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ACCOUNTING & REPORTING

The Office of Comptroller Operations, the Bureau of Accounting and Financial Management (BAFM) provides quality governmental accounting and financial reporting services that enable commonwealth agencies to better manage their diverse financial operations. BAFM leads the commonwealth’s efforts to assess and implement new accounting standards. Additionally, it ensures the commonwealth’s accounting system properly reflects each agency’s financial activities, and that those activities are performed within the parameters of the authorized budget and applicable state and federal statutes, regulations, and policies.


GENERAL ACCOUNTING SERVICES

The General Accounting Division provides expertise in financial, budgetary, and revenue accounting to ensure agencies operate within their authorized budgets and that accounting transactions comply with generally accepted accounting principles. Services include:

  • Commitment, revenue, and expenditure analyses
  • Cash management analysis and funds forecasting
  • Revenue and expenditure reconciliations to Treasury and bank balances
  • Accounts receivable and interagency billing services
  • Preparation of accounting entries for operations and financial reporting

LCB ACCOUNTING SERVICES

The LCB Services Division maintains the budgetary accounting records of the State Stores Fund and Liquor License Fund, maintains the general ledger accounting records for the State Stores Fund in the Oracle enterprise resource planning system and prepares financial statements and reports on the PA Liquor Control Board’s activities and balances. The division also handles accounts receivable, non-merchandise inventory and fixed asset accounting activities in the Oracle system.

FEDERAL ACCOUNTING SERVICES

The Federal Accounting Division oversees the accounting, monitoring, cash management, and reporting functions for federal grants awarded and federal contracts and agreements entered into by the commonwealth. Specialized staff within the division’s six customer units ensure agencies’ program activities comply with the programmatic and financial requirements of each federal award, contract, or agreement.

FINANCIAL ACCOUNTING SERVICES

The Financial Accounting Division maintains the commonwealth’s general ledger chart of accounts, supports fixed asset and project systems, monitors balance sheets, completes monthly and year-end closing activities, and issues budgetary financial statements in the SAP system.

FINANCIAL REPORTING SERVICES

The Financial Reporting Division monitors developments in governmental accounting and reporting standards, assesses the impact of new standards on commonwealth accounting and reporting practices, ensures conformance to applicable standards through monitoring and action plans, and provides consultative services to commonwealth agencies and entities regarding the application of such standards.