GFEBS Debt Management question and answers 2023 latest update

GFEBS Debt Management question and answers 2023 latest updateTreasury Reporting: Reason Status Codes - correct answer Reason Status codes assist with the preparation of the TROR. Reason Status codes indicate the state of the debt throughout the debt lifecycle and assist the accounting system with determining how to categorize the debt. Changes in the reason status code occur through business events or are manually entered into the accounting system. These changes also occur via interfaces from entitlement and revenue systems When is interest applied? - correct answer Interest is applied 30 days after the debit notice due date (i.e., day 31). Additional interest will accrue for each 30 day period until payment is received. The interest calculation program is automatically executed on a daily basis, but only updates the account every 30 days. In the process of fully collecting a debt that includes principal, interest, fees, and penalties the remittances received are first applied to reduce penalties, fees, interest, and then principal. How is interest applied? - correct answer The Run Interest Calculation Program is run automatically. It can be manually run by the Debt Management Processor if needed. Interest accrues continually until the debt is collected or written off. Who determines the applied interest amount? - correct answer The U.S. Treasury requires the Current Value of Funds Rate (CVFR) to be used as the interest rate. When the debt record is created the interest rate (%) is assigned to the accounts receivables record. The rate is fixed for the life of the debt. CVFR - correct answer Current Value of Funds Fees - correct answer are assessed to cover the additional costs incurred in handling a debt beyond the date on which payment was due. They are applied only if payment is not made by the due date specified on the billing form and / or demand letter. The DoD components calculate fees based upon actual costs incurred. If the actual cost is not available, fees may be determined by historical costs or by the cost analysis method that supports determination of the charge. Penalties - correct answer are charges on delinquent debt to discourage delinquencies