The FMMI project is currently being supported by the Office of the Chief Financial Officer (OCFO) to modernize the departmental and agency financial and administrative payment and program general ledger systems.
System Capabilities
The FMMI implementation involves standardizing all financial management and accounting functions across USDA. As a result, USA financial professionals will have access to more timely, reliable, and accurate information, which improves cost management and control, allowing more time to perform financial analysis.
FMMI is providing a comprehensive system for all of USDA's financial and accounting functions shown below:
General Ledger - How USDA will classify debit/credit values for accounting transaction, and form the basis for creating financial statements and other regulatory reporting requirement.
The types of general ledger activities that will be processed by FMMI include:
- Accrual Process
- Adjustment
- Financial Reports
- Statement of Transactions
- FACTS Reporting
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Accounts Receivable - How USDA will record, manage, and collect receivables due from customers.
The types of receivables that are processed in FMMI include:
- Revenue
- Reimbursement
- Expenditures Refund
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Purchasing - How USDA will manage all phases of materials management; purchasing, goods received, and logistics invoice verification.
The purchasing process as part of FMMI includes:
- Procurement of materials and services
- Monitoring of deliveries from and payments to vendors
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Accounts Payable - How USDA will maintain, update, and process vendor invoices.
The FMMI system enables USDA to perform the following purchasing and payment activities:
- Receive goods and services
- Enter and verify vendor invoices
- Process and record payments
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Funds Management - How USDA will support activities associated with controlling internal funds, establishing rules for budget operations, distributing funds internally, and monitoring USDA's resources and available funds.
The Funds Management function consists of six major subcategories:
- Budget Planning
- Budget Preparation
- Budget Authority
- Funds Distribution
- Funds Control
- Funds Status
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Cost Management - How USDA will record, track and measure the flow of costs and revenue.
The FMMI system enables USDA to perform the following cost management activities:
- Monitor and control expenditures and revenues
- Distribute expenses collected in Cost Objects to other Cost Objects in designated organizational structures that are responsible for these costs
- Support billing of customers for all costs incurred on WBS Elements
- Monitor cost against billing rates
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