Section 7 AAC 53.935 - Books of account(a) The books of account of a grantee must include a general ledger and records of original entry. If a grantee operates more than one residential child care facility, the grantee shall maintain separate books of account for each facility. A grantee's records of original entry must include(1) a receipts journal and accounts receivable ledger;(2) a cash disbursement journal and payroll journal; and(b) A general ledger must include a summary by account classification of financial transactions as they have been recorded in the records of original entry. A grantee shall use a separate general ledger for the transactions of each state fiscal year. A grantee shall enter a transaction in the general ledger only if the transaction was first recorded in a book of original entry. For each transaction, the grantee shall record information in its general ledger that includes (2) a reference to the journal and page number where the transaction is recorded;(3) the dollar amount of the debit or credit from the transaction; and(4) the balance of the account.(c) A receipts journal must include a chronological record of all receipts for collections. For each receipt the grantee shall record information that includes (4) the amount received; and(5) a classification of the amount by account number.(d) For each bed in a facility for which the department has granted money, and for each child for whom the grantee provides services under an agreement with a party other than the department, the grantee shall maintain an account in its accounts receivable ledger and record information in that account includes (1) the date billed, if any;(2) the dates for which each amount receivable was earned;(3) the name of the individual for whom services were provided;(4) the person or governmental entity that is responsible for paying the cost of the services;(5) the date, amount, and source of each payment that the grantee receives;(6) the account balance; and(7) adjustments to the account.(e) A cash disbursement journal must include a record of all of the grantee's disbursements. For each disbursement a grantee shall record information that includes (1) the date of the disbursement;(4) the amount of the disbursement; and(5) a classification of the amount by account number.(f) For each disbursement for salaries, wages, or direct fringe benefits, a grantee shall record, in a payroll journal, information that includes (1) the employee name and the date of the disbursement;(3) payroll period covered;(4) the gross amount of the payment;(5) deductions from payroll credits;(7) a classification of the disbursement by grant project, facility and account number.(g) A general journal must include a record of financial transactions that cannot be properly recorded in another book of original entry. A grantee shall record a full explanation and reference for each entry in its general journal.(h) A grantee shall use a bookkeeping system that allows auditors to trace general ledger entries to specific receipts and checks.(i) A grantee shall keep the following subsidiary records:(A) earnings records and vacation and leave records for each employee;(B) a record of all terms of each transaction involving the sale, purchase, or rental of land, land improvements, buildings, fixtures or equipment, including the date, amount, and parties;(C) a log of all long distance telephone calls, showing the date, number called, person calling, and purpose of the call;(D) a record of all postage expenditures for purposes such as fund raising, that are not directly related to the provision of residential child care;(E) a schedule of fixed assets and related depreciation that separately identifies each asset for which the grantee claims reimbursement for use or depreciation costs;(F) a record of meals and lodging provided as taxable compensation to employees;(G) a record of all travel paid for by the grantee, including date, amounts spent, person traveling and relation of that person to the grantee, and purpose of trip; and(H) A separate record for the petty cash fund that includes (ii) a cash count record;(iii) petty cash vouchers for each disbursement;(iv) receipts for payments out of petty cash; and(v) receipts for each time that the petty cash fund was replenished from the bank.Eff. 1/13/85, Register 93Authority:AS 47.05.010
AS 47.40.011
AS 47.40.031