HeinOnline is a subscription-based resource containing thousands of academic and legal journals from inception; complete coverage of government documents such as U.S. Statutes at Large, U.S. Code, Federal Register, Code of Federal Regulations, U.S. Reports, and much more. Documents are image-based, fully searchable PDFs with the authority of print combined with the accessibility of a user-friendly and powerful database. For more information, request a quote or trial for your organization below.
![handle is hein.gao/gaobaaclz0001 and id is 1 raw text is: D0UMENT RESUME
02808 - CA2133237]
[Review of Accounts Receivable at the General Services
Administration]. FGMSD-77-29; 3-159687. Jujy 27, 1977. 6 pp.
Report to Joel W. Solokon, Administrator, General Services
Adwinistration- by D. L. Scantlebury, Director, Financial and
Geaeral Management Studies niv
Issue Area: Accounting and Financial Reporting (2800).
Contact: Financial and General Management St'idies Div.
Budget Function: Miscellaneous: F±nancial Management and
Information Systems (1002).
A review of the General Services Admiristration,-
(GSA's) system of accounting for acocounts receivable from the
pub'.ic showed that the system was, for the most part, operated
effectively and in accordance with the accounting system
approved by the Comptroller General in 1965. However, the
account1q for and reporting of these receivatiles need
impr-'vement. Findings/Conclusions: One GSA L-id was overstated
by $69.9 million, and two others were understated by $4.1
million. About $9.3 million of long-term installments receivable
was improperly classified as current assets. Delinquent. accounts
were not promptly identified for followup action. This material
inaccuracy in recording and reporting receivables indicates a
Deed for improvement in the system of internal controls. GSA's
exclusion of delinquent dccounts 30 to 60 days old from its
aging schedule precludes the prompt identification and
subsequent collection ot delinquent accounts. Inclusion of these
delinquent accounts on the aging schedule would contribute to
prompt collection action. Recommendations: Tue Office of
Finance should improve GSA's internal control system by
providing: effective supervisory revieb ui :ignificant adjusting
entries to assure that they are valid and properly documented,
documentary evidence linking individual transacti ons and
adjustments to their summation in the ledger accounts, and
classification of receiva.ales which are not due within a year or
less as noncurrent assets in the statement of financial
condition. To assist in the prompt identification and followup
of delinquent accounts, the Office of Finance should list all of
GSA's accounts receivable over 30 days old on the monthly aging
schedule and initiate prompt an adequate collection action.
(Auth( r/DJM)](ViewImageLocal?handle=hein.gao/gaobaaclz0001&div=1&collection=&method=preview&ext=.png&size=3)