Mark Reedy

Background

About Mark Reedy

Just thought I would give a quick overview on federal budgetary accounting instead. Federal budgetary accounting tracks funding, the funding authority and current spending stage of the funds. The accounts are broken down into two basic groups Budgetary Resources (normal balance debit) and Status of Resources (credit). As in financial accounting A=L+E, in the budgetary accounting BR=SBR. These accounts are the series in the USSGL. Budgetary Resources are just a way to say this is the amount of money we (an agency) can spend or potentially spend. It is usually an appropriation (from Congress) but can be a reimbursable (some place else) or borrowed (USSGL account 41XX and 42XX). Status of Resources show the level of permission or the stage of the spending. Anticipations, cancelations and other contra resources – money we have but can not spend (43XX). Unapportioned Authority – money that Congress said was okay for us to spend but we still need further approval (44XX). Apportionments - money that OMB said we can spend (45XX). Allotments – yeah, money we can spend (46XX). Commitments – money set aside for a program we want to spend money on (4700). Obligations (Undelivered Order) – a purchase (contract or purchase order)(48XX) Delivered Orders – the purchase is delivered (4900). As an agency moves through the spending cycle, like a step, one account is increased while the other is decreased. For example, when we set some money aside, we debit the allotment and credit the commitment. When we make a purchase; we debit the commitment and credit the obligation. I think that is basically it for the summary. For those who were confused by budgetary accounting I hope it helps. Specialties: Linux (Ubuntu), Libreoffice/Openoffice, Mircrosoft Office, Federal Budgetary Accounting, Federal Financial Accounting, Oracle Government Financial (general ledger module), DoD Financial Management Regulation, USSGL