Fiscal Year 2007 CAFR Debriefing. Summary. Thank you all for your assistance. Vavrinek, Trine, Day & Co., LLP auditors were happy with the year-end schedules, especially when backup documentation was attached. Audit was completed 2 weeks earlier than prior year. Audit findings:
No. You should estimate your future AP accrual when preparing the Revenue Accruals. The year-end schedules are due the 3rd week of July. At that point, estimate your receivables based on prior year AP vouchers which are either reimbursable by 3rd parties or other departments which will be received subsequent to June 30.
Determine an appropriate valuation based on that vendor’s invoice history. For example, estimate based on the average of the past 11 invoices paid, May’s total invoice paid, or the project manager’s knowledge with the contract and/or vendor.
The department does not have sufficient remaining budget for additional AP vouchers paid from July 1 through September 30 for goods/services received prior to June 30. Therefore, the AP will not be posted against the prior year’s budget.
False. Vouchers paid from July 1 through September 30 will be posted to the prior fiscal year, if the goods/services were received prior to June 30, regardless of remaining appropriations in the department. Generally Accepted Accounting Principles requires to post expenditures in the year incurred.
No. Billings should be posted by July 31 for all services provided prior to June 30 to other departments. If needed, estimate amounts. Period 998 is not a cleanup period.
False. Each department is responsible for reconciling the balance sheet accounts such as assets and liabilities. To ease the process, consider cleaning up odd variances in balance sheet accounts (i.e.: credit in assets and debits in liabilities) throughout the year. At a minimum, reconcile balance sheet account balances to supporting documentation such as AR aging reports and/or internally prepared schedules/spreadsheets on a quarterly basis.
Dolores Reyna: CAFR/Audit questions
New GASB pronouncements
Frank Leonard: Simpler
Year-End Accounts Payable Accrual
Financial Highlights (PAFR)
Sue Warner: Special Revenue Funds (Flux, Fund Balance, BS Recon)
Due to/from Other Govts (Schedules T-9, V-9, T-12, V-12, B & G) Statistical Section
Prepaids (Schedule M)
Daisy Vergara: Capital Projects Funds (Flux, Fund Balance, BS Recon)
Deferred Revenue (Schedules S-9, S-12, L-1, L-2)
Management Discussion and Analysis
Fendy Kao: Internal Service Funds (Flux, Fund Balance, BS Recon)
Due to/from Other Funds (Schedule A)
Advances to/from other Funds
Gladys Smith: Chart of Accounts
State Controller’s Report
Operating transfers in/out