FMS 224: Statement of Transactions

Description:

This primer course reviews the purpose and preparation of the FMS 224: Statement of Transactions used by Federal agencies for whom Treasury Regional Financial Centers (RFCs) issues payments. Focusing on reporting by 8-digit Agency Location Code and Appropriation and other fund symbols, students learn how to report deposit and disbursement transactions and the source documents used to prepare the report. The training will focus on the reconciliation process once the FMS 224 is submitted to Treasury. The Account Statement which provides valuable reports to federal agencies will be reviewed. This course will demonstrate how the information provided in the Account Statement is used to make corrective entries and adjustments on future FMS 224 reports. Detailed information regarding Reconciling the Fund Balance with Treasury will be discussed.

Major topics include:

• Reconciling the Fund Balance with Treasury
• Deposit and disbursement processes used by most Federal agencies
• Reporting by Federal accounts
• Document preparation (by section/by line)
• Reviewing the Account Statements and making corrective entries on future FMS 224s.
• Reporting Deadlines and source documents used to prepare the report
• Spotting “red flags” and edit checks in reporting

Who should attend:

Preparers, reviewers, auditors and systems personnel or anyone interested in a comprehensive explanation of the FMS 224. Excellent for those with no prior knowledge.

Prerequisites:

• None