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Use of Central Accounting Data

Use of Central Accounting Data. March 21, 2007 Presenter: David Burgman. Three Types of Reporting Inconsistencies. 1. Inconsistent data in Agency Statements vs. the FR. (GFRS addresses)

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Use of Central Accounting Data

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  1. Use of Central Accounting Data March 21, 2007 Presenter: David Burgman

  2. Three Types of Reporting Inconsistencies • 1. Inconsistent data in Agency Statements vs. the FR. (GFRS addresses) • 2. Inconsistent data in agency financial statements vs. agency monthly reporting to Treasury. (Not addressed) • 3. Agency financial statement data not consistent with USSGL. (Not addressed)

  3. Use of Central Accounting Data - UCAD Purpose • To Improve interagency eliminations by providing agencies a tool to reconcile transactions and balances directly to Treasury Central Accounting data Benefit • To address the reporting inconsistencies( #2 & #3) by matching with the Treasury Central Accounting data (one-to-one relationship from Central Accounting System to year-end financial reporting)

  4. Authoritative Source • Auditors routinely use the records of banks and similar institutions when performing audits of private sector institutions, especially for cash and related assets. • FMS’ central accounting system acts as the “bank” for federal agencies. It is the authoritative source for: • FBWT • CIHO • Investments • Borrowing Activity • Net Outlays • Non-Expenditure Transfers • Appropriation Warrants

  5. Current Transfers Categories

  6. FY 2007 Transfers Categories * RC 19 & 28 are deleted

  7. Current Reconciliation Process Agency B IRAS Reports Agency A IRAS Reports IRAS IRAS compares agency reporting and notifies both of mismatches. Agencies review their own data and claim they are correct. The out of balance condition remains.

  8. Future Reconciliation Process STAR/GWA Agency B FIRST Reports Agency A FIRST Reports Trial Balances are compared to the number in Central Accounting System, which is approved by both agencies and can be rejected if different.

  9. FY 2007 Reporting • Effective –3rd Quarter of FY 2007 • Changes will be in FY 2007 TFM and Intragovernmental Accounting Policy Guide

  10. Snap Shot –Discoverer Viewer Expenditure Transfers of Financing Sources **Summary Report **Detail Report

  11. Contact • David Burgman 202-874-8538 David.Burgman@fms.treas.go

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