|STATE OF CONNECTICUT|
|OFFICE OF THE STATE COMPTROLLER|
55 ELM STREET
MEMORANDUM NO. 2011-05
FEBRUARY 24, 2011
TO THE HEADS OF ALL STATE AGENCIES
|Attention:||Chief Administrative and Fiscal Officers, and Business Managers|
|Subject:||Timely Completion of Core-CT Deposits:|
This memorandum provides guidance regarding the timely processing of deposits in Core-CT.
This memorandum details the requirements for timely Core-CT agency deposit processing. These requirements are in accordance with State statute and accounting policy described within the State Accounting Manual.
III. Agency Responsibility:
According to CGS 4-32, deposits must generally be made within 24 hours of
receipt. As soon as the agency deposit is received in the Core-CT system, the
agency is responsible for confirmation of the bank data. The deposit usually
appears in the agency's deposit pick list the next day following the accounting
date of the deposit. Contact the Treasurer's Office if you have specific banking
issues relating to a deposit, such as: the deposit does not belong to your
agency, you are missing a deposit, or the deposit is for an incorrect amount.
IV. Timeframe for processing deposits in Core-CT:
As soon as the deposit is received in Core-CT, agencies should complete the confirmation process and journalize an appropriate accounting entry by the end of the day that the deposit information is received in the Core-CT system.
Each agency is responsible to post their deposits in Core-Ct system as soon as the confirmation process is complete or no later than four (4) business days from the accounting date of the deposit. In addition, all deposits of an accounting period must be posted before the close of the AR module which is usually five days after the end of the month.
The State Auditors and OSC will be monitoring the posting of deposits for compliance.
If you have any questions please contact Tony Torcia in the Budget and Financial Analysis Division of the Comptrollers Office at 860-702-3354.
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