Insurance fund and insurance appropriation accounting reason for issue
SECTION F. SUBSIDIARY ACCOUNTS AND CONTROL RECORDS
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- 2. REQUIRED VERIFICATION
- Figure F-1. Required Verification Account Number DescriptionSubsidiary Records
SECTION F. SUBSIDIARY ACCOUNTS AND CONTROL RECORDS1. GENERAL a. Instructions outlined in this section govern the verification, control and reconciliation of the basic subsidiary accounts and related control records by the VBA Finance Division and Insurance Division at the Insurance Center. The verification, control and reconciliation of these general ledger accounts are of the utmost importance, since they are the basis from which comprehensive financial statements are prepared. b. Subsidiary accounts or records provide a further breakdown of amounts reflected in the related control accounts of the general ledger. The subsidiary records are comprised of individual cards, personal computer listings or tape records which show the current status of individual accounts. c. The Finance Division at the ROIC is responsible for the maintenance of control records. All open items from the control ledger listings or pending accounting documents must be reconciled with the control at any convenient time during the month so as not to interfere with heavy end-of-month workload. Control ledgers must be reconciled with the applicable general ledger accounts at the end of each month. Reconciliation documentation should be retained until audited by the Inspector General, Office of Audit, and then disposed in accordance with VA disposal directives. d. Postings to the general ledger accounts and the related control records should be synchronized in order to facilitate the required reconciliations. e. At end of each quarter, the Finance Division should prepare a report, signed by the Finance Officer, summarizing the results of the monthly reconciliations required in Section F, paragraph 2. The report should address the following: (1) Status of each monthly reconciliation which will be supported by completed monthly reconciliation statements (VAF 24-467). (2) Status of monthly cash reconciliations with Treasury, to the VBA ORM Accounting Policy and Reporting Division (101/241B ). (3) Status of suspense accounts, i.e., are there any unusual or old uncleared items, and are balances being kept to a minimum. (4) Status of monthly reviews of all general ledger account balances to determine if they are reasonable and adequately supported with documentation. f. The VBA ORM Accounting Policy and Reporting Division (101/241B) will prepare a quarterly report summarizing the monthly reconciliations of cash and insurance investments. g. The quarterly reconciliation status reports cited above will be retained on site to support the annual financial statements required by the Chief Financial Officers Act of l990. 2. REQUIRED VERIFICATION The general ledger accounts and subsidiary records will be verified as indicated in Figure F-1. NOTE: Handbook sections G, H, I, and J that follow describes the ledgers and procedures used to control the accounts listed in Figure F-1. The two-digit Inforce “ADP” number corresponds to the general ledger insurance number. Figure F-1. Required Verification Account Number DescriptionSubsidiary Records8_1142.00 Series (ADP 01,02,03,04) (Corresponding FMS SGL Account #: 1350.9089)Policy LoansLoan segment of the InForce master record. 8-1215.00 Series (Corresponding FMS SGL Account #: 1311.9089)Receivables-Off TapeIndividual Accounts Receivable Record VA Form [41103], maintained by the Operations Section.8_1216.00 (Corresponding FMS SGL Account #: 1322.9089)Receivables-Proceeds due from Treasury for available canceled checks.Copy (8) of SF 1184 retained in pending file in Accounting Section. 811224.00 (Corresponding FMS SGL Account #: 1311.9089)Receivables-ShortagesControl Ledger maintained in Accounting Section. 8_1271.00 Series (ADP 05,06,07,08) (Corresponding FMS SGL Account #: 1311.9089)Policy LiensLien segment of the InForce master record. 841272.00 Series (Corresponding FMS SGL Account #: 1311.9089)Policy Liens (Sec. 304)Individual Lien Record Card, VA Form 29-1696, maintained by the Insurance Division.841273.00 Series(Corresponding FMS SGL Account #: 1311.9089)Policy Liens-interest Due (Sec. 304)Individual Lien Record Card, VA Form 29-1696, maintained by the Insurance Division. 851274.00 Series (Corresponding FMS SGL Account #: 1311.9089)Policy Liens (Sections 305 and 306)Individual Lien Record Card, VA Form 29-1696, maintained by the Insurance Division.8_1275.00 (Corresponding FMS SGL Account #: 1311.9089)Policy Liens-off TapeIndividual Lien Record Card, VA Form 29-1696, maintained by the Insurance Division.8_2025.00 and Analytical Account 8_2025.10 (ADP 09) (Corresponding FMS SGL Account #: 2116.9089)Undelivered Checks and Payment DueLiability control file in the In-Force system. 8_2032.00 Series (ADP 10,11,12) (Corresponding FMS SGL Account #: 2404.9089)Dividend Credits and DepositsDividend credit and dividend deposit segments of the In-Force master record. 812034.00 (Corresponding FMS SGL Account #: 2116.9089)Payables-Overages allotments and deductionsControl ledger maintained in Accounting Section. 8_2063.00 (ADP 13) (Corresponding FMS SGL Account #: 2116.9089)Matured Contracts Payable-On TapePending master record (original Award Category) in the Insurance Awards system8_2064.00 Series (ADP 14, 15, 16, 17) (Corresponding FMS SGL Account #: 2323.9089)Unapplied CollectionsPending transaction file in the In-Force, system8_2065.00 Series (ADP 18,19,20) (Corresponding FMS SGL Account #: 2323.9089)Unassociated CollectionsIndividual Unassociated Transactions Control Card, VA Form 29-1675, maintained in the Insurance Division.8_2066.00 (Corresponding FMS SGL Account #: 2116.9089) Matured Contracts Payable-Off TapeIndividual Report of Status for Settlement of Death Claims, VA Form 29-368d; Schedule of Canceled Checks, SF-1098; and delete Insurance Award Record Print Out, VA Form 4-456; and supporting documents maintained in the Accounting Section.8_3569.00 (ADP 38) (Corresponding FMS SGL Account #: 5501.9089)Undistributed Insurance CollectionsUndistributed Insurance Collections Control Ledger maintained in the Accounting Section.8_3571.00 (ADP 39) (Corresponding FMS SGL Account #: 5501.9089)Miscellaneous Transaction ControlMiscellaneous Transaction Control.
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