Description:
Through extensive illustrations, discussions, and exercises, gain a practical understanding of the legal, administrative funds control and financial reporting requirements that apply to federal agencies. This course provides in-depth coverage of selected federal budget, accounting, and financial management requirements for controlling and proper reporting of the status of federal funds. Attention is given to the recording, reporting, and use of budget and accounting information for both proper financial disclosure and as the basis for decision-making by federal managers.
Duration:
4 days
Level:
Advanced
Who Should Attend?
Federal financial management, budgeting, and accounting personnel who desire to refresh or expand their understanding of federal funds control, accounting requirements, and practices. Participants enrolling for this course should be familiar with accounting principles as taught in Introduction to Federal Accounting (ACCT7001).
Credits:
32 CPEsLearning Outcomes:
- Understand the components of federal budget and accounting fund controls, proper accountability, and reporting of authorized interagency reimbursement transactions.
- Apply the required budgetary and proprietary accounting standards and procedures for proper funds control, accountability, and disclosure of non-appropriated fund types of activities and/or operations.
- Prepare accrual, adjusting, and closing entries to produce the required status of fund reports and other financial reports.
- Discuss the budget planning and funds control aspects of payroll accounting and financial reporting.
- State some of the essential budget and accounting information needs of the managers of federal agencies, entities, and other nonfederal organizations.
- Explain the interactions of the roles and responsibilities of the Department of Treasury and other federal agencies regarding the perpetual accountability of funds and/or cash of the Federal Government.
- Understand the basic fund control components of financial data sources and how they are used to prepare the required period-end external financial reports.
Available Sessions:
| Session Code | Start Date | End Date | Location | Tuition | |
|---|---|---|---|---|---|
| Session Code ACCT8004-001 | Start Date May 20, 2025 9:00 AM EST | End Date May 23, 2025 5:00 PM EST | Location Virtual | Tuition $1,399.00 | |
| Session Code ACCT8004-002 | Start Date Jun 09, 2025 9:00 AM EST | End Date Jun 12, 2025 5:00 PM EST | Location Virtual | Tuition $1,399.00 | |
| Session Code ACCT8004-003 | Start Date Nov 17, 2025 9:00 AM EST | End Date Nov 20, 2025 5:00 PM EST | Location Virtual | Tuition $1,399.00 |
Lesson 1 – Budget Execution Operations and Agency’s Financial management Information Needs
- The meaning of federal budget execution
- Understand the importance in identifying, recording and reporting financial data by “obligations”
- Actions resulting in obligations that require documentary evidence
- Financial data needs for operation budgets and financial plans execution
Lesson 2 – Accounting for Federal payroll Obligations and Payments
- Roles and responsibilities relating to payroll accounting
- Basic payroll accounting functions and duties
- Internal control procedures related to payroll accounting
Lesson 3 – Inter/Intra Agency Reimbursable Accounting Transactions
- Purpose of inter/intra agency agreements
- Economy Act, Title 31 U.S.C. 1535
- Project Order Act, Title 41 U.S.C. 23
- Intergovernmental Cooperation Act, 31 U.S.C. 6505
Lesson 4 – Reimbursable Accounting Adjusting, Accrual and Costing Entries
- Meaning, purpose and requirement of accrual accounting
- Activities and/or expenses that require accrual transactions
- Reimbursement accounting procedure
Lesson 5 – Working Capital and Revolving Fund (WC/RF) Activities and Operations
- Benefits of non-appropriated funds activities
- Funding sources for non-appropriated funds activities
Lesson 6 – Federal Agencies’ Cash Disbursements and Receipts Accounting and Reporting
- Principal Features of the System of Central Accounts
- Financial Information consolidated in central accounts
- Accounts relating to cash financial transactions, operations, and accountability
- Purpose of FMS Form 224
Lesson 7 – External Reporting for Budget Execution Operations
- Terns and concepts used in reporting SF-133 information
- Purpose of the SF-133 report or data and the general requirements for submitting it
- Federal Agencies Centralized Trial-Balance System II (FACTS II)
Lesson 8 – Form and Content of Federal Agency Financial Statements
- Overview of information in federal financial statements
- Identify and explain major content of the financial reports
- Relationship of the financial data in the various financial reports and budgetary reports
- Comprehend Working Capital and Revolving Fund Operations
Other Recommended Courses:
- Federal Accounting Standards (ACCT7102)
- Government Standard General Ledger (ACCT8100)
- Federal Budgeting, Execution, and Accounting: The Relationship (FINC8300)
- Understanding Federal Financial Statements (FINC8103)
- Federal Activity Costing, Analysis & Reporting (ACCT8010)
