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Yearend Reporting Errors to Avoid. 12 ERRORS. SCO Reporting Errors. Reporting Errors Identified by the SCO for FY2005/06 0001/0498/0574: Prior year accruals were not within 10% of expenditures realized in current year. - PowerPoint PPT Presentation
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Yearend Reporting Errors to Avoid
SCO Reporting Errors
Reporting Errors Identified by the SCO for Reporting Errors Identified by the SCO for
FY2005/06FY2005/06
1. 0001/0498/0574: Prior year accruals were not within 10% of expenditures realized in current year.
2. 0001/0498: SCO recognizes revenues only for current year and prior year. Anything older than prior year must be coded as prior year.
3. 0001: Source code was missing from 7B reimbursement.4. 0001/0574/6028/6041: There should be no Due From or Due To with Revolving Fund
(e.g., 3114-0998)5. 0001: Due to Fund 0574 for a reverted appropriation6. 0001: State GL account 2341 is not allowed in General Fund.7. 0505: One sided transfer from GF should have been recorded as a revenue 2991008. 0574/6028/6041: Accrued loan interest was posted to a wrong state GL account
3310, which should be reported as 3114-0942.9. 0576: State GL 2500 does not require subsidiary digits (i.e., should be 2500, not
2500-xxxx)10. 0581/0947: State GL 2130 does not require subsidiary digits (i.e., should be 2130,
not 2130-xxxx).11. 0942: If the dollar amount is zero, do not include it in the report.12. 6028: The task # was missing on an appropriation
12 ERRORS
SCO Reporting Errors
Reporting Errors Identified by the SCO for Reporting Errors Identified by the SCO for
FY2007/08FY2007/08
0 ERROR
SCO Reporting Errors
Reporting Errors Identified by the SCO for Reporting Errors Identified by the SCO for FY2006/07FY2006/071. 0001: Account 2090 – Investments Others should not
be used. Reclassify entries from 2090 to 1130 – Agency Revolving Fund Cash.
2. 0948: Account 2920 – Amount to be provided for Other Long Term Debt should not be used. Use state GL account 2910 (Amount to be provided for Retirement of General Obligation Debt) instead of 2920.
3. 0001/0498: For appropriation revenues, anything older than prior year must be coded as prior year. SCO recognizes only current year and prior year.
SCO Reporting Errors
Reporting Errors Identified by the SCO forReporting Errors Identified by the SCO for
FY2006/07 (continued)FY2006/07 (continued)
4. Overall: Prior year accruals were not within 10% of actual expenditures / revenues realized in the current year.
5. 0001: Source code was missing from 7B reimbursement.
6. 0001: Debits do not equal credits.
7. 0498: Improper entry. Entry should not have been done.
8. Late submission of GAAP information8 ERRORS
SCO Reporting Errors
Due dates* for Achieving Excellence in Financial Due dates* for Achieving Excellence in Financial Reporting Award Reporting Award
Sep 2Sep 2ndnd - GAAP adjustment entries - GAAP adjustment entries Oct 15Oct 15thth – Final audited reports – Final audited reports
Due dates* for SCO to complete the Comprehensive Due dates* for SCO to complete the Comprehensive Annual Financial Report (CAFR)Annual Financial Report (CAFR)
Oct 31Oct 31stst – GAAP adjustment entries – GAAP adjustment entries Dec 15Dec 15thth – Final audited reports – Final audited reports
* The dues dates are tentative dates based on last year’s schedule from the SCO.
SCO Reporting Errors
SCO Reporting Errors