FMS Form 224 Statement of Transactions Process
Overview of FMS Form 224 Statement of Transactions
The FMS Form 224 Statement of Transactions is generated by federal agencies where payments are disbursed by the Department of Treasury for the agency. The report includes vouchers accomplished by the Department of Treasury and cash collections received for deposit.
Reporting Requirements
Agencies are required to comply with these:
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The FMS Form 224 must be generated for each calendar month.
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If no transactions occur during the accounting month, a zero activity FMS Form 224 must be submitted.
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An agency may submit adjustments to the original FMS Form 224 using the supplemental FMS Form 224. The reporting agency should only report adjustments on the supplemental.
Submission Requirements
Agencies are required to comply with these:
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The FMS Form 224 must be submitted to the Department of Treasury no later than the fifth working day following the close of the accounting month.
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A separate FMS Form 224 must be submitted for each Agency Location Code (ALC).
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The supplemental FMS Form 224 must be submitted between the fifth and eighth working days following the close of the reporting month.
Federal Financials provides the FMS Form 224 Statement of Transactions process to comply with these requirements.
Additional information on FMS Form 224 requirements is documented in the Treasury Financial Manual (TFM), 2-3300.
FMS Form 224 Statement of Transactions Report Diagram
The figure below shows the FMS Form 224 Statement of Transactions Report diagram as described in the table.
FMS Form 224 Statement of Transactions Report Process Diagram
FMS Form 224 Statement of Transactions Report Diagram Description
The following table describes the FMS Form 224 Statement of Transactions Report diagram.
| Feature | Description | Status |
|---|---|---|
| Bank Accounts | Agency defines bank account for each ALC in Oracle Payables and Oracle Receivables. | External or system activity |
| Agency Location Code Addresses | Agency enters ALC address in Agency Location Code Addresses window | Described in this chapter |
| Appropriation Parameters | Agency enters fund information for each fund to be reported in Define Appropriations Parameters window. | Described in this chapter |
| FMS Form 224 Report Definitions | Agency selects accounts identifying cash transactions in FMS 224 Report Definitions window. | Described in this chapter |
| Process Transactions | Agency processes disbursement and receipt transactions in Payables and Receivables, including Treasury payments, interagency transfers, and cash receipts. | Agency activity |
| Process Transactions | Enter Interagency Transfers on Interagency Transfers window. Enter refunds in the Cash Receipt Refunds and Payables Refunds windows. | Agency activity |
| Posting | Agency posts transactions to General Ledger. | Agency activity |
| Preliminary FMS Form 224 | Agency generates FMS Form 224 Statement of Transactions in Preliminary mode. You can generate this report as a P224 and will report only the GWA Reportable agency location codes based on the business activity and the selected GWA Reportable Category values. A P224 only reports the sections and transactions on the 224 for the business activity of the agency location code that are not included in the GWA Reporter Category. |
Described in this chapter |
| FMS Form 224 Reports | FMS Form 224 Statement of Transactions Exception Report is printed automatically. | External or system activity |
| Final FMS Form 224 | After corrections, if necessary, agency generates FMS Form 224 Statement of Transactions in Final mode. | Described in this chapter |
| FMS Form 224 Detail Transaction Listing | FMS Form 224 Detail Transaction Listing is printed automatically. | External or system activity |
| GOALS FMS Form 224 Program | GOALS FMS Form 224 Program is printed automatically. | External or system activity |
| Reconcile Amounts | Agency uses FMS Form 224 Statement of Transaction Exception Report to reconcile reported amounts against General Ledger reports. | Described in this chapter |
| Supplemental FMS 224 | If necessary, agency generates a supplemental FMS Form 224 to report additional transactions for the accounting month. | Agency activity |
FMS Form 224 Statement of Transactions Report Process
The FMS Form 224 Statement of Transactions report process includes these steps:
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The agency defines a bank account for each ALC in the Bank Accounts window in Payables or Receivables.
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The agency enters the ALC address in the Agency Location Code Addresses window.
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The agency enters the FMS Form 224 Fund Type for each fund to be reported in the Define Appropriation Parameters window. Funds are designated as Disbursement Account, Receipt Account, or Revolving Account. Transactions are reported by Department of Treasury Symbol on the FMS Form 224 Statement of Transactions, Section I. The fund designation determines for manual journal entries the section and column placement on the FMS Form 224 Statement of Transactions.
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In the 224 and Reconciliation Report Definitions window, the agency selects the accounts to be used in determining the transactions to be reported on the FMS Form 224 Statement of Transactions. The Account Type determines for manual journal entries to Revolving Accounts the section and column placement on the FMS Form 224 Statement of Transactions. The agency can also define the default ALC for each record to be used when the ALC cannot be determined from a bank account.
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The agency processes disbursements and receipts that are posted to General Ledger throughout the accounting month. You can enter reclassifications to receipts and disbursements to be reported on the P224 as follows:
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As a journal entry with the journal category designated in the FV: RECLASSIFICATION_JOURNAL_CATEGORY profile.
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As a new receipt with the original receipt entered in the Reclassification Receipt descriptive flexfield that was defined on the Federal System Parameters window.
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As a new payment with the original payment entered in the Voided Payment field.
The Voided Payment field is only available if the payment method is Clearing. Both the Reclassification Receipt descriptive flexfield and the Voided Payment field only includes values for receipts or payments that are for the same amount as the new receipt or payment.
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Interagency transfer transactions are also entered in the Interagency Transfers window. Refunds are also entered in the Cash Receipt Refunds and Payables Refunds windows.
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At month-end, the agency generates the FMS Form 224 Statement of Transactions. All applicable transactions, including disbursements processed in the Department of Treasury Confirmation and Reconciliation window, receipts processed in the Cash Receipts window, and interagency transactions recorded in the Interagency Transfers window, are included in the report.
Note: The FMS Form 224 Statement of Transactions can be regenerated, as long as Preliminary is selected in the Parameters window during report generation. If Final is selected, the report cannot be regenerated except as a supplemental FMS Form 224 Statement of Transactions.
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If the FMS Form 224 is run in Preliminary mode, exception items can be corrected for regeneration of the current month's report. The FMS Form 224 Exception Report can be used to compare FMS Form 224 reported amounts with amounts on General Ledger balancing reports for the reporting period.
Note: You can generate a P224 report by selecting P in the Partial or Full? field. Only the agency location codes that are GWA reportable are selected. The Business Activity and Reporter Category fields can be used to further filter P224 activity. If you select F in the Partial or Full? field, only the agency locations codes that are not GWA reportable are selected.
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The FMS Form 224 Detail Transaction Listing and the GOALS FMS Form 224 Program are automatically generated. The FMS Form 224 Details Transaction Listing lists all the journal lines that are reported on the FMS Form 224. The GOALS FMS Form 224 Program prepares the FMS-224 data for electronic reporting.
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If additional transactions must be reported after FMS Form 224 submission, when FMS Form 224 Statement of Transactions is generated in final mode, a supplemental FMS Form 224 Statement of Transactions can be generated using the FMS Form 224 Statement of Transactions procedure. Only transactions not previously reported are included.
Related Topics
Federal Options Setup ,Oracle U.S. Federal Financials Implementation Guide
Appropriation Parameters Setup
Federal Report Definitions Setup
Interagency Transaction Procedures
Defining Bank Accounts, Oracle Receivables User Guide
Defining Bank Accounts, Oracle Payables User Guide