The National Aeronautics and Space Administration's System of Accounting for Accounts Receivable

FGMSD-77-89: Published: Oct 21, 1977. Publicly Released: Oct 21, 1977.

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A review of the National Aeronautics and Space Administration's (NASA) system of accounting for accounts receivable, including related billing and collection procedures, indicated that NASA was promptly collecting amounts due from other federal agencies and the public under an accounting system approved by the Comptroller General in June 1969.

Internal accounting procedures did not assure, however, that accounts receivable were accurately recorded and reported. Specifically, the $267.2 million balance of accounts receivable reported to the Department of the Treasury on September 30, 1976, was incorrect because: (1) NASA had already collected about $200.6 million of the recorded and reported accounts receivable; (2) about $13.3 million of accounts receivable from the public was improperly classified as accounts receivable from federal agencies; and (3) about $14.7 million of accounts receivable was neither recorded nor reported. The $200.6 million overstatement occurred because, although collections were timely, internal billings were not prepared and processed promptly. The materiality of the amount of deposit funds and accounts receivable involved precluded a fair presentation of financial condition of NASA.

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