FFM System Requirements

The revised requirements are: 

• Focus on business outcomes rather than technology,
• Be neutral to how an agency achieves the financial management business outcomes (e.g., software, shared services),
• Emphasize financial management outcomes unique to the federal government (e.g., funds control), and
• Apply to both administrative systems and programmatic systems that support financial management business outcomes (that is, “mixed systems”).

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