The Accounting and Fiscal Services Division maintains the internal controls, policies, and procedures that ensure accurate reporting and integrity of accounting transactions. The Treasurer’s Office is responsible for receiving, maintaining, disbursing, and transferring all public monies of the state unless required by law to be handled by other state agencies.
The division accounts for all monies received, disbursed, and transferred. It maintains accounting document records and treasury bank transactions (though we do not control the volume of transactions and money received, disbursed, and transferred).
It is responsible for analyzing and implementing policy changes promulgated by Governmental Accounting Standards Board (GASB), Financial Accounting Standards Board (FASB), the Office of Financial Management, the state legislature, and other authoritative sources so that needed changes can be made in a timely and appropriate manner.
The Division includes:
Serves state agencies, local government, legislators, legislative staff and the citizens of the state. Manages the daily cash records for more than 500 Treasury and Treasury Trust funds by:
- Reconciling the Treasury Management System (TM$) with the statewide Agency Financial Reporting System (AFRS);
- Calculating and distributing investment earnings to funds in accordance with statute;
- Processing fund transfers on behalf of state agencies or as directed by the Legislature;
- Assisting state agencies in their reconciliation processes to ensure accuracy of fund balances;
- Providing current and historical reporting services such as fund balances, receipts, disbursements, distributions and other fund information as requested; and
- Managing and processing over 6,000 fund transfer documents through the Treasury Management System (TM$) each month.
Serves state agencies and local governments. Maintains the official records of ownership and accounting for investment transactions, including purchases, sales, maturities, income, and gains and/or losses by:
- Recording, verifying, and reconciling the purchases, sales, maturities, and interest payments with Cash Management and the master custodian bank;
- Initiating and maintaining accounting records in the Treasury Management System (TM$) and the statewide Agency Financial Reporting System (AFRS); and
- Responding to reporting requirements in an ever-changing investment environment.
Revenue Distribution Accounting
Serves state agencies and local governments. Distributes state and federal revenues to cities, towns, counties, public transportation districts, universities, community colleges, water districts, fire districts, health districts and various other governmental entities (including two non-profit agencies) by:
- Maintaining historical distribution records and providing information to state and local government and other interested organizations;
- Processing state revenues collected by cities, towns, counties and health districts and transferring them to administering state agencies according to statute;
- Processing and distributing revenues in accordance with formulas prescribed by state law through the utilization of the Automated Clearing House (ACH) to ensure timely and accurate distribution of funds;
- Assisting local government by providing revenue estimates for budgetary purposes; and
- Maintaining distribution data within the Treasury Management System (TM$).
The Agency Financial Reporting System (AFRS) is Washington state’s central accounting system. This system uses general ledgers (GL) to record detail data within AFRS, and In-Process reports to reconcile these entries.
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