Payment Reporting

The Financial Report of the United States Government provides the President, Congress, and the American people with a comprehensive view of the federal government's finances, i.e., its financial position and condition, revenues and costs, assets and liabilities, and other obligations and commitments. The Financial Report also discusses important financial issues and significant conditions that may affect future operations, including the need to achieve fiscal sustainability over the medium and long term.

Treasury Reporting

Treasury Reporting prepares statements of accountability, foreign currency reports and verifies required financial reports can be traced to general ledger account balances. The Daily Treasury Statement and Monthly Treasury Statement are two important aspects. The Daily Treasury Statement summarizes the US Treasury’s cash and debt operations for the Federal Government on a modified cash basis. Deposits are reported as received and withdrawals are reported as processed. The Monthly Treasury Statement summarizes the financial activities of the federal government and off-budget federal entities and conforms to the Budget of the U.S. Government.

Financial Statement Preparation

Financial Statement Preparation prepares financial statements and footnotes required by OMB Circular A-136. The Government Accountability Office (GAO) is required to audit these statements. In addition, Financial Statement Preparation verifies financial statements and other required reports to be traced to the general ledger account balances. These records must be consolidated to record eliminations.

Cash Forecasting and Reporting

Two of Treasury’s primary responsibilities are forecasting and monitoring the federal government’s overall cash requirements. Treasury maintains a forecast of agencies’ daily cash requirements for up to 12 months in advance. Treasury uses these forecasts to determine the amount and timing of federal government borrowing and investments of excess cash balances.

Performance and Operational Reporting

Performance and Operational Reporting provides general ledger information for agency-specific reports, verify required financial reports to be traced to general ledger account balances, and includes providing financial performance and operational information to agency program offices.

Federal Reserve Bank Reporting

Fiscal Service provides guidance for Federal Reserve Banks (FRBs) operating procedures and reporting. This includes conditions governing payment of Public Debt redemptions, Letter-Of-Credit, handling of U.S. Postal Money Orders, and pledging of collateral. These conditions protect the Federal government against the risk of loss.

Payment Reporting