YEAR-END REPORT NO. 1, REPORT OF ACCRUALS TO CONTROLLER'S ACCOUNTS - 7952
This year-end report provides the SCO with accrual amounts reflected in the department’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 department’s appropriation and revenue accounts.
- Form 571D – Revenue and expenditure accounts not preprinted on Form 571C.
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).
At year-end, departments 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). Encumbrances may be reported 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 department automated accounting systems maintain separate liability accounts, departments may report the encumbrances in the applicable liability GLA (e.g., Due To).
Reimbursements that will fund encumbrances must be reported in the applicable receivable GLA (e.g., Due From). The reimbursement for encumbrances will be shown as a debit in the encumbrances column for the respective GLA on the Report No. 1. See 7952 Illustration 1.
A sample of Report No. 1, the Report of Accruals to Controller's Accounts, Forms 571A, 571B and 571C is shown in the 7952 Illustrations.