You are here: VII. State Revenues and Appropriated Loan Receivables > 2. Miscellaneous Receipts / Accounts Receivable Receipts

VII.2
Miscellaneous Receipts / Accounts Receivable Receipts

 

Agencies receive revenue for a variety of reasons. The recording of a cash receipt is the recognition of moneys received from internal or external sources. Most cash receipts are recorded through the Accounts Receivable (AR) module in the Statewide Financial System (SFS) after a deposit is made to the State’s General Checking Account (GCA). The following types of cash receipts should be recorded in the SFS as an AR Deposit in the AR module:

 

 

Revenue Collection Methods

 

State Finance Law §121 directs that, unless superseded by another law, all moneys received by the State shall be paid into the state treasury. On the first day of each month pay into the state treasury all such moneys received from the first through the fifteenth day of the preceding month and on the fifteenth day of each month be paid into the state treasury all such moneys received from the sixteenth day through the last day of the preceding month. There are very limited exceptions to this section of law which are detailed in §121.

 

 

Transaction Types

 

Deposit transactions are considered either a Direct Deposit or an Accounts Receivable transaction. Direct Deposits are receipts not related to any receivable item in SFS and are posted as a Direct Journal Payment within the AR module. Accounts Receivable receipts are moneys owed to the State by a customer and are posted as a Worksheet Payment within the AR module. These receipts are applied against an agency receivable item (invoice) in SFS.

 

As a general rule, each deposit should contain only one payment sequence. Multiple transaction lines can be entered on this single sequence so individual checks may have their own accounting line. A deposit should have separate payment sequences ONLY if there is a documented agency business need to track the payments separately.

 


Chartfield Coding and Reporting

 

State Finance Law §8 requires the State Comptroller to operate and maintain and at his discretion, revise and modify a state accounting and financial reporting system which accurately and systematically accounts for all revenues, receipts, resources and property of the state resulting in accurate financial information in annual and interim financial statements. To this end, an effort should be made to classify revenue in a timely manner if the nature of the revenue cannot readily be determined at the time of deposit.

 

A revenue account code is used to denote the particular revenue type. Product code is used to further define the revenue type. Legislation that creates a specific fund and SFL §4(6) regarding the authorization to deposit revenue to specific funds must be considered when depositing and classifying revenue as funds are often restricted to receiving certain types of revenue.

 

See Chapter IV, Section 3.B - Miscellaneous Receipts for a complete list of revenue account codes, product code requirements, titles and descriptions for all miscellaneous receipt types.

When entering revenue deposit transactions in SFS the following chartfields are required:

 

 

If recording receipts from public authorities (account code 32001) the program code and budget reference chartfields must be completed.

 

If Federal funds are received, the following additional chartfields are required:

 

 

Other chartfields can be used to assist in agency specific reporting. For example, program can be recorded to enable agencies to account for revenue deposited for a particular program within a fund. The deposit amount on the AR transaction submitted in SFS must equal the amount deposited in the bank. If there is a discrepancy in the amount, the AR transaction will be investigated by BSAO. The agency will be contacted for verification of the correct amount. BSAO will adjust the transaction amount to equal the actual amount of the deposit.

 

It is important that the chartfield coding be correctly completed and posted to ensure the proper accounting entries are generated in the SFS.

 

Obligation Date for Deposit Transactions

 

Every deposit requires a valid obligation date. See Chapter XIV, Section 2 – Obligation, Accounting and Budget Dates of this Guide for specific guidance.

 

Documentation Requirements

 

All AR Deposits are required to include OSC form AC 3312-S filled out in its entirety. This form will assist BSAO – Revenue Deposits in the review and posting of the transaction and is also used by DTF – Treasury to match to bank deposits. In addition to selected accounting data including chartfield string, the form also requires agency contact information; a contact person who can answer specific questions about the transaction and a detailed description of the revenue being deposited that clearly supports the chartfield values (e.g. fund, account) used in the transaction. Additional backup may be submitted at agency discretion. On-line agencies upload the form AC 3312-S and any optional additional backup via the Payments tab. Bulkload or Direct Entry agencies must email the form and any optional additional backup to RevenueAccounting@osc.state.ny.us.

 

Agencies are no longer required to submit an AC909 form (Report of Moneys Received) as it is not considered an official source document. Agencies may choose to use the AC909 form as part of their internal process and/or as an aid in entering the transaction into SFS or as supplemental backup attached in SFS to the AR Deposit.

 

Document Retention

 

For documentation retention requirements see Section 5 – Document Retention Requirements of this Chapter.

 

Department of Taxation and Finance – Division of Treasury Requirements

 

Agencies must forward all checks and a paper copy of form AC 3312-S to DTF – Treasury who will deposit the funds into the State's GCA or other appropriate bank account as indicated on form AC 3312-S.

 

In addition, the checks must contain the following written information:

 

 

The total of the checks submitted for deposit must match the document total and the amount entered into SFS. When submitting multiple checks with one document, a listing of the checks should be included.

 

For Electronic (ACH or wire) funds, agencies must submit form AC 3312-S to Treasury.Mailbox.Accounting.Unit@tax.ny.gov. If multiple ACHs/wires make up the total AR deposit, provide a list of the individual amounts.

 

Via Interoffice Mail Via U.S. Postal Service

New York State Taxation & Finance

Division of Treasury

110 State Street, 2nd Floor

Albany, NY 12207

 

Attn: Check Cashing Department

New York State Taxation & Finance

Division of Treasury

PO Box 22119

Albany, NY 12201-2119

 

Attn: Check Cashing Department

 

Special Situations

 

 


Guide to Financial Operations
REV. 03/29/2017