Financial Business Management System
Glossary
ASAP: Automated Standard Application for Payments. Managed by the Treasury FRB (Federal Reserve Board) and distributed by the Treasury, ASAP allows grantee organizations receiving federal funds to draw from accounts pre-authorized by federal agencies.
Commitment Item: Commitment Items represent Budget Object Classes (BOCs) and Revenue Source Codes (RSCs) within FBMS. Commitment Items are generally tied to a General Ledger (GL) account and define how each transaction is to be updated in Funds Management.
Cost Center: Represents the detailed organizational structure, which captures detailed spending and expense information. Fund Center is derived from all or a portion of the Cost Center. The Cost Center links to an Organizational Unit.
ERP stands for Enterprise Resource Planning. An ERP system integrates all departments and functions across an organization onto a single computer system that can serve the particular needs of each department (rather than each department operating its own system with its own ways of doing business). Implementing an ERP system at the Department of Interior (DOI) will eventually standardize business processes across DOI and the bureaus. This will result in easier access to and sharing of information, increased efficiency, and improved customer service.
FBMS: Financial and Business Management System. FBMS is a Department of Interior-wide financial system which has been implemented bureau by bureau since 2005. Reclamation is the last bureau to go-live with FBMS.
Functional Area (FA): The Functional Area represents the funding level below Fund – that is, bureau program activity. It defines the objective, function, or mission of the bureau’s major responsibilities, and is used to distribute the budget and track spending and revenue. Reclamation will use this element to capture the project number.
SAP stands for Systems, Applications, and Products (data processing). SAP is the software that will be used to develop the FBMS system. SAP software is used by major corporations in more than 50 countries for financial processing and management.
WBS: Work Breakdown Structure. The work breakdown structure (WBS) is a model of the project that organizes project tasks into a hierarchy.
- It is the functional basis for further planning steps in a project, for example, for process planning, cost planning, scheduling, capacity planning or costing, as well as project control.
- It gives a clear picture of the project and facilitates the coordination and implementation of the project from a management standpoint.
- It shows the work involved in a project.
