GFEBS Business Process Areas Questions And Answers Rated A+ 2024 Updates

Cost Management Process Area - Cost Management (CM) helps manage business operations efficiently and effectively through the accurate measurement and understanding of the "full cost" of an organization's business processes, products, and services. Cost Management allows the organization to provide the best value to customers. Financials - Now, let's look at the Financials (FI) business process area. In GFEBS, Financials relies on the execution of five key sub- processes (shown below) to gather the financial data that accurately reflects and conveys the current financial state of the Army. •Manage General Ledger Accounts •Process Journal Vouchers •Perform Cash Balancing •Perform Period-End Close •Perform Year-End Close Funds Management - Within GFEBS, the Funds Management (FM) business processing function performs the budgeting and funds control for General Fund appropriations received by the Army. The major purposes of Funds Management include: •Distributing, allocating and executing funds •Ensuring that funds are not over-committed •Allowing the Army to perform strategic planning FM integrates primarily with the Financials (FI), Reimbursables (RM), and Spending Chain (SC) business process areas.How does the Army use GFEBS to report financial status to the DoD and Treasury? - First, GFEBS is the financial book of record for the Army's General Fund. Each period-end, the Army uses GFEBS to generate standardized financial reports. The General Ledger maintained in GFEBS contains the source transactions and balances required to generate the financial reports. These reports summarize the overall financial condition of the Army's General Fund. Certain master data within FI closely integrates with master data in other GFEBS business process areas, particularly with Funds Management (FM) and Cost Management (CM). Each revenue and expense GL account in FI corresponds to a commitment item in FM and a cost element in CM. FM commitment items define how funds are either controlled or spent by the Army. Cost elements and cost objects provide a means to track costs by cost center, internal order, or WBS. Each GL account maps to one commitment item and one cost element forming a three-way relationship between FI, FM, and CM. PP&E - Property, plant, and equipment As with all business process areas in GFEBS, Property, Plant and Equipment (PP&E) has four subprocesses that work together and integrate with the other GFEBS process areas in order to provide a single financial solution. - Plant Maintenance - Real Property - Asset Accounting - Project Systems Reimbursables - Reimbursable Order Processing and Debt Management are the two primary subprocesses that encompass the Reimbursables (RM) business process.