PARCEL LOCATION IDENTIFIER (FOR LAND ONLY) - The county assessor's parcel number of the land, or other code used by the agency to specifically identify the location of the land.

PAR VALUE - In the case of bonds, the amount of principal that must be paid at maturity. Par value is referred to as the face value of the security.

PASSENGER MOTOR VEHICLE - Any sedan, sport utility vehicle (SUV), passenger van, bus or light truck that is designed for carrying passengers and is used primarily for the transportation of persons.

PENSION (AND OTHER EMPLOYEE BENEFIT) TRUST FUNDS - A fiduciary fund type used to report resources that are required to be held in trust for the members and beneficiaries of defined benefit pension plans, defined contribution plans, other post employment benefit plans, or other employee benefit plans. Refer to FIDUCIARY FUNDS.

PER DIEM EXPENSES - Daily travel costs covering both lodging expenses and subsistence expenses while in travel status.

PERFORMANCE AUDIT - A systematic process of objectively obtaining and evaluating evidence regarding the performance of an organization, program, function, or activity. Evaluation is made in terms of its economy and efficiency of operations and effectiveness in achieving desired goals. The performance audit function provides an independent review of management’s performance and the degree to which actual performance meets pre-stated goals. Refer to AUDIT.

PERIODIC INVENTORY - An inventory system whereby the agency performs a physical count of its inventory periodically, at least annually at fiscal year end.

PERMANENT FUNDS - Permanent funds are used to report resources that are legally restricted to the extent that only earnings, and not principal, may be used for the purposes that benefit the state or it's citizens. Permanent funds include endowments where the funds or property donated to the state are required by contract, agreement or trust instrument to be maintained in tact. Refer to GOVERNMENTAL FUNDS.

PERMANENTLY ASSIGNED VEHICLE - A passenger motor vehicle that has been assigned to a state agency or an individual for a period greater than thirty days.

PERPETUAL INVENTORY - An inventory system whereby the inventory quantities and values for all purchases and issues are recorded directly in the inventory system as they occur.

PERSONAL SERVICE - Professional or technical expertise provided by a consultant to accomplish a specific study, project, task, or other work statement.

PERSONAL SERVICE CONTRACT - An agreement, or any amendment thereto, with a consultant for the rendering of personal services to the state which is consistent with state law. Personal service contracts may render services to state agencies, businesses, providers, other contractors, etc. If, however, services are provided directly to agency clients, the contracts are classified as client service contracts.

PETTY CASH - A sum of money set aside on an imprest basis. Cash held for making change or paying small obligations when the issuance of a formal voucher and warrant/check would be too expensive and time consuming. Petty cash includes both change and imprest accounts. Refer to IMPREST ACCOUNT.

POINT OF SALE - An electronic payment system in a merchant location where consumers pay for retail goods and services, through the use of credit cards or debit cards that directly access and deduct funds from the customer’s checking account.

POSTING - The process of transferring to a ledger account the data, either detailed or summarized, contained in a book or document of original entry.

PREPAID EXPENSES - Payments made for those supplies and/or services (not inventory) acquired or purchased during an accounting period but not consumed or used at the end of the accounting period.

PRINTING REQUISITION (A21-A) - A form used by agencies to order, encumber, liquidate, and authorize payment for goods and services from the Department of Printing.

PRIVATE-PURPOSE TRUST FUNDS - A fiduciary trust fund type used to report all trust arrangements, other than those properly reported in pension trust funds or investment trust funds, under which principal and income benefit individuals, private organizations, or other governments. The resources held under these arrangements are not available to support the government's own programs. Refer to FIDUCIARY FUNDS.

PRIVATELY OWNED VEHICLE (POV) - A vehicle privately owned, leased, or borrowed by a state driver for which the driver receives or is entitled to receive monetary reimbursement or per diem when the vehicle is used to conduct official state business. The state driver is responsible to maintain vehicle insurance on the POV in compliance with Washington mandatory liability insurance requirements as defined in RCW 46.29 and RCW 46.30. Refer to Subsection 12.40.20

PROGRAM - Any of the major activities of an agency expressed as a primary function or organizational unit. Agencies may not alter their program structure without the explicit approval of the legislature and the Office of Financial Management.

PROGRAM CODE - The three character alpha numeric code used to identify the agency functional area and the major activities within an agency. Generally, program codes are assigned by an agency with the concurrence of the Office of Financial Management. However, there are a limited number of mandatory statewide program codes used to identify special functions.

PROGRAM REVENUE - Term used in connection with the government-wide Statement of Activities. Revenues that derive directly from the program itself or from parties outside the state's taxpayers or citizenry, as a whole; they reduce the net cost of the function to be financed from the state's general revenues.

PROPRIETARY FUNDS - Proprietary funds are used to account for the state's ongoing organizations and activities that are similar to those often found in the private sector. These funds are considered self-supporting in that the services rendered by them are generally financed through user charges or on a cost reimbursement basis. Proprietary funds use the economic resources measurement focus and the accrual basis of accounting. There are two types of proprietary funds: enterprise funds and internal service funds. Refer to ENTERPRISE FUNDS and INTERNAL SERVICE FUNDS.

PROSPECTIVE EMPLOYEE - Applicants for the position of director, deputy director, assistant director, state supervisor or equivalent or higher position, engineers or other personnel having both executive and professional status. In the case of institutions of higher education, prospective employees are limited to applicants being considered for academic positions above the rank of instructor, and professional or administrative employees in supervisory positions. In the case of community and technical colleges, such travel expenses may be paid for applicants being considered for full-time faculty positions or administrative employees in supervisory positions.

PURCHASE CARD - A credit card issued to a card custodian for the purpose of making authorized purchases on behalf of the agency.

PURCHASE CARD PROVIDER - An individual, company, firm, or combination thereof with which the state of Washington contracts for purchase card services.

PURCHASE CARD TRANSACTION LOG - A record kept by the card custodian that lists purchase card transactions in detail.

PURCHASE ORDER (A16, A16-A) - A document that authorizes the delivery of specified merchandise or the rendering of certain services. This form is used by agencies to encumber, liquidate, and authorize payment for such purchase requisition requests.

PURCHASE REQUISITION (A15-A) - A form used by agencies to request the Office of State Procurement, Department of General Administration, to order materials, supplies, and equipment, or to request an amendment of a previous requisition. This form is used when an agency does not have general or specific authority to make the purchase or when the item does not fall within the statewide contracts.

PURCHASED BANKING SERVICES - Standard depository services that a financial institution provides an agency for a demand deposit account such as monthly maintenance charge, credits posted, debits posted, cash deposited/purchased, returned items, re-deposited items, basic balance reporting capabilities, and checks deposited. Accounting related services such as "deposit source reporting" are not considered regular purchased banking services and are the responsibility of the state agency requesting this type of service.

PURCHASED SERVICES - Services provided by a vendor to accomplish routine, continuing, and necessary functions. Generally, these services meet more ongoing needs of an agency for general support activities.

PURCHASES METHOD - The method under which inventories are recorded as expenditures when acquired. Refer to CONSUMPTION METHOD.

PURCHASING CARD MANAGER - An individual who serves as the administrator of the purchase card program within an agency and is responsible for providing training, advice, direction, consultation, and assistance to approving managers and card custodians.

PURCHASING DOCUMENTS - Documents approved for use by agencies having local purchasing authority.

Accounting Terms Glossary and Definitions
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