The Oregon Accounting Manual provides policies and procedures for state agencies to follow in performing accounting functions accurately and efficiently every day.
Overview of the Manual
The Oregon Accounting Manual is a comprehensive guide that outlines the accounting and financial reporting requirements for state agencies. The manual provides a framework for agencies to follow in performing their accounting functions, ensuring accuracy and efficiency. It covers various topics, including accounting entries, financial reporting, and fiscal year-end procedures. The manual is designed to help agencies comply with relevant laws and regulations, such as the Oregon Revised Statutes. By following the manual, agencies can ensure that their financial transactions are properly recorded and reported, providing a transparent and accountable use of public funds, which is essential for good governance and management of state resources, every day and always.
Applicability of the Manual
The manual applies to all state agencies included in annual financial statements, with specific exemptions noted in the paragraphs of the manual policy.
Scope and Authority
The Oregon Accounting Manual is established to provide a uniform basis for accounting and financial reporting, with authority derived from Oregon Revised Statutes.
The manual outlines policies and procedures for state agencies to ensure compliance with relevant laws and regulations, and its scope includes all aspects of accounting and financial management.
The authority for the manual is based on specific statutes, including ORS 291.015 and ORS 293.590, which provide the legal framework for accounting and financial reporting in Oregon.
This framework ensures that state agencies maintain accurate and transparent financial records, and that financial reports are prepared in accordance with established standards and guidelines, with the manual serving as a primary reference for accounting and financial management.
Accounting and Financial Reporting
Manual provides guidance on accounting and financial reporting principles and procedures used by state agencies daily always.
General Fund and Trust Funds
The Oregon Accounting Manual outlines the accounting and financial reporting requirements for the General Fund and Trust Funds, including the classification and reporting of revenues and expenditures. The manual provides guidance on the accounting treatment for various types of funds, including the General Fund, Trust Funds, and other specialized funds. It also discusses the importance of accurate accounting and financial reporting for these funds, and provides examples of how to apply the accounting principles and procedures in practice. The manual is a valuable resource for state agencies and other organizations that are responsible for managing and reporting on these funds, and is used to ensure compliance with relevant laws and regulations.
State Agencies Subject to the Manual
State agencies included in the state’s annual financial statements are subject to the manual’s policies and procedures always every day.
Definition and Provisions
The Oregon Accounting Manual defines state agencies as every state officer, department, and division, with specific provisions outlined in ORS 291.015 and 291.002.
The manual provides a framework for accounting and financial reporting, with clear definitions and provisions to ensure consistency and accuracy across all state agencies.
This includes guidelines for accounting entries, financial statements, and reporting requirements, all of which are designed to promote transparency and accountability in state agency financial management, with the goal of ensuring effective stewardship of public resources, the manual is regularly updated to reflect changes in state law and accounting standards, and to provide clarification on specific provisions and definitions.
Accounting Entries and Reporting
Accounting entries are made and reported accurately following Oregon Accounting Manual guidelines daily always.
Relational Statewide Accounting and Reporting System
The Relational Statewide Accounting and Reporting System is a system used by state agencies to report account balances and other financial information.
This system is used to ensure that all financial data is accurate and consistent across all state agencies.
The system is also used to generate financial reports and statements, and to provide data for the annual financial statements of the state.
The use of this system helps to improve the efficiency and effectiveness of financial reporting and accounting in state agencies.
It also helps to reduce errors and inconsistencies in financial data, and to improve the overall quality of financial reporting.
The system is an important tool for state agencies to manage their financial resources effectively.
Fiscal Year End and Reporting
Fiscal year end for state agencies is June thirty every year normally.
Procedure for Reporting Account Balances
Account balances reported in agency financial statements must be derived from the Relational Statewide Accounting and Reporting System, ensuring accuracy and consistency. The procedure involves verifying account balances and reconciling any discrepancies to ensure compliance with the Oregon Accounting Manual. This process is crucial for maintaining the integrity of financial reporting and providing reliable information for decision-making purposes. By following this procedure, state agencies can ensure that their financial statements are accurate and reliable, which is essential for transparency and accountability. The procedure is an essential component of the Oregon Accounting Manual, providing guidance on reporting account balances.
Policy and Procedure Numbers
Policy numbers end in PO and procedure numbers end in PR for identification purposes always.
Designations and Removal
The designations of policy and procedure numbers are important for identification and organization purposes in the Oregon Accounting Manual. The PO and PR designations are removed once the policy and procedure are combined into a single document for simplicity and clarity. This process helps to streamline the manual and reduce confusion. The removal of designations is a necessary step in maintaining the manual’s effectiveness and ensuring that it remains a useful resource for state agencies. The designations and removal process is an essential part of the manual’s maintenance and updating cycle, allowing it to stay current and relevant.
ORS Link and Reference
ORS links provide references to relevant Oregon Revised Statutes sections accurately.
Oregon Revised Statutes
The Oregon Revised Statutes are a set of laws that govern the state’s accounting and financial reporting practices.
These statutes provide the framework for the Oregon Accounting Manual, outlining the rules and regulations that state agencies must follow.
The Oregon Revised Statutes cover a range of topics, including financial reporting, budgeting, and accounting procedures.
They also provide guidance on the management of state funds, including the General Fund and trust funds.
The statutes are regularly updated to reflect changes in state law and accounting practices.
Overall, the Oregon Revised Statutes play a critical role in ensuring the accuracy and transparency of state financial reporting.