Subject:
Accounting Date Policy Change Confirmation
Reference:
Guide to Financial Operations (GFO), Chapter XIV, Section 2 - Obligation, Accounting and Budget Dates
Guidance:
Effective April 1, 2017, the Office of the State Comptroller will be changing the policy regarding the use of Accounting Date in the Statewide Financial System (SFS). This notice confirms the earlier advisory issued on December 1, 2016.
The definition of Accounting Date, as defined in the Guide to Financial Operations (GFO), Chapter XIV, Section 2 - Obligation, Accounting and Budget Dates, will be changed to be the date the transaction is entered (i.e. today’s date) into the SFS. The current requirement to enter the Accounting Date based on the value of the Obligation Date will be eliminated effective April 1, 2017. OSC will identify specific transaction types which may require adjustment to the accounting date to ensure that proper statewide accruals can be completed, and will contact agencies regarding possible exceptions to the statewide policy and any financial reporting implications. If you believe that your agency processes transactions that qualify for such an exception, please email the Office of Operations, Bureau of Financial Operations Support, at the email address below, indicating the type of transaction and the reason(s) for the exception.
Current guidance regarding the Obligation Date field in SFS is not changing. Agencies should continue to ensure that the correct Obligation Date is entered on all transactions that require an Obligation Date. For additional information, agencies can refer to the GFO, Chapter XIV, Section 2 - Obligation, Accounting and Budget Dates.
This change in policy regarding the Accounting Date will enable NYS to take advantage of capabilities in the SFS that are not currently utilized. In addition, the new policy may streamline business processes by minimizing the need for agencies to apply business rules in determining the Accounting Date. At this time, there are no plans to modify the timeframes or dates for opening or closing accounting periods in the SFS.
OSC will make appropriate revisions to the GFO sections impacted by this change on April 1, 2017. Any questions or feedback on this advisory should be submitted to the Office of Operations, OOOGenAdmin ([email protected]).