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Changes in Financial Management Services Policies for FY 2004-05

This document outlines crucial changes in financial management policies for FY 2004-05 related to FIRMS objects. Key updates include: equity balances must match prior year post-closing balances for specified FIRMS objects, current governmental funds must exclude "reverted" appropriation accounts, and general fund transfers must total "0". Additional edits outline proper recording practices for various expenditure transfers in state funds. Compliance with these changes is essential for accurate budget submissions and financial reporting.

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Changes in Financial Management Services Policies for FY 2004-05

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  1. FIRMS Edit ChangesFY 2004-05 Fyle Cabagnot Financial Management Services May 23, 2004

  2. Changes from Warning to Error • Current year equity balances must equal prior year post-closing balance for FIRMS objects 305001/305002/305020/305021 • Governmental Funds. FIRMS data must Not include "Reverted" appropriation accounts for the current Budget year. • State Fund 0001. General Fund transfers (FIRMS Object 690004) between appropriation years must equal "0". Object code 690004 must only be used in General Fund.

  3. Changes from Warning to Error • State Funds 0001/0498. Campuses must record GF and HEFI expenditure transfers in FIRMS Object 690003. Object 690003 must only be used in General Fund and Higher Education Fees and Income Fund. • State Fund 0498. Sum of Revenue and Expenditure Transfers in State Fund 085 must equal "0". (3rd & 4th qtr) • CSUFund 001, Budget submissions. Campus Final Budget Data (Activity Period "XXXX08", Record Type "02") must be rounded to the nearest dollar by FIRMS Object

  4. New Automated FIRMS Edits • No expenditure object codes should be recorded in State fund 0498 except 690003-GF Transfers and 690002-Prior year expenditure adjustments. • Object codes 503201-SEOG should only be recorded in CSU fund 421and 503202-SUG in CSU fund 422. • Sum of total receivables must be equal or greater than sum of allowances plus deferred receivables • Fund Balance Clearing Reconciliation (1st & 2nd Qtr)

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