Accounting Services

The Accounting and Banking Division provides core banking services for the State of Washington.

Treasury Accounting

OST manages the daily cash records for more than 600 Treasury and Treasury Trust funds, calculates and distributes investment earnings to funds, and processes fund transfers as directed by a state agency or by the Legislature.

  • Reconciles the Treasury Management System (TM$) with the statewide Agency Financial Reporting System (AFRS);
  • Calculates and distributes investment earnings to funds in accordance with statute.
  • Assists state agencies in their reconciliation processes to ensure accuracy of fund balances.
  • Provides current and historical reporting services such as fund balances, receipts, disbursements, distributions and other fund information as requested.
  • Manages and processes over 6,000 fund transfers through TM$ each month.

Investment Accounting

OST maintains the official records of ownership and accounting for investment transactions, including purchases, sales, maturities, income, and gains and/or losses for the Treasury / Treasurer’s Trust, LGIP and SMA portfolios. 

  • Initiates transactions and maintains accounting records in TM$.
  • Initiates transactions within the statewide AFRS, managed by the Governor's Office of Financial Management (OFM).
  • Responds to reporting requirements in an ever-changing investment environment.

Revenue Distribution Accounting

In Washington, OST does not collect any tax revenues. OST does distribute dollars collected by the state and federal entities to cities, towns, counties, public transportation districts, universities, community colleges, water districts, fire districts, health districts, and various other governmental entities, as directed.

  • Maintains historical distribution records and provides information to state and local governments and other interested organizations.
  • Distributes funds utilizing the Automated Clearing House (ACH).
  • Assists local governments by providing revenue estimates.
  • Maintains distribution data within TM$.

Internal Accounting

For activities within OST, the Office processes payroll, accounts payable, travel reimbursements, credit card and travel card purchases, fixed assets, supply ordering, and mail processing. OST is not authorized to provide internal accounting for other state agencies.

Agency Financial Reporting System

Managed by the Governor's Office of Financial Management (OFM), the Agency Financial Reporting System (AFRS) is Washington state’s central accounting system. This system uses general ledgers (GL) to record detail data within AFRS.