Analyze and Reconcile Accounts (10.3)

Business Process Overview

Note: This Business Process Model is in draft format and provided in preparation for the Segment III Business Process Model Review Workshops.

The Analyze and Reconcile Accounts business process is within the Account Management and Financial Reporting (AMFR) business process grouping. AMFR includes a collection of business processes that:

• Establish the statewide accounting framework and provide for agency-specific accounting and reporting needs;
• Update to the general ledger and maintain the integrity of the financial activities; and
• Perform month-end and year-end closing and reporting activities.

The Analyze and Reconcile Accounts Business Process addresses the execution of the period close and the agency reconciliation. Period close within Florida PALM occurs monthly and is controlled by DFS. DFS communicates with agencies if changes occur to the close schedule.

The business subprocesses included are:

• 10.3.1 Perform Month-End Close

Dependencies and Constraints

Dependencies and Constraints describe any conditions or criteria that impact how or when the business process should be executed. These could be set within Florida PALM or from external sources (i.e., Law or Rule).

• The Chief Financial Officer (CFO) will use Florida PALM in the performance of and accounting for all his or her constitutional and statutory duties and responsibilities
• State agencies and the judicial branch are responsible for maintaining accounting records necessary for the effective management of their programs and functions
• The DFS State Expenditure Guide provides agencies guidance on classifying the obligations the state has incurred
• The DFS Statewide Financial Statements Guidance provides agencies additional guidance on accounting policies related to performing close.
• The Government Accounting Standards Board establishes accounting and financial reporting standards for U.S. state and local governments that follow the Generally Accepted Accounting Principles (GAAP)

Agency Configurations

The table below identifies the Agency Configurations related to this Business Process. These items are not included within the Business Flow Diagrams; however, these items are important elements of each Business Process.

Configuration Number	Configuration Description	Configuration Maintainer
N/A

Conversions

The table below identifies the Conversions related to this Business Process. These items are not included within the Business Flow Diagrams; however, these items are important elements of each Business Process.

Conversion Number	Conversion Description	Source
N/A

Version History

Date	Revision Description
02/05/2024	Original Version