The Division of Accounts provides the controller function for the state. In Tennessee, this function includes responsibility for the management of all aspects of the preparation and independent audit of the state’s Annual Comprehensive Financial Report, as well as the Executive Branch central accounting initiative. Ancillary responsibilities of the division include:
- Maintenance of the general ledger and the official accounting records of the state;
- Preparation and filing of required statewide IRS payroll and service provider information reporting;
- Management and operation of statewide centralized payment processing for all vendor payments and employee expense reimbursements;
- Management and operation of central payroll processing for the state;
- Compilation of the federally-required Schedule of Expenditures of Federal Awards (SEFA);
- Validation of open checkbook data posted to the state’s transparency site; and,
- Promotion of awareness throughout state government that grants normally come with significant requirements, and provision of guidance to assist in maximizing the benefits of grants while minimizing risk.
In addition, the division works with State Funding Board staff on the determination of commercial paper draws and bond sale sizing; establishes state accounting policies and practices; monitors the state’s compliance with the federal government’s Cash Management Improvement Act related to federal draws of grant funds; and, manages certain statewide commerce infrastructure contracts (i.e. credit card acceptance/merchant services and prepaid card services).