Subject:

Updates to the definitions for Obligation, Accounting and Budget Dates in the Statewide Financial System (SFS) and guidance on date determinations effective June 19, 2014

Guidance:

The Office of the State Comptroller (OSC) updated Guide to Financial Operations Sections that define and reference Obligation, Accounting and Budget Dates in order to provide guidance on the appropriate use of these dates in SFS. OSC will issue a monthly operational advisory regarding open accounting periods. Currently, the sub modules (Accounts Payable, Expense, Billing, Accounts Receivable, and Project Costing) are open from April 1, 2000 to August 31, 2014 and the Modified Accrual Ledger is open from April 1, 2014 to August 31, 2014.

The Guide to Financial Operations, Chapter XIV, Section 2 - Obligation, Accounting and Budget Dates provides key data elements and explanations on the appropriate use of Obligation, Accounting and Budget Dates in SFS.

The following Sections were also updated due to references to Liability and/or Accounting Date:

Chapter VII, Section 9.A - Fringe Benefit and Indirect Costs - Updated June 16, 2014

Chapter XII, Section 5 - Agency Payment Preparation and Submittal

Chapter XII, Section 5.G - Entering the Appropriate Accounting Date

Chapter XII, Section 6.C - Paying Prompt Contract Interest

Chapter XV, Section 11 - Journal/Revenue Transfers

These changes take effect on June 19, 2014.

For specifics, please visit the Guide to Financial Operations, Chapter XIV, Section 2 - Obligation, Accounting and Budget Dates.