Quality Assurance: Financial Management Matrix

1
Quality Assurance Financial Management
Matrix Suspense, IPAC, Property and Depreciation
Reconciliation
Charles Burns May 24, 2004
2
SUSPENSE TREASURY SYMBOLSWhy are we reviewing
this topic?

• A Reportable Condition in 2003 Audit Report
• Corrective action could not be effected to Y/E
  balances
• Lacked specific procedures for reconciling.
• Until cleared, balances meant potentially
  incorrect accounting records.
• Balances not supportable would need to be
  adjusted and/or written off.

3
SUSPENSE TREASURY SYMBOLS

• Background
• Major classification of General Funds 3800
  series.
• Should reflect monies belonging to the Federal
  Government
• Transactions from public 12F3875
• Transactions between agencies (IPAC) 12F3885
• Proceeds from asset sales 12F3885
• These are unappropriated funds.
• Must be cleared within 60 days to be deemed
  current.
• Delinquent after 60 days.
• Only a temporary account housing transactions
  awaiting additional information for further
  processing.
• Source Treasury Financial Manual Part 2,
  Chapter 1500, Section 1520.25-Clearing Accounts

4
SUSPENSE TREASURY SYMBOLS

• 12F3885 Intra-governmental or IPAC
• Automated matching, aging and reporting process
  has been in place since 2003 and administered by
  COD.
• Activity is mostly current except for recent
  issue regarding lack of obligation reference data
  (discussed in another presentation).
• Reports available at the NFC Reporting Center
  website.
• 12F3845 Asset Proceeds
• Agency responsible for tracking redeployment of
  funds used for vehicle replenishment

5
SUSPENSE TREASURY SYMBOLSUsage of 12F3875

Some usage still not in accordance with Treasury
guidelines evidenced by G/L account postings
outside of Cash Liabilities. Need to correct
posting models, business practices. Improvement
noted in aging of items, however additional work
is needed.
6
SUSPENSE TREASURY SYMBOLS

• Whats Available for 12F3875?
• Created a database at COD of suspense
  transactions posted to the general ledger.
• Automated matching of initial entries to the
  clearing entries.
• Remaining unmatched items are aged and reported
  to agency POCs in sufficient detail to research
  and clear.
• Ability in system to mark items that are
  partially matched.

7
SUSPENSE TREASURY SYMBOLSExample Report