7952 - YEAR-END REPORT NO. 1
REPORT OF ACCRUALS TO CONTROLLER'S ACCOUNTS
(Revised 6/04)
This year-end report provides the SCO with accrual amounts reflected in the agency's records but not posted by the SCO as of June 30. The SCO uses the accruals to prepare the State's consolidated fund statements.
Report No. 1 consists of the forms below and is used to report accruals to the following accounts:
- Form 571A - Assets
- Form 571B - Liabilities
- Form 571A/B - (1) Asset and liability accounts not preprinted on Forms 571A and 571B and (2) Accrual accounts that require more than one subsidiary number (e.g., Due From Other Funds).
- Form 571C - Revenues and expenditures. Form 571C is preprinted with the agency's appropriation and revenue accounts.
- Form 571D - Revenue and expenditure accounts not preprinted on Form 571C.
At year-end, agencies identify the amount of obligations and the amount of encumbrances as of June 30. Obligations are amounts for goods and services received that have not been scheduled for payment as of June 30. Encumbrances represent commitments for goods and services that will be received in the following year(s).
Agencies may report the liability for all encumbrances in one liability account, Accounts Payable (general ledger account [GLA] 3010). The total encumbrances will be shown as a credit in the encumbrances column for GLA 3010 on Report No. 1. See
7952 Illustration 2. However, if agency automated accounting systems maintain separate liability accounts, agencies may report the encumbrances in the applicable liability GLA (e.g., Due To).
In addition, any accrued reimbursement that will fund an encumbrance and is, therefore, unearned may be reported in one receivable account, Accounts Receivable-Reimbursements (GLA 1312). The reimbursement for encumbrances will be shown as a debit in the encumbrances column for GLA 1312 on the Report No. 1. See
7952 Illustration 1. However, if agency automated accounting systems maintain separate receivable accounts, agencies may report the unearned reimbursements in the applicable receivable GLA (e.g., Due Form).
Obligations must be reported in the applicable liability accounts; the amounts are not consolidated in one account. Earned reimbursements must be reported in the applicable receivable account; the amounts are not consolidated in one account.
A sample of Report No. 1, the Report of Accruals to Controller's Accounts, Forms 571A, 571B and 571C is shown in the 7952 Illustration. The accrual amounts are obtained from the Accrual Worksheet shown in the 7953 Illustration. However, the debits and credits shown in the Net Total Accruals Per Agency column will be reversed when reported on Report No. 1 (see
7952 Illustration 3 and
7953 Illustration).
