Account Management and Financial Reporting Overview

What is Account Management and Financial Reporting?

Account Management and Financial Reporting (AMFR) includes the management Chart of Accounts (COA) and reporting of financial activity from the General Ledger. The General Ledger (GL) module establishes and maintains the COA and maintains the integrity of the financial balances of the State of Florida.

Account Management: Addresses how the State’s COA is set up and maintained by ChartField values. It supports requests for the addition, update, and inactivation of ChartFields, and their Attributes, and associated system configurations, including Trees, SpeedKeys, and Combination Edits.

Financial Reporting: The General Ledger records, summarizes, and reports financial data created by direct entry of an online journal, using the spreadsheet upload tool, or importing data from external systems. Source Module transactions are summarized by the Journal Generator (J-Gen) process which creates the appropriate journals, sends them to the GL, and posts them to the General Ledger.

Accounting and Financial Reporting Lifecycle

Set Up and Maintain Chart of Accounts

What is different or changing?

• Agencies will use an electronic workflow (ChartField Structure Request) to submit requests for adding or updating ChartField values within the agency and to DFS.
• The Fund Questionnaire is an electronic form that is submitted and routed through workflow for processing.
• Project ChartField values are established and managed within the Project Costing Module.
• Trees are used to organize the values of a single ChartField into a hierarchical structure to facilitate reporting and budget translation.

What is similar?

• ChartField values will be established and maintained by both Agencies and DFS.
• Budgetary ChartFields will be received from LAS/PBS.
• Grant and Contract ChartField values will be received from FACTS (for those agencies that are not exempt).
• SpeedKeys (like EOs) can minimize the number of keystrokes to populate ChartFields on a transaction.
• ChartField combination edits can enforce relationships between ChartField values within Florida PALM.

Other Helpful Information

• Visit the Setup and Maintain Chart of Accounts Lifecycle page for more information, including Associated Business Processes, Interfaces, Conversions, and Reports.

Enter and Process Journals

What is different or changing?

• Agencies will use GL Journal entries in the General Ledger module to directly adjust ledger balances (i.e., correction entries, reclassifications, accrual entries, investments).
• GL Journals created directly online or by spreadsheet upload will require approval within the agency, and in specific cases DFS, before posting to the General Ledger.
• Agencies perform investment activity within the GL by using the Investment Activity page.

What is similar?

• GL Journal entries can be entered directly online, by using the spreadsheet upload tool, or by interface.
• Adjustments directly made in the General Ledger will not impact the source module accounting tables.

Other Helpful Information

• Visit the Enter and Process Journals Lifecycle page for more information, including Associated Business Processes, Interfaces, Conversions, and Reports.

Analyze and Reconcile Accounts 

What is different or changing?

• DFS opens and closes accounting periods for source modules and the General Ledger to maintain data integrity.
• Agencies will use the Source Module to General Ledger reconciliation tool to monitor source module accounting entry transactions that have been created but have not been posted to the GL.

What is similar?

• DFS manages, coordinates, and communicates the closing schedule and procedure.
• Accounting entries are integrated from the subsidiary ledgers (Departmental / PYRL) to the General Ledger (Central) at summarized levels (i.e., Accounts Payable, Accounts Receivable, Payroll) to maintain alignment for reporting purposes.
• Agencies prepare for month-end closing by recording adjustments and corrections in the source modules throughout the month. Additional adjustments can be made directly in the GL, if needed.
• Agencies should proactively monitor and resolve transactions that are in error/exception status.
• Agencies have reports available to verify balances and confirm the closeout of financial activities for the month prior to month-end close.

Other Helpful Information

• Visit the Analyze and Reconcile Accounts Lifecycle page for more information, including Associated Business Processes, Interfaces, Conversions, and Reports.

Close General Ledger and Consolidate Results

• Coming Soon in Segment IV Design Session

Accounting and Financial Reporting Resources

• Business Process Models (BPMs)
  • How to Read a Business Process Model
  • Account Management and Financial Reporting Business Process Models (BPMs)
    • 10.1 Set Up and Maintain Chart of Accounts - Segment I - as of 11/16/23
    • 10.2 Enter and Process Journals – Segment II – as of 01/04/24
    • 10.3 Analyze and Reconcile Accounts – Segment III – as of 02/05/24
    • 10.4 Close General Ledger and Consolidate Results - Segment IV - as of 08/21/24