GFEBS and External Reporting Systems Questions and Answers 2023

GFEBS and External Reporting Systems Questions and Answers 2023 FACTS Federal Agencies' Centralized Trial Balance System GFRS Government-wide Financial Reporting System SFIS Standard Financial Information Structure DDRS Defense Departmental Reporting System BEIS Business Enterprise Information System TROR Treasury Report on Receivables What is DDRS? The automated reporting application maintained by BEIS that is used to prepare and review the Army General Fund financial statements and footnotes, and to prepare the Army's external required budgetary reports, including SF133, FACTS I, and FACTS II. Financial Statement A formal record of the Army's financial activities for a period of time. These statements provide an overview of the Army's financial condition. Interface The point of interconnection between two data systems. For example, an interface that enables GFEBS to communicate with and transfer data to an outside system, such as Defense Cash Accountability System (DCAS). Real-time The capability in GFEBS of processing transactions the instant they are entered into the system. For instance, as soon as a financial document is posted, it is visible on the G/L. Trial Balance A summary statement of all G/L debit and credit account balances in a double entry ledger on a given date. This preliminary balance is used to point out errors in the Period End closing process. On Demand Reports GFEBS also enables you to run reports at any time. You do not need to wait for a nightly batch job or a Month-End close to view financial information. Select a report and click "execute" to produce the report. To run the report later, schedule the exact time that GFEBS should run the report. Customized Reports GFEBS allows you to save different report layouts, customize individual report results screens, and more in an effort to put you in control of how your report results are displayed. Example of external reports financial statements Example of internal reports such as account balance reports and line item reports. Does GFEBS produce the Army's financial statements? No What data does GFEBS send to DDRS so that DDRS can produce the Army's financial statements? Trial Balance What is BEIS? An organization in DoD that delivers enterprise business services to enable effective financial management throughout DoD. What is GFRS? A system that captures each agency's closing package information, links the agencies' comparative, audited, consolidated, department-level financial statements to the financial report, and resolves material deficiencies identified by the Government Accountability Office (GAO). What is FACTS? System maintained by Treasury that collects proprietary United States Standard General Ledger (USSGL) account balance information, and uses it to produce the government-wide consolidated financial statement. What is FACTS 2? System maintained by Treasury that collects budget execution data used to produce the government-wide consolidated financial statement. What is SFIS? Standard Financial Information Structure (SFIS) is a standard for categorizing financial information to support financial management and reporting functions. It provides a common foundation to track, process, and report DoD business transactions. It also plays a key role in helping achieve and sustain an unqualified audit opinion on consolidated DoD financial statements. SFIS supports requirements for budgeting, performance-based management, and the generation of financial statements. BEIS performs the following specific functions Collects financial transactions from throughout DoD, through DDRS. Provides the authoritative source for SFIS values. Ensures that data is compliant with SFIS standards. Provides security-defined, enterprise-level access to information for ad-hoc management queries. Produces external financial management reports/statements based on standardized data Where does GFEBS send its Trial Balance at the end of each period? to DDRS, which requires GFEBS to format its trial