O'Neill accelerates monthly closing of Treasury books

O'Neill accelerates monthly closing of Treasury books

Paul H. O'Neill

By Dipka Bhambhani

GCN Staff

APRIL 13'Treasury Secretary Paul H. O'Neill has announced a June 30, 2002, deadline for each bureau in the department to improve its financial accounting systems.

He has mandated a three-day cycle for reporting bureau financial data instead of the current 20 days [see story at www.gcn.com/vol1_no1/news/3936-1.html].

'Any organization that has the ability to produce such timely financial information inherently captures data right the first time via integrated systems and performs minimal, if any, reconciliation, batch-processing, or data crosswalk repair work to arrive at its final numbers,' O'Neill said in his April 11 memo to bureau heads.

In fiscal 2000 for the first time in history, O'Neill said, Treasury's inspector general approved its financial statement without reservation.

His plan calls for the department to collect updated balance sheets from each of its 13 bureaus and submit them to the Treasury's Financial Analysis and Reporting System data warehouse.

Acting chief financial officer Steven O. App will work out problems with bureau CFOs and set action plans for the three-day monthly closings.

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