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FreeBalance^® Accountability Suite

FreeBalance Financials - the Core Module

Government commitment accounting requires numerous control mechanisms between budget approval and completion of fiscal transactions. FreeBalance Financials provides the foundation for public financial management. It is designed in accordance with international fiscal management standards, IMF classification structures and the World Bank Treasury Reference Model.

FreeBalance Financials provides a common repository for all financial data and enables data audit management and reporting on multiple levels, flexible Chart of Accounts (COA) and financial coding blocks, and double-entry self-balancing fund controls.

FreeBalance Financials Highlights

• General Ledger(GL) - provides a central repository for all transactions and generates multi-dimensional analysis reports .
• Controls - provides aggregate fiscal control of approved budgetary funds.
  1. Allotment Controls (2 levels) - approved appropriations, warrants or allocations are mapped to the COA and specific fiscal periods for granular control.
  2. Commitment Controls - soft commitments (intention to spend)
  3. Obligation Controls - hard commitments (contractual obligations)
  4. Multi-Funds and Project Controls - projects and programs are linked to fund sources, including specific revenue sources or donors
• Appropriations - Appropriations (AR) provides real-time information on commitments, obligations, actual spending, remaining free balances and forecasted deficits or surpluses.
• Expenditures - Expenditures (AP) tracks expenses against commitments and obligations and provides real-time analysis of current cash flow and payments, including foreign currency transactions.

Supported Standards

The World Bank Treasury Reference Model (TRM), the IMF Code of Good Practices on Fiscal Transparency, United Nations Common Functions of Government (COFOG), IMF Government Finance Statistics (GFS), International Federation of Accountants International Public Sector Accounting Standards Board International Public Sector Accounting Standards (IPSASs), Medium Term Expenditure Frameworks (MTEF), and Generally Accepted Accounting Principles (GAAP).