FEDERAL FINANCIAL MANAGERS’

YEAR-END EVENT

Achieving More Together

September 1, 2020
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FEDERAL FINANCIAL MANAGERS’ YEAR-END EVENT | ACHIEVING MORE TOGETHER

8:30 AM – 10:00 AM / 90 minutes

Working Together to 

Reach an Opinion

on the

Financial Report of the 

U.S. Government

1. Reaching an Opinion on the 

Financial Report of the U.S. 

Government

2. Ready for Fiscal Year End? A 

Panel Discussion

https://fiscal.treasury.gov/training/

11:00 AM – 12:30 PM / 90 minutes

Communication, 

Collaboration, and 

G-Invoicing:

Three Tools to Reduce 

IGT Differences

1. IGT Differences and Your Controls

2. G-Invoicing Update: You Asked. 

We Delivered. Now’s Let’s 

Collaborate!

https://fiscal.treasury.gov/training/

2:00 PM – 3:30 PM / 90 minutes

Auditability of Data –

Starts with

BETCs and

Ends with

GTAS

1. What are Business Event Type 

Codes (BETCs), and What’s the 

best way to use them?

2. The GTAS API -- How it Can Help 

You!

https://fiscal.treasury.gov/training/
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FEDERAL FINANCIAL MANAGERS’ YEAR-END EVENT | ACHIEVING MORE TOGETHER

Housekeeping

• This presentation is available as a “Handout” 

through your GoToWebinar panel. 

• Please send questions, comments, and 

suggestions through the “Questions” tab on 

the GoToWebinar panel.

• Please complete the evaluation at the end of 

this session.

• Session recordings will be available at 

https://fiscal.treasury.gov/training/videos.html

• Thank you for your patience.

Carol Lambert

Director,

Engagement and 

Onboarding
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FEDERAL FINANCIAL MANAGERS’ YEAR-END EVENT | ACHIEVING MORE TOGETHER

8:30 AM – 10:00 AM / 90 minutes

Working Together to Reach an Opinion on the

Financial Report of the U.S. Government

Continued Work to Reach an Opinion on the Financial Report of the U.S. Government

Jaime Saling

Director, Financial Reports 

and Advisory Division
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• Update on the progress the government has made toward addressing the 

material weaknesses of the Financial Report of the U.S. Government. 

• Discuss which categories remain and what each of us can do to correct 

them.

Objectives/Agenda

DoD IGT
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Significant Progress Made in 2018

DoD IGT

Reduced outstanding 

audit recommendations 

by more than 70% since 

2013.

Reduced 

intragovernmental 

elimination differences 

by 80%+ or $835B 

between 2017 and 2018.

Designed and 

implemented effective 

internal control review 

for the Financial Report 

compilation processes.

Developed and 

implemented process to 

reduce need for 

significant adjustments 

to federal entity data.

Completed the first audit 

of the General Fund of 

the U.S. Government.
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Since 1997, the Bureau of the Fiscal Service has compiled agency financial 

data to prepare the consolidated Financial Report of the U.S. Government, 

and has consecutively received a disclaimer from GAO.

The Issue: A Disclaimer of Opinion

DoD Compilation IGT

Three Primary Impediments
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Disclaimer of Opinion
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Preparation of the Financial Report

• Risk Assumed (2002)

• Legal Representation Letters –

Aggregate (2006)

• Proper Disclosure Requirements 

(2018)

• Proper Tracking of Restatements, 

Reclassifications, and Adjustments 

to Beginning Balances (2018)

Progress: Compilation Impediment
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Preparation of the Financial Report

• Legal Cases

• Proper Classification of Restatements, Reclassifications, and Adjustments to 

Beginning Balances

Plans: Compilation Impediment

Agency Legal 

Representation 

Letter

Management 

Schedules

Agency 

Financial 

Reports
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Preparation of the Financial Report

• Treaties

• TFM 2-4700 Section 4705.70

o 3 Categories for Financial Reporting

– 48 Sub-categories of types of Treaties and Other International 

Agreements

– Determines the need for level of detailed review

• Review of Legal Representation Letters for the past 10 years

• Notate on the Legal Letter Management Schedules if the Case is Related 

to a Treaty or Other International Agreement

Plans: Compilation Impediment
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Q: Out of the 14 outstanding audit 

recommendations, how many are related to 

Treaties and Other International Agreements?

A. 1 B. 3 C. 5 D. 14
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Preparation of the Financial Report

• Consideration of Unaudited Significant Component Entity Information Treaties

o Debt and Equity Securities

o Federal Employee and Veteran Benefits Payable

o Commitments

o Required Supplementary Information

• Significant Changes in Accounting and Reporting Policies

o Dedicated Collections

o Other Liabilities

• Disclosures of FASB Information

Plans: Compilation Impediment
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Budget Statements

• Determine the proper presentation of reconciling lines

• Properly support amounts used in calculating the budget deficit

• Audit assurance over the Budget Deficit with the audit of the General 

Fund of the U.S. Government

• Net Outlays on entities’ Statements of Budgetary Resources

Plans: Compilation Impediment
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Intragovernmental Impediment
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Completing the IGT Model

IGT Accomplishments – Trend Analysis

Pre-JV Differences between FY18 

and FY19 reduced by $120 Billion.

30% of the $94 Billion are differences between the General 

Fund and their Trading Partners. This is a significant 

decrease for the General Fund from last year of 60%.
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• Continue the following initiatives:

• Intragovernmental Scorecard Program

• Monitor the Root Cause Analysis and Corrective Action Plan documentation 

provided by the agencies

• Material Difference Reporting and Certification

• Implement the changes for “non-reciprocating” USSGL accounts.

• Communicate with agencies and auditors that have IGT issues cited in their 

audit reports or MRLs.

• Support the G-Invoicing Initiative aimed at the Buy/Sell Sub-Category.

• Enhance TFM 2-4700 guidance by splitting out the Intragovernmental Business 

Rules by IGT Sub-Categories.

Future IGT Plans
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How You Can Help

Become familiar.

• Become familiar with the top-level 

journal vouchers and try to 

address at the agency level.

Resolve issues.

• Work with Treasury to resolve any 

IGT issues cited in your agency 

audit report or MRL.

Document differences.

• Ensure the differences between 

the Legal Representation Letter, 

Management Schedules, and 

AFR/PARs are documented and 

accepted by auditors.

Tighten traceability.

• Work with Treasury on tightening 

up the traceability of data between 

your agency’s AFR/PAR and the FR.

Manage Treaties and 

agreements.

• Ensure Treaties and Other 

International Agreements are 

considered as part of your 

commitments, contingencies, and 

legal letter, if appropriate.

Reconcile receipts and 

outlays.

• Work with Treasury on reconciling 

receipts and outlays on the MTS to 

what is reported on your 

Statement of Budgetary Resources.
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Jaime Saling

Department of the Treasury

Bureau of the Fiscal Service

(304) 480-5129

Jaime.Saling@fiscal.treasury.gov

Final webinar recordings will be posted at 

https://fiscal.treasury.gov/training/videos.html.

Contact Information
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Any 

Questions?
READY FOR FISCAL YEAR-END?

A PANEL DISCUSSION

September 2020
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FEDERAL FINANCIAL MANAGERS’ YEAR-END EVENT | ACHIEVING MORE TOGETHER

8:30 AM – 10:00 AM / 90 minutes

Working Together to Reach an Opinion on the

Financial Report of the U.S. Government

Ready for Fiscal Year End? A Panel Discussion

Brant 

McDaniel

Director, Central 

Accounting and 

Reporting Division

Jerome Jackson

Manager, Budget 

Reporting Branch, 

Central Accounting and 

Reporting Division

Mark Ross

Supervisory 

Accountant, Budget 

Reporting Branch, 

Central Accounting and 

Reporting Division

Alex Abshire

Supervisory 

Accountant, General 

Ledger and Advisory 

Branch, Financial 

Reports and Advisory 

Division

Mike Davis

Manager, Cash 

Accounting Branch, 

Central Accounting and 

Reporting Division

Dan Adams

Senior Accountant, 

General Ledger and 

Advisory Branch, 

Financial Reports and 

Advisory Division
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This Bulletin rescinds TFM Volume 1 Bulletin No. 2019-15: 2019 Year-end Closing

This discussion will focus on the Year-end Treasury Financial Manual 

(TFM) bulletin that provides entities with guidance for preparing yearend closing reports and other financial reports. The bulletin includes 

required deadlines for entities to submit Fiscal Year 2020 financial data 

to the Bureau of the Fiscal Service for timely certification and reporting. 

• The bulletin can be accessed on the Treasury Financial Manual 

website or by following the link 

https://tfm.fiscal.treasury.gov/v1/bull/20-19.html

Purpose
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Q: How many times have you been through 

the Year-End process with your Agency?

A. This is the first year. B. 1-3 years C. 4-8 years D. More than I can count.
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• Entities with undistributed funds remaining (obligated or unobligated) as of September 30, 2020, in 

allocation accounts with an ending period of 2015 must transfer the funds back to the parent 

account from which the delegation of obligation authority and initial transfer was derived.

• Entities should transfer any excess balance from liquidating accounts to the General Fund of the 

Treasury using the non-expenditure application within the Authority Transaction Module (ATM) of 

the Central Accounting Reporting System (CARS). The “Transfer to General Fund Receipt Account” 

transfer type with the appropriate sub transfer type should be used to execute this transaction.

• FY 2015 and prior accounts have been canceled previously, except in cases where negative balances 

existed. These Treasury Appropriation Fund Symbols (TAFS) with negative balances must be brought 

to zero before they can close in CARS.

• Entities must submit a written request to the Budget and Appropriation Analysis Section at 

baasgroup@fiscal.treasury.gov to close a TAFS with a zero balance.

Budget & Appropriation Analysis Section (BAAS)

Year-End Closing
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Key Submission and Date Requirements:

• September 2020 New Account Symbol Requests – email the assigned entity liaison in 

BAAS by close of business September 30, 2020.

• September 2020 Appropriation Requests - email the assigned entity liaison in BAAS by 

close of business September 30, 2020.

• September 2020 CARS NET Authorizations – email the assigned entity liaison in BAAS 

by close of business September 30, 2020.

*Note: If the entity is not sure of their assigned liaison, contact the BAAS group via email 

at baasgroup@fiscal.treasury.gov for clarification.

BAAS Year-End Closing
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• All CARS reporters must ensure all Treasury Account Symbols (TAS) / Business Event 

Type Code (BETC) reporting and reclassification has been completed in CARS.

• Entities that are not CARS reporters must include all unreported receipt and 

expenditure activity on the Statement of Transactions (SOT) and Statement of 

Accountability (SOA).

• Entities with no transactions must submit a “zero report”.

• The Treasury will allow entities to request adjustments for significant amounts.

• All reports must be submitted by 5:00pm ET, October 5, 2020.

FY 2020 Final Monthly Treasury Statement
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Receipts by Department

The Treasury’s Receipts by 

Department listings for FY 

2020 4th quarter will be 

available to assist entities with 

budgetary reconciliations.

The listings are inclusive of all 

budgetary receipts and will be 

available by the following 

dates:

• 4th quarter preliminary Receipts by 

Department – October 14, 2020 close 

of business

• 4th quarter final Receipts by 

Department – November 1, 2020 close 

of business
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• The reporting mechanism for entities to submit year-end closing data is 

the Government Treasury Account Symbol Adjusted Trial Balance (GTAS).

• Entities submit pre-closing ATB data and one set of data in the form of 

United States Standard General Ledger (USSGL) account balances in GTAS 

for end of FY 2020.

• Refer to Vol 1, part 2, Chapter 4200, subsection 4250.20 as well as Office 

of Management and Budget (OMB) Circular A-11 for data requirements. 

Submitting Budgetary Year-End Closing Data
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To obtain system access, users may contact the

GTAS Treasury Support Center by phone at 877-440-9476 or

by email at GTAS@stls.frb.org.

Accessing GTAS
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• The GTAS year-end window opens on October 6, 2020 and closes 

temporarily on October 16, 2020 at 5:00pm ET.

• The Period 12 Revision Window opens shortly after then closes on 

November 5, 2020 at 5:00pm ET.

• The Period 12 Extension Window opens on November 5, 2020 at 8:00pm 

ET and closes on November 13,2020 at 2:00pm ET. 

• Requests for using the Extension Window must be submitted by November 

9, 2020 at 5:00pm ET. 

GTAS Year-End Window
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• The primary purpose of the Period 12 Revision Window is to ensure GTAS 

data is consistent with amounts in the prior-year column of the Budget.

• Entities must provide revisions for both material and non-material 

amounts. 

• A key function of the Period 12 Revision Window is proprietary reporting 

and is intended for entities to submit updated bulk file information.

• The purpose of Period 12 Extension Revision Window is to update ONLY 

proprietary USSGL account balances after the close of the revision window. 

GTAS Year-End Window
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• The dates in Attachment 1 represent the dates reports are due to Treasury. 

• Attachment 1 also indicates the preferred method for entities to submit 

reports.

• If reporting by paper copy, allow for sufficient mailing and handling time to 

meet prescribed deadlines.

• Entities reporting by paper copy outside the Washington, D.C. metro area 

must use Priority Mail Express.

Schedule for Finalizing Receipts,

Outlaws, and Financial Reports
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• The Treasury will strictly enforce the dates listed in order to allow for timely 

closing of the books and publication of Budget results.

• For “no later than” deadlines, entities should submit data as early as 

possible. 

Attachment 1 Highlights
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Attachment 1
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Attachment 1
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Attachment 1
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Q: What is the final date an agency can post 

cash related transactions to CARS without 

going through the Backdate process?

A. October 6th B. October 7th C. October 8th D. October 15th
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Contact Information

Brant McDaniel

(304) 480-5114

Brant.Mcdaniel@fiscal.treasury.gov

Jerome Jackson

(304) 480-7269

Jerome.Jackson@fiscal.treasury.gov

Mike Davis

(304) 480-5155

Michael.Davis@fiscal.treasury.gov

Mark Ross

(304) 480-5155

Mark.Ross@fiscal.treasury.gov

Dan Adams

(304) 480-5152

Daniel.Adams@fiscal.treasury.gov

Alex Abshire

(304) 480-8383

Alexander.Abshire@fiscal.treasury.gov

Final webinar recordings will be posted at 

https://fiscal.treasury.gov/training/videos.html.
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Any 

Questions?
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FEDERAL FINANCIAL MANAGERS’ YEAR-END EVENT | ACHIEVING MORE TOGETHER

8:30 AM – 10:00 AM / 90 minutes

Working Together to 

Reach an Opinion

on the

Financial Report of the 

U.S. Government

1. Reaching an Opinion on the 

Financial Report of the U.S. 

Government

2. Ready for Fiscal Year End? Ask us 

Anything!

https://fiscal.treasury.gov/training/

11:00 AM – 12:30 PM / 90 minutes

Communication, 

Collaboration, and 

G-Invoicing:

Three Tools to Reduce 

IGT Differences

1. IGT Differences and Your Controls

2. G-Invoicing Update: You Asked. 

We Delivered. Now’s Let’s 

Collaborate!

https://fiscal.treasury.gov/training/

2:00 PM – 3:30 PM / 90 minutes

Auditability of Data –

Starts with

BETCs and

Ends with

GTAS

1. What are Business Event Type 

Codes (BETCs), and What’s the 

best way to use them?

2. The GTAS API -- How it Can Help 

You!

https://fiscal.treasury.gov/training/