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120148 1 (1979-02-27)

handle is hein.gao/gaobacxuz0001 and id is 1 raw text is: ',CC U~' IN REPLY REFER TO 40176 UNITED STATES GENERAL ACCOUNTING OFFICE REGIONAL OFFICE 'SUITE 900. 1Z75 MARKET STREET SAN FRANCISCO, CALIFORNIA 94103 (415) 556-6200 FEB 2 7 1979 Mr. Thomas A. Smith, Field Director Veterans Canteen Service Field Office Veterans Administration Room 1702 , 211 Main Street 043 San Francisco, California 94105 0 Dear Mr. Smith: We have completed our audit of the San Francisco Field Office's financial statements for fiscal year 1978. The following are the more important observations made during our review which relate to the financial statements and your control over operations. All of these items have been discussed with you and your staff. Understatement of accumulated amortization 4- Amortization expense for an air conditioning system was reported as depreciation rather than correctly charged as amortization. This incorrect charge in the amount of $2,372.82 would materially increase the reported September 30, 1978, accumulated amortization balance of $2,227.06 to $4,599.88, a 107 percent variance. The effect, however, is minor on the accumulated depreciation balance when overstated by the same amount. The incorrect change appears to result from improper posting and does not affect the income statement because depreciation and amortization expenses are reported as one amount. Improvements needed for estimating receivables Better procedures are needed for estimating receivables at year-end from companies operating.vending machines at the various canteens. The San Francisco Field Office's Supplementary Operating Procedure Letter 6-77 states -that sales and commissions from these vending machines will be reported between the 25th and the last day of each month. If canteen officials have not received this information from the vendor by the end of the month, they should call the vendor or estimate both the sales and commission due to VCS. Receivables from vending companies represented about 14 percent of VCS' total September 30, 1978, receivable balance. o~q~ flo~

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