General Fund Reporting EntityUSSGL Accounts

IRC MeetingApril 26, 2012

Revised 4/30/12

Table of ContentsTable of Contents

• Overview

• General Fund Accounts

• General Fund Illustrations

1

OverviewOverview

The General Fund is the central activity that tracks

• Congressionally issued Budget Authority

• Cash

• Treasury issued Debt and Borrowings

2

Why the General Fund?Why the General Fund?• Financial Report (FR) of the U.S. Government

• GAO Audit Finding• Unreconciled Differences • Process - FR preparation

• General Fund Reporting and Analysis• Audited General Fund information that will be reported

in the Governmentwide Financial Report System (GFRS)

• Provides for a more complete accounting of the Government’s financial activity.

• Enables a conventional FR consolidation process

• Identifies the materiality of the unreconciled differences

• Proper matching of reciprocal categories and identifies areas of improvement

3

Proposed General Fund Proposed General Fund AccountsAccounts

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Account No.

Title

110100 General Fund Operating Cash

110300 Restricted Operating Cash

110900 Checks Outstanding

114500 Cash Held Outside the Treasury’s General Account

125000 Central Accounting/Agency Reconciliation Account

198000 Asset for Agency’s Custodial and Non-Entity Liabilities

199900 Central Accounting Control Account

201000 Liability for Fund Balance with Treasury

320000 Appropriations Outstanding - Cumulative

320100 Appropriations Outstanding – Warrants Issued

320600 Appropriations Outstanding – Adjustments

Proposed General Fund Accounts Proposed General Fund Accounts (con’t)(con’t)

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Account No. Title

571000 Transfer in of Agency Unavailable Custodial and Non-Entity Collections

571200 Accrual of Agency Amounts to be Collected - Custodial and Non-Entity

575700 Unexpended Appropriations and Nonexpenditure Financing Sources – Transfers-in to the General Fund

576700 Unexpended Appropriations and Nonexpenditure Financing Sources – Transfers-out to the General Fund

771000 Trust Fund Warrants Issued Net of Adjustments

Revised 4/30/12

General Fund IllustrationsGeneral Fund Illustrations

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Agency Financial Institution(CashLink II)

Bank reported settled at the FRB

Confirmed deposit detail by ALC transcript

Deposit with Agency Location Code (ALC)

Statement of Transactions

7Monthly reconciliation fromTreasury’s Central Accounting System

Treasury’s General Account (TGA)

FRB NY

(operating cash)

General Fund Operating Cash - General Fund Operating Cash - CollectionsCollections

Treasury’s Central Accounting• Posts deposits and updates fund balance

• Compares Statement of Transactions and Accountability deposit amounts to banking system amounts

• Generates Statement of Difference when Statement of Transactions deposit amounts do not equal banking deposit amounts

Request for settlement of funds

SOD Deposits in Transit

Confirmed check issue data

Statement of Transactions

Treasury’s Central Accounting

General Fund Operating Cash – General Fund Operating Cash – Check PaymentsCheck Payments

FMS Regional Finance Centers for

Treasury Disbursing Officers by ALCs

• Posts classified payments and updates fund balance

• Compares Statement of Transactions and Accountability payment amounts to RFC payments and IPAC amounts

• Generates Statement of Difference when Statement of Transactions payment amounts do not equal RFC payment and IPAC amounts

Agency

8

Request for check payment Check

payment

Treasury’s General Account (TGA)

FRB NY

(operating cash)

PayeeCashes check

SODUndistributed

Monthly reconciliation fromTreasury’s Central Accounting System

Bank reported settled at the FRB

Central Accounting/Agency Reconciliation Central Accounting/Agency Reconciliation AccountAccount

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$100,000 $95,000

125000

CashLinkII (i.e. deposits)

The detailed source of data is from Agency and bank reporting.This account should maintain a zero balance.

CTA *(FMS-224) Statement of Transactions Accountability Code Activity (Sections 2 or 3)

*Classification Transactions and Accountability (CTA) – system used by Agencies to report their monthly accounting activity to Treasury, FMS. The CTA FMS-224 monthly reports transmitted to Treasury serve as a basis for Treasury’s publication to Congress and the public regarding federal receipts and outlays.

Note: For questions concerning the Statement of Differences, agencies should contact FMS, Cash Analysis Branch at (202)874-8270.

This example represents a collection.

Central Accounting Control AccountCentral Accounting Control Account

10

$100,000 $100,000

CTA *(FMS-224) Statement of Transactions (Section 1)

199900

CTA *(FMS-224) Statement of Transactions Accountability Code Activity (Sections 2 or 3)

The detailed source of data is from Agency reporting.This account should maintain a zero balance.

* Classification Transactions and Accountability (CTA) – system used by Agencies to report their monthly accounting activity to Treasury, FMS. The CTA FMS-224 monthly reports transmitted to Treasury serve as a basis for Treasury’s publication to Congress and the public regarding federal receipts and outlays.

This example represents a collection.

QuestionsQuestions

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