Changes to the provisions of State Finance Law 179-f effective April 1, 2017 require the payment of prompt payment interest to certain small businesses on invoices not paid within 15 days. This interest is payable provided the small business submits its invoice electronically, in conformance with the policies and procedures of the accounting and financial management system of state government and identifies that it is seeking expedited payment as a small business.
The Statewide Financial System (SFS) software provides enterprise information to Agency decision makers. As a result, the data from transactions needs to be of high quality. To maintain accurate data, it is the responsibility of the Agencies to periodically clean up transactions.
For transactions that have not been cleaned up, the Office of the State Comptroller (OSC) will occasionally request SFS to perform clean up activities per the guidelines below.
The SFS Program provides three tools – Reports, Inquiry Screens, and Query Manager – for users to obtain system information.
Reports provide information in an optimized format to meet the business management and documentation needs of agency financial system users.
Inquiry screens give agency financial system users the ability to filter data and to output the results in a format that best meets their individual needs.
The Statewide Financial System (SFS) supports the transfer of financial information from State agencies through a bulkload transaction interface process. Through this process, an internal agency system electronically transmits data to the SFS and the SFS creates data extract files to send back to the internal agency system. Agencies may originate bulkload transactions from legacy financial management systems or other SFS Program-approved agency systems that provide critical functionality not available within the SFS.
The scope of the Statewide Financial System (SFS) includes the last three phases of the New York State Financial Cycle as previously outlined in Chapter II New York State Financial Accounting:
- Establish control;
- Execute plans; and
- Evaluate financial performance against plans.
In the establish control phase, the SFS records the appropriation and segregation authorizations made by the State Legislature and the Division of the Budget (DOB). Internal plans made by agency management are also recorded.
The Constitution of the State of New York Article 5 Section 1 states that “The State Comptroller shall be required:
- To audit all vouchers before payment and all official accounts;
- To audit the accrual and collection of all revenues and receipts; and
- To prescribe such methods of accounting as are necessary for the performance of the foregoing duties.”
This chapter provides an overview of:
In 2009, New York State (NYS) established the Statewide Financial System Program (Program) through a partnership among the Office of the State Comptroller (OSC), the Treasury Division of the Department of Tax and Finance (DTF/Treasury), the Division of Budget (DOB), and the Office of the Chief Information Officer/Office for Technology (CIO/OFT). The Program’s mission included developing, deploying and maintaining an integrated Statewide Financial System (SFS) to support NYS’ accounting, management, audit and control of Finances.