INTRODUCTION TO RECONCILIATIONS AND REPORTS - 7900

This chapter provides information about the periodic reconciliations and reports required of state agencies/departments, including deadlines for reconciling, preparing, and submitting reports to the appropriate control agencies and other departments. This chapter also provides summarized instructions and standard formats for preparing the year-end financial reports. Agencies/departments will use their accounting system to generate year-end financial reports, unless otherwise stated.

The Department of Finance provides detailed instructions for preparing year-end reports through the annual year-end trainings, eLearning, and other resources on its website in addition to the information in this chapter. Also, the State Controller's Office (SCO) issues instructions for preparing year-end reports annually, which may include changes to previous processes.  Agencies/departments should review these instructions for changes, once available on the SCO's website.

Agencies/departments must complete accurate and timely reconciliations between the accounts maintained by the agencies/departments and those by the SCO. Each agency/department is responsible for completing any reconciliation necessary to safeguard the state’s assets and ensure reliable financial data provided within their financial reports. Failure to submit timely and accurate financial reports to the SCO has a negative impact on the state’s annual financial reports, which may affect the state’s credibility among investors, increase the cost of state borrowing and impact the state’s ability to obtain federal funding.