Automated consolidated financial statements increase an agency’s accountability of financial and program managers. In addition, the financial statements provide better information for decision-making and increase the efficiency and effectiveness of services provided by the Federal Government.
The Consolidated Financial Statements process uses account balances from FACTS II tables by attribute and general ledger balances for Statement of Budgetary Resources and from the FACTS I tables by attribute and general ledger balances for the other statements to provide line item amounts by attributes based on the federal report definitions setup defined for each statement.
The Generate Financial Statements concurrent process generates these financial statements:
Balance Sheet
Statement of Net Cost
Statement of Changes in Net Position
Statement of Budgetary Resources
Statement of Financing
Statement of Custodial Activity, where applicable
Access to General Ledger is required to define a Ledger, post transactions, and run General Ledger reports.
The Financial Statement Report Table Setup process must be run to populate the Financial Statement Report Definitions before generating any financial statements.
Report lines and accounts, if US SGL is used, must be reviewed and edited, if necessary, in the Financial Statement Report Definitions window before printing the report.
Except for the Statement of Budgetary Resources you can only submit the Consolidated Financial Statement for the period that the FACTS I Interface is run. The FACTS I Interface should be run immediately prior to the Consolidated Financial Statements for the same period to ensure the financial statements reports proper balances.
Except for the Statement of Budgetary Resources you must run the FACTS I Interface process for the same period in the previous year in order to populate the data needed for comparative statements. If the previous year's FACTS I data cannot be found, the consolidated financial statement defaults zeroes in the prior year column.
For the Statement of Budgetary Resources, you must run the report for the same period in the previous year in order to populate the data needed for comparative statements. If the previous year's data for the Statement of Budgetary Resources cannot be found, the consolidated financial statement defaults zeroes in the prior year column.
The setup that is needed for FACTS II processing must be completed in order to run the Statement of Budgetary Resources.
Related Topics
Navigate to the Submit Requests window.
In the Name field, select Consolidated Financial Statements Process.
In the Ledger field, select the ledger.
Select the type of report.
Select the unit.
Select the period name.
In the Generate FACTS II Reports field, select Y or N.
If the list of values for a period is NULL or a different period than the period that the statement should be produced for, the user must first run the FACTS I process for the same period the user intends to run the statements.
The Generate FACTS II Reports parameter only applies to the Statement of Budgetary Resources report. If this value is set to Y, then the various FACTS II reports will be generated for each treasury symbol to aid in reconciliation as well as to show if there are any exceptions or edit check failures in the FACTS II processing of any treasury symbols. If those reports are not needed, this parameter should be set to N to reduce processing time.
If the concurrent process completes with a warning, check the log file for these conditions:
Exceptions remaining from the FACTS I process are referenced at the beginning of the log file. If there are FACTS I exceptions, users must resolve them and rerun the FACTS I process. Afterwards, users must rerun the financial statement process.
The log file provides an account balance which makes up an amount for each line. If the Flexfield Needs Further Definition check box is selected as yes for an account in the Report Lines Detail window of the Financial Statement Report Definitions window there will be no amount for that line. Users need to correctly define the line setup and deselect the Flexfield Needs Further Definition check box and then rerun the financial statements.
Related Topics
Using Standard Request Submission, Oracle Applications User Guide