Fiscal Management Flashcards
What is the purpose of the transaction reconciliation?
To ensure the accuracy of all fiscal codes, amounts, and the completeness of data that should have processed.
What are the four steps used during transaction reconciliation?
Verify Commitments
Verify Obligations
Verify Expenses
Verify Liquidations
Identify special considerations during fiscal reconciliation.
- Changes in price or unit of issue
- Substituted NSNs
- Purchase Orders and contracts can have hidden fees (shipping)
What does SABRS III provide to Marine Corps units?
- Official Acccounting System for the Marine Corps.
- Provides units with visibility of all accounting transactions.
- It tracks all transactions from the initial point of entry, to six years out.
What are the three types of coding structures used to track transactions in SABRS?
- Standard Document Number
- Procurment Instrument Identification Number
- MILSTRIP
What is the purpose of Fiscal Codes?
The key in SABRS for collecting and classifying funds spent into the type of expense and the purpose the funds were executed.
What are the four pieces of information a fiscal code will provide for you?
WHO spent the money
WHAT the money was spent on
WHERE the funds are being spent
WHY the money was spent
What is the purpose of maintaining source documents?
- substantiate information processed into SABRS
- satisfy audit requirements
- satisfy document retention regulations
- provide information regarding requisitions and orders
Which publication addresses financial management procedures and policies?
MCO 7300.21A
What are the five phases of the SABRS Transaction Cycle?
- Initiation - an administrative reservation of funds.
- Commitment - a firm administrative reservation of funds, based on procurment directives.
- Obligation - firm, legally binding agreement between commercial vendors and the government.
- Expense - Occurs when goods and services are received; created when a D6T is processed.
- Liquidation - The payment for goods and services has been received.
Where are source documents filed?
- Pending File - Documents HAVE NOT been entered into the accounting system
- Posted File - source documents that have had commitments, obligations, expenses, and/or partial liquidations.
- Completed File - files that have had commitments, obligations, expenses, liquidations and been validated for accuracy.
Which fiscal reports are necessary to manage a unit’s account?
Daily Transaction Report and Un-Liquidated Orders Report
What is the purpose of the Budget Execution Reports (BEA/BESA)?
Provide the status of a fund manager’s account for each fiscal year.
What is the purpose of the SABRS Daily Transaction Reports (by WCI and BEA)?
Lists all transactions that have processed correctly into SABRS on a daily basis with commitments, obligations, expences, and liquidations.
What is the purpose of the Error Reports (for WCI and BEA) ?
Lists every individual transaction that did not post to a WCI and BEA for that cycle.
