What is Budget Enforcement Act in SAP PSM-FG - Functions for U.S. Federal Government?

SAP Term: Budget Enforcement Act

• Component: PSM-FG

• Component Name: Functions for U.S. Federal Government

• Description: Law that divides budgetary resources into two categories: mandatory and discretionary. Discretionary funding can be changed by Congress. The level of mandatory funding is determined by formulas based on other laws. An example of the latter would be Social Security entitlements.

Smart SAP Assistant

• Key Concepts: 
  The Budget Enforcement Act (BEA) is a U.S. federal law that requires agencies to adhere to certain budgeting and spending rules. It was enacted in 1990 and amended in 1997. The BEA requires agencies to submit their budget requests to the Office of Management and Budget (OMB) for review and approval. It also requires agencies to track their spending and report it to the OMB.
  
  How to use it: 
  The BEA is enforced by the OMB, which reviews and approves agency budget requests. Agencies must submit their budget requests to the OMB for review and approval before they can be implemented. The OMB also reviews agency spending reports and ensures that agencies are adhering to the BEA's requirements.
  
  Tips & Tricks: 
  When submitting a budget request, make sure that it is in compliance with the BEA's requirements. This includes providing detailed information about the proposed budget, such as estimated costs, expected outcomes, and any other relevant information. Additionally, make sure that all spending reports are accurate and up-to-date so that the OMB can review them properly.
  
  Related Information: 
  The SAP PSM-FG Functions for U.S. Federal Government module provides tools for agencies to manage their budgets in accordance with the BEA's requirements. This module includes features such as budget planning, budget tracking, and reporting tools that help agencies comply with the BEA's requirements.