7950 - YEAR-END REPORTS-GENERAL
(Revised 03/02)
The SCO distributes annual instructions to agencies for preparing the year-end reports submitted to the SCO. Agencies that utilize personal computer generated reports must have the report format preapproved by the SCO.
Agencies must prepare a separate set of year-end reports for each fund. Accounts of two or more funds will not be commingled in agency statements except in a few rare instances and then only upon written permission from the DOF, FSCU.
Agencies will prepare year-end reports as soon after June 30 to meet the required due dates and to estimate accruals with reasonable accuracy. See SAM Section 7930 for the established due dates and SAM 7951 Illustration for a list of standard year-end reports and the required distribution. Agencies should plan for the additional distribution of all standard reports to meet their internal management needs.
In order that agencies meet their deadlines, the following suggestions and information are offered:
- Issue a year-end workplan.
- Keep accounting staff trained in the procedure prescribed.
- Keep all phases of accounting current during the fiscal year, including the reconciliations to the SCO account balances.
- Do as much work as possible on year-end reports before June 30.
- Schedule vacations so they will not conflict with the preparation of the year-end reports.
- Anticipate as many statement preparation problems as possible. CALSTARS agencies experiencing or expecting serious difficulty in completing the required statements on time should contact the DOF, CALSTARS Client Support Unit. Other agencies should contact the DOF, FSCU for assistance.
- The SCO will provide the following documents for year-end closing: appropriation balances; journal entries for June; Report of Accruals to Controller's Accounts; Adjustments to Controller's Accounts; and the Final Reconciliation of Controller's Accounts with Final Budget Report. The SCO will notify agencies by letter of the exact dates they may expect these documents.
- Agencies will submit statements to the SCO as soon as completed rather than hold them until the final submission date.
- As soon after June 1 as possible, all agencies will review the condition of their cash, appropriation, and category balances to determine if sufficient funds will be available to meet June expenditures. If not, agencies have the following options:
- Begin negotiations with other agencies for prompt payment of reimbursements, if applicable.
- Begin negotiations with the DOF budget staff to obtain approval for additional funding.
- Return a portion of an advance (e.g., Revolving Fund, General Services, State Printing, and Prison Industries) to the appropriation it was originally withdrawn from.
- When it is not possible to obtain actual documents to accrue receivables and payables, agencies will estimate accruals. Lists of all accrual documents, estimated accruals, and amounts will be retained for audit purposes.
- Agencies will provide deadlines and instructions to employees for submitting documents necessary to prepare the year-end reports (e.g., travel expense claims, purchase documents, and invoices).
Below is a list of references, not in this chapter, related to year-end reporting.
| Subject |
SAM Section
Reference |
| Accruals and Adjustments - Standard Entries |
10600-10615 |
| Accruals to Trust Accounts - Trust and Agency Funds |
19305 |
Allotment-Expenditure Accounting
- Year-End Accruals
- One-Year Appropriations
- Continuing Appropriations
|
8380
8381
8382 |
| Change in Method of Accrual |
8793 |
| Closing Entries |
10650 - 10651 |
Controller's Accounts
- General
- Year-End Accruals
|
8800
8860 |
| Expenditures |
10210 |
| Federal Funds |
17130 |
Income
- General
- From Investments
- From Surplus Money Investment Fund
- From Condemnation Deposits Fund
|
8200, 10230
8284
8284.1
8284.2 |
| Prior Year Appropriation Adjustments |
10240 |
| Proprietary and Fiduciary Funds |
13400 |
| Revenue |
8210, 8290 - .7 |
