Budgeting and Accounting: Making the Connection

Gain a deep understanding and insight into why federal budgeting and accounting is challenging for accountants and budgeteers alike. Eliminate your insecurities about the requirements of federal budgeting and accounting with an introduction to these functions, as well as their integration into the federal financial management process. Through a discussion-based class where you will share experiences with others in similar roles, you will learn about these concepts to improve your approach to financial management.

Learning Objectives

• Make the connection between budgeting and accounting
• Apply budget and accounting terminology appropriately
• Track budgetary and proprietary accounting transactions through the budget execution process
• Describe the use of the U.S. Standard General Ledger account structure
• Relate budget obligations to agency assets, liabilities, and expenses
• Determine unfunded budget requirements from accounting reports
• Improve budget estimating with accounting information

Federal Budget Process

• What Is a Budget?
• Why Is a Budget Necessary?
• Legal Foundations in the Federal Government
• Ways the Agency Budget Is Displayed
• Phases of the Federal Budget Process
• Agency Funds and Resources

Introduction to Federal Accounting

• What Is Accounting?
• Accounting Cycle
• Accounting in the Federal Government

Budgetary and Proprietary Accounting

• Budgetary Accounting Process
• Steps in the Budgetary Accounting Process
• Tracking Reimbursable Authority
• Why Proprietary Accounting?
• Basic Proprietary Accounting Equation for the Federal Government
• Expanded Proprietary Accounting Equation
• Normal Balances
• Accrual Basis of Accounting
• Integrating Budgetary and Proprietary Accounting
• Exercise: Proprietary Accounting
• Exercise: Budgetary and Proprietary Accounting Relationships

Federal Financial Reporting

• Objectives of Federal Financial Reporting
• Expanded Financial Reporting
• Content of Agency Financial Statements
• Financial Statements
• Using Financial Reports
• Government Performance and Results Act Modernization Act of 2010
• Making Improvements in Government

Making the Connection

• Making the Connection
• Optional Exercise: Overview of Budgeting and Accounting