OMB sets interagency transaction standards

OMB sets interagency transaction standards

The Office of Management and Budget has no idea how much money agencies exchange among themselves for goods and services, but that's about to change. OMB last week issued two sets of standard business rules for intragovernmental and certain fiduciary transactions.

OMB director Mitchell E. Daniels Jr. told agency executives to record such transactions starting Jan. 1. New rules for fiduciary transactions will be effective Oct. 1, 2003 [see story at].

Daniels said the General Accounting Office has called unrecorded intragovernmental transactions a material weakness. 'Our inability to properly account for such transactions hinders true cost transparency' and wastes time and money in reconciling the differences, he said.

OMB laid out 26 data elements for intragovernmental orders and 25 data elements for intragovernmental bills. It also outlined 29 business rules for interagency exchanges and eight for fiduciary transactions. The transaction rules will require agencies to:

  • Register with financial monitor Dun & Bradstreet Inc.

  • Join the Defense Department's Central Contractor Registration database

  • Record all purchases in the agencies' core financial systems prior to delivery of goods or services.

  • OMB also is developing an e-commerce portal for agencies to exchange acquisition and payment data. They must use the portal for all buys of $100,000 or more starting Oct. 1, 2003.

    Daniels said any agency that does not follow the new rules will be downgraded for financial management on the Executive Branch Management Scorecard, which rates each agency in five categories on the President's Management Agenda, such as e-government.

    The memo is online, at


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