Monthly Foreign Reporting Requirements

Monthly Reporting Requirements

Section 3225—Reporting Requirements

This section defines the reporting requirements for government entities as they relate to the purchase of foreign currency and non-purchase foreign currency X7000 accounts. Each entity should report foreign currency held by the United States on its Adjusted Trial-Balance by U.S. Standard General Ledger (USSGL) account for ultimate inclusion in the Financial Report of the United States.

Entities are required to report foreign currency balances as the Department of State is not responsible for maintaining balances for any X7000 account other than its own. The Department of State provides entities with SF 1221s that list transactions processed against X7000 accounts. As part of the SF 1221, the entity's USDO provides a detailed listing of transactions (processed vouchers and collection documents), sometimes called Voucher Audit Detail Reports (VADRs) or submits an SF 1167: Voucher and Schedule of Payments. Entities should add collections to or subtract disbursements from balances of foreign currency held. The amounts appearing in the U.S. dollar equivalent column of the SF 1221 are actually the foreign currency amounts, not the U.S. equivalent. Entities should record on their General Ledgers (GLs) collections and disbursements at the prevailing rate of exchange on the posting date during the month processed and this rate should be obtained from each entity's USDO.

3225.10—Uniform Reporting

This sub-section establishes rules governing certain aspects of foreign currency reporting by entities to achieve comparability and consistency between reports with similar coverage. These procedures are not intended to place prohibitive limitations on the content of entity reports. Modification of prescribed reporting formats is permitted by means of special columns, explanatory notes, or other devices, provided the integrity of the basic data is maintained and the nature, extent, and purpose of departures from the procedures are fully disclosed. However, any material modification should be cleared by Treasury (see Contacts).

3225.20—Monthly Statements of Accountable Officers

Statements of transactions and balances of foreign currencies held outside dollar accountability as recorded by the Accountable Officers will be submitted monthly. Amounts of foreign currency will be stated in foreign currency units at the level of individual X7000 accounts. Transactions will be classified or coded to provide for separate identification of receipts, disbursements, sales for dollars, transfers, conversions to third country currency, and other transaction classes if needed. Ordinarily, a copy of the regular monthly X7000 file prepared by Accountable Officers will meet this requirement. The file will be transmitted as soon as possible after the close of the reporting month, but not later than 20 calendar days thereafter to Treasury (see Contacts). For additional guidance, please see TFM Volume I, Part 4A, Chapter 3000 and TFM Volume I, Part 4A, Chapter 4000.

3225.30—Quarterly Reports of Accountable Officers

Within 45 calendar days after the close of each quarter, Accountable Officers will submit to Treasury (see Contacts) consolidated quarterly reports (commonly referred to as International Balance of Payments Report) stating the amounts (cumulative for the FY through the end of the reporting quarter) of foreign currencies purchased with dollars from sources outside the U.S. Government. The amounts reported will include acquisitions of currencies through accommodation exchange transactions as well as purchases from banks and other exchange dealers. The report will be in the form of a listing under the following headings: "Country of Currency," "Monetary Unit," "Number of Units Purchased," "Total Dollar Outlay," and "Memorandum Dollar Outlay for Accommodation Exchange."

Supplementary to the consolidated reports, Accountable Officers will also attach reports at the end of each quarter stating the balances of foreign currencies on hand under the dollar accountability, as well as reports of foreign currency received and credited directly to miscellaneous receipt accounts. These currencies are received for such things as fees and services and are immediately purchased with appropriated funds for entities' operating needs. Repayments to appropriations and receipts to foreign transaction X7000 accounts are excluded. Each report will be in the form of a listing under the following headings: "Country of Currency," "Monetary Unit," "Number of Units," "Dollar Equivalent," and "Exchange Rate."

A copy of all reports submitted to Treasury should also be submitted simultaneously to the Bureau of Economic Analysis/Balance of Payments Division, BE-58/4600 Silver Hill Road, Suitland, MD 20746.

3225.40—Semi-annual Statement of Balances

Treasury will compile from its central accounts a semi-annual report entitled "Foreign Currencies Held by the U.S. Government." This report shows foreign currency balances (in currency units and dollar equivalents) held by Accountable Officers for the report of entities excluding currencies held under dollar accountability. This statement will be prepared as of March 31 and September 30 each fiscal year. An electronic copy of the statement, or segment thereof, will be furnished to each entity for which balances are held.

Each entity will review the statement for agreement with its records. The initial review and return process should be accomplished within 10 working days following receipt from Treasury. If the balances presented in the report reconcile with entity balances for the time period represented, the entity will furnish to Treasury (see Contacts) a letter stating concurrence with the balance in question. If any discrepancies in the balances are identified by the entity during the review process, a letter of non-concurrence and a reconciliation of the balance held by the entity will be furnished to Treasury (see Contacts). Treasury will cooperate with each entity that has identified a discrepancy in balance(s) held and work to adjust balance(s) as necessary. As adjusted, it is a complete statement of the foreign currency balances held by Accountable Officers for the report of the entity and agrees with the records and reports of the entity.

3225.50—Semi-annual Report On Country Owned Currencies

Each entity which administers the United States interest in foreign country owned "counterpart" funds will submit a semi-annual report, as of September 30 and March 31, of the unexpended balances of such funds. The report will be stated by country, currency units, and dollar equivalents and will be submitted on or before the date of return of the adjusted statement described in Sub-section 3225.40.

Section 3255—Reconciliation of Foreign Currency Accounts

Entities must perform, on a monthly basis, reconciliation of amounts posted to their GLs for foreign currency. Each entity should compare transactions reported by its USDO to internal records that support postings to its GL. Some tools that entities should use for reconciliation include the following:

Standard Form (SF) 1221: Statement of Accountability (According to Appropriations, Funds, and Receipt Accounts Foreign Service Account)—The Department of State provides a detailed SF 1221 to entities, on a monthly basis, that lists transactions posted to X7000 foreign currency accounts.
CARS Account Statement: Federal Program Agency’s (FPA) Fund Balance with Treasury—The information provided by the State Department also is provided to Treasury in summary and is available to entities on their CARS Account Statement. Contact the Funds Management Branch if there is a discrepancy (see Contacts).
Adjusted Trial-Balance (ATB)—Each entity should perform reconciliation of foreign currency balances reflected on its ATB to those reflected in its GL. Entities can obtain a copy of their ATBs through GTAS.

Foreign Currencies Held by the U.S. Government (FC Held)—Each entity also should perform reconciliation between the balances reflected in its GL and balances reported in Treasury's Foreign Currencies Held by the U.S. Government, published as of March 31 and September 30 of each fiscal year.