GFEBS Debt Management Exam Questions With Answers Graded A+
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GFEBS
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GFEBS
GFEBS Debt Management Exam Questions With Answers Graded A+
Treasury Reporting: Reason Status Codes
Reason Status codes assist with the preparation of the TROR. Reason Status codes indicate the state of the debt throughout the debt lifecycle and assist the accounting system with determining how t...
GFEBS Debt Management Exam Questions
With Answers Graded A+
Treasury Reporting: Reason Status Codes
Reason Status codes assist with the preparation of the TROR. Reason Status codes indicate the state
of the debt throughout the debt lifecycle and assist the accounting system with determining how to
categorize the debt.
Changes in the reason status code occur through business events or are manually entered into the
accounting system. These changes also occur via interfaces from entitlement and revenue systems
When is interest applied?
Interest is applied 30 days after the debit notice due date (i.e., day 31). Additional interest will accrue
for each 30 day period until payment is received. The interest calculation program is automatically
executed on a daily basis, but only updates the account every 30 days. In the process of fully
collecting a debt that includes principal, interest, fees, and penalties the remittances received are first
applied to reduce penalties, fees, interest, and then principal.
How is interest applied?
The Run Interest Calculation Program is run automatically. It can be manually run by the Debt
Management Processor if needed. Interest accrues continually until the debt is collected or written
off.
Who determines the applied interest amount?
The U.S. Treasury requires the Current Value of Funds Rate (CVFR) to be used as the interest rate.
When the debt record is created the interest rate (%) is assigned to the accounts receivables record.
The rate is fixed for the life of the debt.
CVFR
Current Value of Funds
Fees
are assessed to cover the additional costs incurred in handling a debt beyond the date on which
payment was due. They are applied only if payment is not made by the due date specified on the
billing form and / or demand letter. The DoD components calculate fees based upon actual costs
incurred. If the actual cost is not available, fees may be determined by historical costs or by the cost
analysis method that supports determination of the charge.
Penalties
are charges on delinquent debt to discourage delinquencies and encourage early payment of the debt
in full. The rate to be assessed is set by law at more than six percent per year and is assessed on the
portion of a debt remaining delinquent for more than 90 days. The charges will accrue and be
assessed from the date of delinquency.
Who processes installment plans and when?
If a debtor requests an installment plan and Defense Finance and Accounting Services (DFAS) receives
the request before or by the due date, the required documents are evaluated to determine whether
the customer meets the requirements for an installment plan.
, The Debt Management Processor receives the installment plan decision and if the installment plan
request is approved, enters the required information in GFEBS
Installment plans guidelines
First, installment guidelines include documentation from the debtor that he / she is financially unable
to pay in a lump sum.
Second, installment plans require monthly payments with an overall repayment period not to exceed
3 years, unless an exception is granted.
Last, installment payments should be at least $50 each month.
True or false: Government employees are subject to interest, fee, and penalty charges assessed on
debt to the government that are overdue.
True
The interest calculation program run every day and updates each amount every ______
30 Days
Four of the more commonly used reports are:
Customer Open Item Analysis by Balance of Overdue Items, Customer Line item Display, Customer
Account Analysis, and the Due Date Analysis for Open Items.
Customer Open Item Analysis by Balance of Overdue Items (S_ ALR_ 87012178)
This report is used to display customer open items by user-defined aging categories (e.g; every 20
days, 30 days days, etc.). Selections and filtering capabilities can be made for multiple customers.
Items can also be summed at various levels. This aging report can be used to determine receivables
that are eligible for write-off and to validate that the required debt fees have been applied to
delinquent receivables.
Customer Line Item Display Transaction Code
FBL5N
Customer Line Item Display (FBL5N)
This report lists customer line items. Items can be displayed for more than one customer by selection
by open, cleared, or all items. Details can be displayed for specific line items using drill down
capabilities. Users have the ability to create user-defined report layouts for future use. Fields can be
sorted and subtotaled at various levels.
Due Date Analysis for Open Items Transaction Code
S_ALR_87012168
Due Date Analysis for Open Items (S_ALR_87012168)
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