Accounting Services > State Accounts: Common Problems
State Accounts: Common Problems
See also: Introduction to State Accounts | Reconciling the Account | Object Code Information | Glossary of Terms
OTPS
The AES cover page contains a line titled "Total Other Than Personal Service". The edit checks on OTPS are on object codes 3000-8999. It is important for you to monitor the bottom line total of OTPS allocation. If you have allocation available in PSR or TS and no available allocation in OTPS - you can not expend any funds for OTPS items without special approvals. You must arrange to have your available allocation moved from the salary categories to the OTPS category. Contact your Dean's office to change the allocation in the account.
Current Year vs. Prior Year
The SUNY fiscal year ends on June 30th. The State allows the campus three months to close our fiscal records after the June 30th date and this is what is referred to as the "Lapsing Period". During the months of July, August and September, two reports are distributed by Accounting - Current and Lapsed. The lapsed report reflects transactions that are associated with allocation from the prior fiscal year (prior to June 30th). Current reports reflect activity associated with the NEW current fiscal year. You can determine the Fiscal Year date by looking in the upper right corner of the cover page.
Transactions that were created prior to June 30th and will be paid after this date, must be paid from allocation from the prior fiscal year. Payment of invoices from prior periods with current funding is forbidden.
Outstanding Purchase Orders
Another problem with funding after the close of the fiscal year can be avoided by paying careful attentions to the Outstanding Purchase Orders section of the AES. After several months of prior year reporting, Purchasing begins to close out the old fiscal year in August. It is important that you work closely with both Purchasing and Accounts Payable after the July 19th to ensure that all items encumbered from the prior year funding are paid and closed in an orderly fashion. If any item is outstanding and needs to be resolved, contact Purchasing immediately.
See also: Introduction to State Accounts | Reconciling the Account | Object Code Information | Glossary of Terms
