FFM System Requirements

This revision of the Federal Financial Management System Requirements (FFMSR) implements the Office of Management and Budget (OMB) and the Department of the Treasury guidance to help achieve shorter-term, lower-cost, and more incremental financial management system modernization. 

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The revised requirements are: 

  • Focused on business rather than technology:
  • Neutral to the system solution [shared federal or commercial service, custom commercial off-the-shelf/government off-the-shelf (COTS/GOTS) technology, automated or manual];
  • Defined as federal government unique financial management data input, business process, and data output;
  • Applicable to both administrative systems as well as program operation systems that perform financial management business processes (that is, mixed systems); and 
  • Referenced to their federal government authoritative sources.

Federal Financial Management System Functions

1.1.1 Defining GL Accounts and Attributes

1.1.2 Posting GL Transactions

1.1.3 Managing Financial Asset Information

1.1.4 Managing Financial Liability Information

1.1.5 Managing Revenues and Other Financing Sources

1.2.1 Determining Costs

1.3.1 Providing GL Information

1.3.2 Making Federal Financial Information Accessible

1.4.1 Defining Federal Funding Attributes to Align FM Information With Performance Goals

2.1.1 Recording Budget Activity

2.1.2 Recording Budget Obligations and Outlays

2.1.3 Reporting Budgetary Resources and Budget Execution

2.2.1 Establishing Payables

2.2.2 Making Payments

2.2.3 Reporting on Payments

2.2.4 Establishing Receivables

2.2.5 Managing Debt

2.2.6 Reporting on Debt

2.3.1 Reconciling Fund  Balance With Treasury

2.3.2 Verifying Traceability

2.4.1 Securing Financial Management System Information

This page was last updated on June 21, 2021.