Now, let's take a more in-depth look at how the Army uses GFEBS to report its financial status to the DoD and the US Treasury.
First, GFEBS is the financial book of record for the Army's General Fund. Each period-end, the Army uses GFEBS to generate standardized financial reports. The General Ledger maintained in GFEBS contains the source transactions and balances required to generate the financial reports. These reports summarize the overall financial condition of the Army's General Fund.
Certain master data within FI closely integrates with master data in other GFEBS business process areas, particularly with Funds Management (FM) and Cost Management (CM). Each revenue and expense GL account in FI corresponds to a commitment item in FM and a cost element in CM. FM commitment items define how funds are either controlled or spent by the Army. Cost elements and cost objects provide a means to track costs by cost center, internal order, or WBS. Each GL account maps to one commitment item and one cost element forming a three-way relationship between FI, FM, and CM.