Table of Contents
What is the purpose of gfebs in the Army?
The GFEBS implementation is designed to standardize financial management and accounting functions and real property inventory and management, and meet the following objectives: Provide accurate, reliable and timely financial information and integrated functional performance data to Army decision-makers;
What is the function of FI in gfebs?
The primary function of the Financials (FI) business process area in GFEBS is to manage the Army’s G/L for external reporting purposes. FI ensures that all the Army’s financial transactions are recorded in the G/L and kept up to date so that, when it comes time to send financial statements, the data is current, accurate, and readily accessible.
How is gfebs used in the financial industry?
Built on SAP commercial off-the-shelf software, GFEBS complies with statutory and regulatory requirements for funds control and accounting, providing real-time visibility that improves financial decision-making.
How does gfebs report reflect real time data?
Real-time Data: Reports generated in GFEBS reflect real-time data. This means that GFEBS reports contain the most up-to-date information in the system. A posting made to the G/L appears in the G/L Account Balances Report seconds after it is posted. On Demand Reports: GFEBS also enables you to run reports at any time.
Why is the general fund Enterprise Business System ( gfebs ) important?
GFEBS provides real-time visibility of transactions, as well as historical data, to provide an integrated, analytic foundation for decision-making. GFEBS also supports the Army’s goals of achieving an unqualified opinion on financial statements and providing a cost accounting capability for better-informed decision-making.
What are the Army real property category codes?
Each CATCD in the “Update to Army Real Property Category Codes” listing has been assigned a GLAC in accordancewith Defense Finance and Accounting Service (DFAS)-Indianapolis 37–1 Regulation. The standard GLAC titles are asfollows: GLAC 1710 – Land. GLAC 1730 – Buildings. GLAC 1740 – Other structures and facilities.
How are real property assets defined in the Army?
Each item of real property is defined as a real property asset (RPA). The Army uses four RPA types for bothclassification and analysis purposes. RPA types are the first level of aggregation of an…