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Financial management system

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Definitions Edit

Financial management systems

[are] applications that perform financial management functions and include both manual and automated systems for program and administrative financial management. Financial management applications are used to collect, record, classify, analyze, and report data for financial decision making. These applications process, control, and account for financial transactions and resources, and are used for auditing, formulating and executing budgets.[1]
perform the functions necessary to process or support financial management activities. These systems collect, process, maintain, transmit, and/or report data about financial events or supporting financial planning or budgeting activities. These systems may also accumulate or report cost information, support preparation of financial transactions or financial statements or track financial events and provide information significant to the Agency's financial management.[2]

References Edit

  1. U.S. Department of Agriculture, Financial Management Systems (Nov. 30, 2005) (full-text).
  2. 2B DoD Financial Management Regulation, Ch. 18 (June 2007).

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