1 county of riverside office of the auditor-controller accounts payable (ap) accrual reggie arhin...
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COUNTY OF RIVERSIDECOUNTY OF RIVERSIDEOFFICE OF THE AUDITOR-CONTROLLEROFFICE OF THE AUDITOR-CONTROLLER
Accounts Payable (AP) Accrual
Reggie Arhin
April 21, 2005
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ACCOUNTS PAYABLE (AP) ACCRUALACCOUNTS PAYABLE (AP) ACCRUAL
OVERVIEW
Purpose of AP AccrualHow the process worked in the pastWhy we are changing the processHow the new process will workQuestions
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ACCOUNTS PAYABLE (AP) ACCRUALACCOUNTS PAYABLE (AP) ACCRUAL
Purpose of AP Accrual
Expenditure RecognitionTitle Transfer/Service Provided
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How the process worked in previous years
System Accruals during extended period 12Schedule HSupporting documentation
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Why are we changing the process?
Assure compliance with GAAP Adjust our process to comply with prior year audit
findings– System accruals not properly executed– 30% of Vouchers entered in wrong fiscal year– Issues with Schedule H (incomplete, not submitted,
or duplicated) Earlier FYE close (July 31) Last day to enter vouchers is July 20
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ACCOUNTS PAYABLE (AP) ACCRUALACCOUNTS PAYABLE (AP) ACCRUALHow the new process will work
Departments to process invoices as usual – Treat July as if it were a regular month in the
fiscal year when entering your voucher.– Input the right invoice date as just presented by
Robert Valenson.ACO will run accrual and reversing entries based
on system invoice date.– Each journal line will be populated in the “Journal Line
Description” field with the Business Unit and Voucher ID.
Example: ACARC_00014531
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How the new process will work (continued)
ACO will notify Department Representatives about accrual details (via email). – Email provides Journal ID for both accrual and
accrual reversal journals.– To receive email, please review contact list (in
your handouts) and submit additions to:[email protected]
– Type AP ACCRUAL on the email subject line
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ACCOUNTS PAYABLE (AP) ACCRUALACCOUNTS PAYABLE (AP) ACCRUAL
How the new process will work (continued)
Public Query allows departments to view accrual detailsQuery Name:
RVGL_AP_ACCRUAL_JOURNALS Run query:
– 1st prompt: Enter journal ID emailed to you by ACO.– 2nd prompt: Enter Business Unit + %. Use capital
letters for business unit.
Example: ACARC%
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ACCOUNTS PAYABLE (AP) ACCRUALACCOUNTS PAYABLE (AP) ACCRUAL
Benefits To Departments
No Schedule H.No stamping or separation of documents
for “Old Year” or “New Year”.You can treat July like any other month
of the year.Saves time!
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QuestionsEmail address for further communication:
Please type AP ACCRUAL on the email subject line.