FACTS II: The Next Reporting System

Description:

FACTS II is a financial management system used to collect budget execution data required by the SF 133: Report on Budget Execution (a quarterly report that contains information on the sources of budget authority and the status of budgetary resources by individual fund or appropriation), the FMS 2108: Year-End Closing Statement (an annual report that contained year-end fund resources, uses, and unobligated balances by individual appropriation or fund) and much of the initial set of data for the Program and Financing (P & F) Schedule - prior year column.

Major topics include:

• In-depth discussion of the SGL as it relates to FACTS II
• Budgetary Accounts, Fund Balance w/Treasury and Investments
• FMS 2108 Year-End Closing Statement and SF 133 Report on Budget Execution (how these reports are generated)
• FACTS II system requirements and edits (agency implementation example)
• Auditing FACTS II information

Who should attend:

Accountants working at the operational and transactional level including preparers and reviewers; Auditors of year-end reports, financial statements, and budget reports; and Budget Analysts responsible for the formulation and execution of agency budget reports.

Meets Selected Core Competencies for:

• Accountants
• Budget Analysts

Prerequisites:

Participants must have knowledge of:

• Basic Governmental Accounting
• U.S. Standard General Ledger (SOL)
• SGL Accounts related to the FMS 2108 and the SF 133.