A. Unified financial accounting and control shall be established through thedepartments and agencies of the Commonwealth, in the manner prescribed inthis chapter.
The Comptroller shall prescribe what accounts shall be kept by each stateagency in addition to the system of general accounting maintained in theComptroller's office. In prescribing what accounts shall be kept by eachstate agency, the Comptroller shall take care that there shall be nounnecessary duplication.
B. The Comptroller shall direct the development of a modern, effective anduniform system of bookkeeping and accounting, to include (i) an efficientsystem of checks and balances between the officers at the seat of thegovernment entrusted with the collection and receipt, custody anddisbursement of the revenues of the Commonwealth; and (ii) a system ofaccounting, applicable to all state officers, departments, boards,commissions, agencies, and penal, educational and eleemosynary institutionsmaintained in whole or in part by the Commonwealth, which shall be suitableto their respective needs, considering their relation to each other and theirrelation to subordinate officers and officials. All systems so developedshall require the approval and certification of the Auditor of PublicAccounts that they are adequate for purposes of audit and financial control.
As to the collection of debts owed, the system of bookkeeping and accountingshall permit any state agency to refrain from collecting any amount owed toit if the administrative cost of collection likely would exceed the amountowed. The Comptroller shall develop other policies and procedures to reducethe costs of collecting debts owed to state agencies.
As to the operation of merchandising activities, or other centralized supportservices provided by one state agency to other state agencies for whichcharges are made, the system of accounting shall be designed to reflect allcharges properly allocable so that the net profit or loss therefrom shall bereflected. In the furtherance of this objective the Joint Legislative Auditand Review Commission may direct the Comptroller to establish under suchterms and conditions as they may determine internal service fund accounts onhis books and record therein the receipts and expenditures of these severalfunctions. The Comptroller shall provide the agencies responsible for theoperations of these functions with working capital advances with which tofinance the operations pursuant to appropriations made by law. The JointLegislative Audit and Review Commission may direct the Comptroller totransfer excess fund balances to the general fund or to remove from his booksinternal service fund accounts that are no longer considered appropriate andrecord the necessary transfer of funds.
Unit prices of services rendered by internal service funds shall be fixed sothat all costs properly allocable to providing the service shall be fullyrecoverable.
C. The Comptroller shall maintain a full explanation of all systems ofaccounting devised and adopted in furtherance of this section, but nocopyright system shall be adopted that shall entail additional cost upon theCommonwealth by reason of such copyright. The systems of accounting shall becommunicated by the Comptroller to the officials affected thereby, and heshall as soon as possible instruct the officials as to the systems ofaccounting.
D. Should any of the state offices, departments, boards, commissions,agencies, or institutions refuse or neglect to adopt the systems ofaccounting developed by the Comptroller, then upon suit of the AttorneyGeneral a writ of mandamus will lie to the Supreme Court to compel theadoption. It shall be the duty of the Attorney General to promptly institutesuch suit in any such case.
(1975, c. 323, § 2.1-196.1; 1976, c. 533; 1984, c. 612; 2001, c. 844; 2006,c. 340.)
A. Unified financial accounting and control shall be established through thedepartments and agencies of the Commonwealth, in the manner prescribed inthis chapter.
The Comptroller shall prescribe what accounts shall be kept by each stateagency in addition to the system of general accounting maintained in theComptroller's office. In prescribing what accounts shall be kept by eachstate agency, the Comptroller shall take care that there shall be nounnecessary duplication.
B. The Comptroller shall direct the development of a modern, effective anduniform system of bookkeeping and accounting, to include (i) an efficientsystem of checks and balances between the officers at the seat of thegovernment entrusted with the collection and receipt, custody anddisbursement of the revenues of the Commonwealth; and (ii) a system ofaccounting, applicable to all state officers, departments, boards,commissions, agencies, and penal, educational and eleemosynary institutionsmaintained in whole or in part by the Commonwealth, which shall be suitableto their respective needs, considering their relation to each other and theirrelation to subordinate officers and officials. All systems so developedshall require the approval and certification of the Auditor of PublicAccounts that they are adequate for purposes of audit and financial control.
As to the collection of debts owed, the system of bookkeeping and accountingshall permit any state agency to refrain from collecting any amount owed toit if the administrative cost of collection likely would exceed the amountowed. The Comptroller shall develop other policies and procedures to reducethe costs of collecting debts owed to state agencies.
As to the operation of merchandising activities, or other centralized supportservices provided by one state agency to other state agencies for whichcharges are made, the system of accounting shall be designed to reflect allcharges properly allocable so that the net profit or loss therefrom shall bereflected. In the furtherance of this objective the Joint Legislative Auditand Review Commission may direct the Comptroller to establish under suchterms and conditions as they may determine internal service fund accounts onhis books and record therein the receipts and expenditures of these severalfunctions. The Comptroller shall provide the agencies responsible for theoperations of these functions with working capital advances with which tofinance the operations pursuant to appropriations made by law. The JointLegislative Audit and Review Commission may direct the Comptroller totransfer excess fund balances to the general fund or to remove from his booksinternal service fund accounts that are no longer considered appropriate andrecord the necessary transfer of funds.
Unit prices of services rendered by internal service funds shall be fixed sothat all costs properly allocable to providing the service shall be fullyrecoverable.
C. The Comptroller shall maintain a full explanation of all systems ofaccounting devised and adopted in furtherance of this section, but nocopyright system shall be adopted that shall entail additional cost upon theCommonwealth by reason of such copyright. The systems of accounting shall becommunicated by the Comptroller to the officials affected thereby, and heshall as soon as possible instruct the officials as to the systems ofaccounting.
D. Should any of the state offices, departments, boards, commissions,agencies, or institutions refuse or neglect to adopt the systems ofaccounting developed by the Comptroller, then upon suit of the AttorneyGeneral a writ of mandamus will lie to the Supreme Court to compel theadoption. It shall be the duty of the Attorney General to promptly institutesuch suit in any such case.
(1975, c. 323, § 2.1-196.1; 1976, c. 533; 1984, c. 612; 2001, c. 844; 2006,c. 340.)
A. Unified financial accounting and control shall be established through thedepartments and agencies of the Commonwealth, in the manner prescribed inthis chapter.
The Comptroller shall prescribe what accounts shall be kept by each stateagency in addition to the system of general accounting maintained in theComptroller's office. In prescribing what accounts shall be kept by eachstate agency, the Comptroller shall take care that there shall be nounnecessary duplication.
B. The Comptroller shall direct the development of a modern, effective anduniform system of bookkeeping and accounting, to include (i) an efficientsystem of checks and balances between the officers at the seat of thegovernment entrusted with the collection and receipt, custody anddisbursement of the revenues of the Commonwealth; and (ii) a system ofaccounting, applicable to all state officers, departments, boards,commissions, agencies, and penal, educational and eleemosynary institutionsmaintained in whole or in part by the Commonwealth, which shall be suitableto their respective needs, considering their relation to each other and theirrelation to subordinate officers and officials. All systems so developedshall require the approval and certification of the Auditor of PublicAccounts that they are adequate for purposes of audit and financial control.
As to the collection of debts owed, the system of bookkeeping and accountingshall permit any state agency to refrain from collecting any amount owed toit if the administrative cost of collection likely would exceed the amountowed. The Comptroller shall develop other policies and procedures to reducethe costs of collecting debts owed to state agencies.
As to the operation of merchandising activities, or other centralized supportservices provided by one state agency to other state agencies for whichcharges are made, the system of accounting shall be designed to reflect allcharges properly allocable so that the net profit or loss therefrom shall bereflected. In the furtherance of this objective the Joint Legislative Auditand Review Commission may direct the Comptroller to establish under suchterms and conditions as they may determine internal service fund accounts onhis books and record therein the receipts and expenditures of these severalfunctions. The Comptroller shall provide the agencies responsible for theoperations of these functions with working capital advances with which tofinance the operations pursuant to appropriations made by law. The JointLegislative Audit and Review Commission may direct the Comptroller totransfer excess fund balances to the general fund or to remove from his booksinternal service fund accounts that are no longer considered appropriate andrecord the necessary transfer of funds.
Unit prices of services rendered by internal service funds shall be fixed sothat all costs properly allocable to providing the service shall be fullyrecoverable.
C. The Comptroller shall maintain a full explanation of all systems ofaccounting devised and adopted in furtherance of this section, but nocopyright system shall be adopted that shall entail additional cost upon theCommonwealth by reason of such copyright. The systems of accounting shall becommunicated by the Comptroller to the officials affected thereby, and heshall as soon as possible instruct the officials as to the systems ofaccounting.
D. Should any of the state offices, departments, boards, commissions,agencies, or institutions refuse or neglect to adopt the systems ofaccounting developed by the Comptroller, then upon suit of the AttorneyGeneral a writ of mandamus will lie to the Supreme Court to compel theadoption. It shall be the duty of the Attorney General to promptly institutesuch suit in any such case.
(1975, c. 323, § 2.1-196.1; 1976, c. 533; 1984, c. 612; 2001, c. 844; 2006,c. 340.)
