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Treasury’s Borrowings Program

Treasury’s Borrowings Program. Intragovernmental Fiduciary Confirmation System Adam Charlton Accountant, Federal Borrowings Branch April 12, 2007. IFCS Timeline. E-Mails Requesting Explanation of Differences Are Sent Out. IFCS Opens. BPD Sends FMS General Ledger Balance Information.

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Treasury’s Borrowings Program

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  1. Treasury’s Borrowings Program Intragovernmental Fiduciary Confirmation System Adam Charlton Accountant, Federal Borrowings Branch April 12, 2007

  2. IFCS Timeline E-Mails Requesting Explanation of Differences Are Sent Out IFCS Opens BPD Sends FMS General Ledger Balance Information IFCS Closes After the 20th Around the 20th Around the 9th Around the 5th (Dates apply to month after quarter end)

  3. Inputting IFCS Information • Borrowings creates a file that contains the General Ledger Balances for each fund as of the last day of the quarter • File is sent to FMS • FMS publishes this information on their IFCS website

  4. IFCS Opens • On this date, agencies are able to input their balances in the IFCS system • IFCS operates in real time, allowing Borrowings to see information as soon as it is entered

  5. IFCS Responses • Borrowings monitors agency responses and sends out reminder e-mails as needed • Use the ‘No Agency Data’ Report

  6. Reminder E-Mail

  7. User ID Name Role Status Agency Name Bureau Name Address Phone Fax E-Mail Supervisor Name Supervisor Phone Date Last Updated Contact Information To update contact info, fill out the GOALS II IAS Personal Information Update Form and fax or mail it to the location shown on the form. www.fms.treas.gov/goals/GOALSIASInfoForm.doc

  8. IFCS Closes • View reports to see the differences reported by agencies

  9. BPD v. Agency Report

  10. Agency Report Interest Receivable/ Payable Loans Receivable/ Payable Interest Revenue/ Expense

  11. Differences • Differences are generally classified as: • Accounting Methodology • Timing Difference • Rounding • Reports do not show explanations that agencies type into IFCS • When a difference is found, Borrowings sends an e-mail requesting further explanation

  12. Differences E-Mail

  13. Explanation of Differences Agency needs to fill in all the fields in blue

  14. IFCS Schedule

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