YEAR-END REPORT NO. 10, ANALYSIS AND RECONCILIATION OF REVOLVING FUND ACCOUNTABILITY - 7965

(Revised: 03/2011)

During the fiscal year, Account No. 1130, Revolving Fund Cash, is accounted for on an impress basis. Because the revolving fund consists of items other than cash, this procedure will overstate cash in a department’s year-end reports.  Therefore, adjusting entries are necessary at year-end to properly reflect the actual revolving fund composition, as of June 30, for year-end report purposes. The adjusting entries will reduce the balance of the revolving fund cash account to the balance of the revolving fund portion of the department’s checking account. The adjusting entries are recorded in the fund the revolving fund was withdrawn from and are reversed as of July 1. The amounts of these entries will also be shown on the Accrual Worksheet, Report No. 2 as Revolving Fund Adjustments. See SAM section 10601.

The source for the adjusting entries is an Analysis and Reconciliation of Revolving Fund Accountability, Report No. 10.  The report consists of the following:

1. Cash in sub revolving funds, un-deposited receipts, and un-receipted SCO warrants in transit issued for reimbursement of the revolving fund.
2. Cash book balance – Amount of revolving fund cash in the department’s general checking account.
3. Salary and travel advances – Amount of outstanding advances to employees for salary and travel advances.
4. Claims filed on or before June 30 to reimburse the revolving fund but not paid by June 30.
5. Revolving fund disbursements not scheduled for reimbursement by June 30 and expenditures have been accrued via the A-8 entry.
6. Amount of revolving fund withdrawn from appropriation or pursuant to statute.

Report No. 10 is not submitted to the SCO, but it is kept on file with other year-end reports for audit purposes.

A sample of Report No. 10, Analysis and Reconciliation of Revolving Fund Accountability, is shown in the 7965 Illustration.

7965 Illustration

(Revised 03/02)

Agency Name and Number ANALYSIS ANDRECONCILIATION OF REVOLVING FUND ACCOUNTABILITY, REPORT NO. 10 As of June 30, 20__
	DETAIL	TOTAL
1. Cash book balance (as shown on bank statement) – Revolving fund portion of centralized State Treasury System bank account no.		$7,300
2. Cash on hand:
a. Cash in sub-revolving funds (e.g., change funds and cash purchase funds)	200
b. Un-deposited receipts	50
c. Un-receipted SCO warrants in transit for reimbursement of revolving fund	600	850
3. Advances:
a. Salary	1,000
b. Travel	500	1,500
4. Claims filed but not yet paid by SCO		4,000
5. Revolving fund disbursements not scheduled for reimbursements by June 301		1,700
6. Amount of revolving fund withdrawn from appropriation or pursuant to statute		$15,350

 

1 Excluding salary and travel advances to employees