It’s hard to believe it’s already been three years since we implemented GASB 87 for leases and two years since we implemented GASB 96 for SBITAs! This will be our second year utilizing DebtBook and we are hopeful the process will be much smoother for agencies.

As a reminder, annually agencies need to make sure they accomplish the following:

• Ensure lease and SBITA information in DebtBook is up to date. This includes:
  • Adding any new capitalizable leases/SBITAs
  • Updating leases/SBITAs with any changes (amendments, extensions, early terminations)
  • Updating leases/SBITAs with fund split changes
• Post transactions to AFRS using reports generated out of DebtBook.
• Reconcile GL balances between AFRS and DebtBook.
• Fill out Disclosure Forms utilizing DebtBook reports.

To assist with these tasks, OFM Statewide Accounting has been hard at work creating and updating resources for agencies to use.

The following resources have been updated or added to the OFM Leases, SBITAs, and PPPs website:

• Frequently Asked Questions
• Lease and SBITA procedures training
• DebtBook to AFRS Crosswalks for recording FY25 journal entries
• Reconciliation template

Agencies are encouraged to review these resources and reach out to their agency’s Statewide Accountant with questions.

We value your feedback, so if you have any comments or suggestions regarding these resources, please contact Kelly Diaz (Kelly.Diaz@ofm.wa.gov) or Kendra Hanson (Kendra.Hanson@ofm.wa.gov).