Yearend Reporting Errors to Avoid

SCO Reporting Errors Reporting Errors Identified by the SCO for FY2005/ /0498/0574: Prior year accruals were not within 10% of expenditures realized in current year /0498: SCO recognizes revenues only for current year and prior year. Anything older than prior year must be coded as prior year : Source code was missing from 7B reimbursement /0574/6028/6041: There should be no Due From or Due To with Revolving Fund (e.g., ) : Due to Fund 0574 for a reverted appropriation : State GL account 2341 is not allowed in General Fund : One sided transfer from GF should have been recorded as a revenue /6028/6041: Accrued loan interest was posted to a wrong state GL account 3310, which should be reported as : State GL 2500 does not require subsidiary digits (i.e., should be 2500, not 2500-xxxx) /0947: State GL 2130 does not require subsidiary digits (i.e., should be 2130, not 2130-xxxx) : If the dollar amount is zero, do not include it in the report : The task # was missing on an appropriation 12 ERRORS

SCO Reporting Errors Reporting Errors Identified by the SCO for FY2007/08 0 ERROR

SCO Reporting Errors Reporting Errors Identified by the SCO for FY2006/ : Account 2090 – Investments Others should not be used. Reclassify entries from 2090 to 1130 – Agency Revolving Fund Cash : 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 /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 for FY2006/07 (continued) 4.Overall: Prior year accruals were not within 10% of actual expenditures / revenues realized in the current year : Source code was missing from 7B reimbursement : Debits do not equal credits : Improper entry. Entry should not have been done. 8.Late submission of GAAP information 8 ERRORS

SCO Reporting Errors Due dates* for Achieving Excellence in Financial Reporting Award  Sep 2 nd - GAAP adjustment entries  Oct 15 th – Final audited reports Due dates* for SCO to complete the Comprehensive Annual Financial Report (CAFR)  Oct 31 st – GAAP adjustment entries  Dec 15 th – Final audited reports * The dues dates are tentative dates based on last year’s schedule from the SCO.

SCO Reporting Errors