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Page Title: Auditing Returns
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identical  to  that  on  the  NAVSUP  977.  The  first recap also provides a good check on the records- keeper’s mathematical computations. The second recap   on   the   Journal   of   Expenditures   is   not identical  to  the  second  recap  on  the  Journal  of Receipts. The Journal of Expenditures is a record of  to  whom  your  material  was  expended.  Also, this record is necessary for the preparation of the financial statements. In  conclusion,  the  importance  of  a  thorough audit  in  all  these  areas  cannot  be  overemphasized. Accountability   is   being   summarized   when   the records are closed out. An accurate set of returns is dependent on an accurate closeout. Remember, you,   as   the   auditor,   will   be   held   responsible for   verifying   the   accuracy   of   these   important records. AUDITING  RETURNS Once   the   ship’s   store   records   have   been properly closed out, the recordskeeper is ready to prepare   the   returns   for   submission   to   the appropriate  fleet  accounting  and  disbursing  center (FAADC). The returns must be submitted within 15  days  following  the  end  of  the  applicable accounting period. The accounting periods are the 4-month periods ending 31 January, 31 May, and 30 September. The accounting period may be less than 4 months if the ship’s store officer is being relieved.  The  accounting  period  may  be  more  than 4  months  if  the  commanding  officer  authorizes in writing that merged returns will be submitted. MERGED  RETURNS As long as the total of the merged period does not exceed 5 consecutive months, the returns for a  fractional  period  can  be  merged  with  the  returns for  the  previous  or  later  period.  Of  course, approval   for   any   merged   returns   must   be authorized in writing by the commanding officer. The  only  period  that  cannot  be  merged  is  the accounting   period   ending   30   September.   In unusual  or  emergency  circumstances  when  returns must be merged for the period from 1 September through  31  October,  a  request  for  exception  can be  forwarded  to  NAVRESSO  with  a  copy  to  the appropriate  FAADC  and  to  the  Navy  Regional Finance  Center,  Washington,  D.C.  Once  any ret urns have been merged, copies of the written authorizations  must  be  forwarded  immediately  to NAVRESSO,  the  appropriate  FAADC,  and  the Navy Regional Finance Center, Washington, D.C. The  original  of  the  letter  that  authorized  the merged returns for any period must be included with the returns when the returns are submitted to  the  appropriate  FAADC. DELAY   AND   DELINQUENCY When   returns   cannot   be   submitted   on   or before  the  date  they  are  required  to  be  submitted, a  letter  from  the  commanding  officer  explaining the reason for the delay and the anticipated mail- ing date should be forwarded to the appropriate type  commander.  A  copy  of  the  letter  should  be forwarded  to  the  Naval  Supply  Systems  Com- mand  (Deputy  Commander,  Programming  and Financial   Management,   Comptroller),   to   the appropriate   FAADC,   and   to   NAVRESSO. SHIP’S  STORE  BALANCE  SHEET AND  PROFIT  AND  LOSS STATEMENT You should prepare the Ship’s Store Balance Sheet   and   Profit   and   Loss   Statement   (NAV- COMPT  153)  in  the  number  of  copies  required. See  figures  7-5  and  7-6.  You  must  use  the Journal  of  Receipts  (NAVSUP  977)  and  the Journal  of  Expenditures  (NAVSUP  978)  for  the preparation  of  the  balance  sheet  section  of  the NAVCOMPT 153. You must also substantiate the NAVCOMPT  153  with  vouchers  covering  all receipts and expenditures during the accounting period. If an adding machine tape is required, the tape  should  show  the  unit  identification  code  of the ship, the period covered by the returns, and the  caption  substantiated. Receipts Caption The Receipts side of the NAVCOMPT 153 ex- tends from lines B01 through B09. Refer to figure 7-5. To enter the correct amounts for these lines, use  the  information  you  have  accumulated  on the   Journal   of   Receipts   (NAVSUP   977).   The supporting  documents  for  your  entries  on  the NAVCOMPT 153 should be in their appropriate files   for   ship’s   store   accounts.   To   obtain   the correct  file  names  for  the  corresponding  B  lines on   the   NAVCOMPT   153,   consult   the   current NAVSUP  P-487. Expenditures Caption You must complete the Expenditures side of the  NAVCOMPT  153,  from  lines  B10  through B30,  with  information  contained  in  the  Journal of  Expenditures  (NAVSUP  978).  Just  as  for  the 7-14

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