A

Accounting effect of above entry:

Debit Credit
(1) To Record Revenues Collected in Local Funds    
  9999 System Clearing $ XX.XX  
  5100 GAAP Revenue Offset   $ XX.XX

Other Adjustments To Revenues

The following T-codes may be used to adjust revenues for AFR purposes only but do not post balance types and will not impact ABEST.

Seq No Batch Type Doc Type Eff Date Fin Agy TC AY PCA COBJ Amount R Appn No Fund Input GL*
To Record a Decrease in Revenues
(1) 5 U 0832CY XXX 630 XX 99999 3XXX $ XX.XX   N/A XXXX XXXX
To Record an Increase in Revenues
(2) 5 U 0832CY XXX 631 XX 99999 3XXX $ XX.XX   N/A XXXX XXXX
* The allowable GL accounts for the T-code can be found on the 28B screen.

Accounting effect of above entry:

Debit Credit
(1) To Record a Decrease in Revenues    
  5100 GAAP Revenue Offset $ XX.XX  
  XXXX Input GL   $ XX.XX
(2) To Record an Increase in Revenues    
  XXXX Input GL $ XX.XX  
  5100 GAAP Revenue Offset   $ XX.XX

WARNING: System clearing must not have a balance after all transactions are entered. The T-codes needed from the above selection are dependent upon the type of correction being made.

Corrections involving cash in state treasury cannot be backdated. Therefore, accruals must be entered. For more information, see Revenue Accruals.