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General Fund Reporting Entity USSGL Accounts

General Fund Reporting Entity USSGL Accounts. USSGL Board Presentation May 3, 2012. Overview. The General Fund is the central activity that tracks:. General Fund. Congressionally issued Budget Authority. Treasury Issued Debt and Borrowings. Cash. 2. Why the General Fund?.

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General Fund Reporting Entity USSGL Accounts

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  1. General Fund Reporting EntityUSSGL Accounts USSGL Board Presentation May 3, 2012

  2. Overview The General Fund is the central activity that tracks: General Fund Congressionally issued Budget Authority Treasury Issued Debt and Borrowings Cash 2

  3. Why the General Fund? • Financial Report of the U.S. Government • GAO Audit Finding • Unreconciled Differences • Process - Financial Report 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 financial reporting consolidation process • Identifies the materiality of the unreconciled differences • Matching of reciprocal categories and identifies areas of improvement 3

  4. Fiscal 2014 Reporting • General Fund Accounts • Proposed accounts for the General Fund of the Treasury (14 USSGL accounts) • Memorandum Account Series • Reserved for the Department of Treasury - Central Summary General Ledger (USSGL accounts 810000 through 879900 series) • Technical Change to current memorandum USSGL accounts 810100 and 820100. These accounts numbers will move to: • Partial or Early Cancellation of Authority (USSGL account 809100) • Offset for Partial or Early Cancellation of Authority (USSGL account 809100) 4

  5. Proposed General Fund Accounts 5

  6. Proposed General Fund Accounts (con’t) 6

  7. Memorandum Accounts 7

  8. General Fund Operating Cash Illustrations 8

  9. General Fund Operating CashCollections Treasury’s General Account (TGA) FRB NY (operating cash) Agency Financial Institution (CashLink II) Deposit with Agency Location Code (ALC) Request for settlement of funds Confirmed deposit detail by ALC transcript Bank reported settled at the FRB Treasury’s Central Accounting Statement of Transactions • 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 SOD Deposits in Transit 9 Monthly Reconciliation from Treasury’s Central Accounting System

  10. General Fund Operating Cash Check Payments Request for check payment Check payment Agency FMS Regional Finance Centers for Treasury Disbursing Officers by ALCs Payee Cashes check Treasury’s General Account (TGA) FRB NY (operating cash) Confirmed check issue data Bank reported settled at the FRB Statement of Transactions Treasury’sCentral Accounting • 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 SOD Undistributed 10 Monthly Reconciliation from Treasury’s Central Accounting System

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