Understand how revolving funds and reimbursables are integral to a federal organization’s ability to sustain business operations. You will learn the procedures related to business operations, including developing prices and producing financial statements, and participate in an experiential capstone exercise in which you will demonstrate how these concepts are applied at an agency level and within the federal government.

Gain a deep understanding and insight into why federal budgeting and accounting is challenging for accountants and budgeteers alike. Eliminate your insecurities about the requirements of federal budgeting and accounting with an introduction to these functions, as well as their integration into the federal financial management process. Through a discussion-based class where you will share experiences with others in similar roles, you will learn about these concepts to improve your approach to financial management.

Gain an understanding of how to generate accurate and timely financial statements that comply with federal regulations through an overview of accounting terms, principles, concepts, and standards. You will also examine the U.S. Government Standard General Ledger (USSGL) to further standardize your approach to federal accounting.

Explore the components of the submission of the Standard Form (SF) 133 to help fulfill the requirement that federal expenditures be reviewed quarterly to support the monitoring of apportioned funds. Examine key aspects of SF 133, including a reporting unit’s sources of budget authority, the status of budgetary resources, and information on obligated balances and outlays as a financial manager. You will learn how United States Standard General Ledger (USSGL) attributes are used to track transactions. You will complete several exercises and an SF 133 based on a real-world scenario.

Learn how to effectively prepare, review, and audit federal financial statements using the guidelines of the United States Standard General Ledger (USSGL), as well as other regulatory requirements. Explore ways to help build taxpayer confidence that federally appropriated funds are being managed as intended by helping to support accountability and transparency in federal agencies.

Learn how to reconcile the Fund Balance with Treasury (FBwT) account number USSGL 101000 with the Account Statement generated from the Treasury Governmentwide Accounting (GWA) System. This course provides an overview of what actions federal agencies must take when a notice of discrepancies is issued.

Develop the foundational knowledge to ensure your organization complies with the standards contained in the Federal Accounting Standards Advisory Board (FASAB) Handbook. Learn how the FASAB provides federal financial managers and accounting personnel with the historical context to effectively carry out their responsibilities. Test your understanding of the FASAB standards through exercises and discussions. You will also gain insight into practical application by examining an actual federal financial report through a case study.

Explore how to avoid interest payment penalties through compliance with the regulations outlined in the Prompt Payment Act (PPA). Learn about the budgetary implications of late payments, how to avoid these penalties, and the appropriate use of funds. You will also gain an understanding of how to calculate interest and the year-end closeout procedures to address late payments.

Learn how to practically apply financial guidance provided by OMB and the U.S. Government Standard General Ledger (USSGL) to support the production of accurate and timely financial statements. Develop your skills in federal accounting through an in-depth look at analyzing and recording financial events. Course participants should have experience with accounting for assets, liabilities, net position, revenues, and expenses, as well as with T-accounts and general ledgers.