Commissionerís Memo COM-07-012 dated August 1, 2006, stated that corrections to Cycle 1 would require districts to re-submit the Cycle Report and those re-submissions would be allowed through November 30, 2006. This same Commissionerís Memo also stated that districts should do a final close of Fiscal Year 2006 no later than November 30, 2006.
The purpose of allowing Cycle 1 re-submissions is to improve the accuracy of the financial data. It is not uncommon for errors in the prior year financial records to be discovered after Cycle 1 is submitted. In the past, corrections have been posted to the district Pentamation database, but never submitted to the state. Therefore, there were differences between state data and district data.
If a district made any changes to the prior year financial records after having submitted Cycle 1, a re-submission of Cycle 1 must occur no later than November 30. By the end of the day November 30, a final close of Fiscal Year 2006 should occur so that no further changes to Fiscal Year 2006 will be possible. This will ensure that the district data and the state data are the same.
If any errors relating to Fiscal Year 2006 are discovered after a district does the final close, necessary corrections will need to be posted in Fiscal Year 2007. The type and materiality of the error will determine how prior year corrections should be handled in the current fiscal year.
Please contact Arkansas Public School Computer Network (APSCN) Financial Field Support for help regarding prior year corrections.