Financial Management Information System

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Project submitted byname: Debasish guha roy, roll- 31, sec- H3 sub: “mis” Financial Management Information System (MIS) Financial MIS Provides financial information to all financial managers within an organization. It integrates financial & operational information from multiple sources. Financial MIS eases analysis by providing fast financial data. It enables financial analysis from different aspects; time, product, customer. With Financial MIS, one can analyze historical and current data. Als
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   Project submitted by-name: Debasish guha roy,roll- 31,sec- H3 sub: “mis”      Financial Management InformationSystem (MIS) Financial MIS Provides financial information to all financial managers within anorganization. It integrates financial & operational information from multiplesources. Financial MIS eases analysis by providing fast financial data. It enablesfinancial analysis from different aspects; time, product, customer. With FinancialMIS, one can analyze historical and current data. Also one can monitor use of funds. Few examples or functions of Financial MIS are Costing, P&L reporting,Auditing, Funds management, etc. Overview of a Financial MIS    Inputs to the Financial Information System      Strategic plan or corporate policies o   Contains major financial objectives and often projects financial needs.    Transaction processing system (TPS) o   Important financial information collected from almost every TPS -payroll, inventory control, order processing, accounts payable,accounts receivable, general ledger. o   External sources o   Annual reports and financial statements of competitors and generalnews items. Financial MIS Subsystems and Outputs      Financial subsystems    Profit/loss and cost systems    Auditing    Internal auditing    External auditing    Uses and management of funds. Services    Personal computer and Imaging system support within the FinancialManagement Division    System performance issues and ends user security access for PeopleSoftFinancials    Assistance with reports distributed to the Campus community. Examples of these reports are the Consolidated Detail report, Open PO report, Open Reqreport    Technical support to end users of the Departmental Copier Program Background: The FMIS currently collects data via forms based PC front ends, mainframefront ends and file transfers, processes the data in a mainframe VM/CMSenvironment and stores data on a massively parallel processing back end  database machine (Teradata). It uses 4th generation languages and relationaltables to develop applications for transaction processing and reporting,enabling rapid development to provide a flexible system responsive tochanging needs and capable of describing complex interrelationships amongdata as useful information. The information is used for operationalprocessing of the funds flowing to, from, and within the Department,management controls and external reporting requirements, and planning andforecasting activities. In accordance with the CFO Act of 1990, OMBCircular A-127 and other JFMIP requirements FMIS is continuing progresstowards an integrated financial management system. Objectives:  The primary objectives of FMIS are:    To automate transaction processing related to the receipt or payment of funds    To automate record storage and retrieval related to the process.    To support management controls over the process, including internal / external report requirements.    To provide reliable information for use in planning for the Department'sfuture needs and assessing its present and past activities. System Overview FMIS provides the data necessary to support and prepare the revenue and refundaspect of the IRS custodial financial statement and the GAO financial audit. Ittakes information from IMF, BMF, and ANMF files, outputs transaction detailreports, and audit trails for all FY cash receipts. In addition, the FMIS applicationcaptures all revenue reclassification amounts from IMF, BMF, and ANMF, as wellas the CADE application, including credit interest, Earned Income Tax Credits(EITC), refund reversals, all assessment and abatement adjustment transaction, andall returns. The application generates reports including the collections on FICA andExcise tax trust funds. Purpose of the System   FMIS provides the data necessary to support and prepare the revenue and refundaspect of the IRS custodial financial statement and the GAO financial audit. Thisapplication outputs transaction detail reports and audit trails for all FY cashreceipts srcinally from the Individual Master File (IMF), the Business Master File
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