What is fund in SAP PSM-FG - Functions for U.S. Federal Government?

SAP Term: fund

• Component: PSM-FG

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

• Description: A fund is a separate and distinct fiscal/accounting object containing a complete self-balancing set of accounts used to monitor the use of the financial resources/cash of an organization, together with associated liabilities, residual equities, and related changes. Amounts are distinguished by fund so that certain activities can be performed or objectives achieved in accordance with special regulations, restrictions, or limitations. Organizations can set up funds at a lower level than those required for external reporting. Fund groups must then be used. Funds are classified into fund types, which have distinctive accounting and reporting requirements.

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• Key Concepts: 
  Funds are a type of financial resource used to track and manage the budget of a project or program. In the context of SAP PSM-FG Functions for U.S. Federal Government, funds are used to track and manage the budget of a project or program that is funded by the U.S. Federal Government. Funds are used to ensure that the project or program is managed within the allocated budget and that all expenses are tracked and accounted for.
  
  How to use it: 
  In SAP PSM-FG Functions for U.S. Federal Government, funds can be created and managed in the Funds Management module. This module allows users to create funds, assign them to projects or programs, and track expenses against those funds. Funds can also be used to set up budget limits and track actual spending against those limits.
  
  Tips & Tricks: 
  When creating funds in SAP PSM-FG Functions for U.S. Federal Government, it is important to ensure that the fund is assigned to the correct project or program and that all expenses are tracked against the fund. It is also important to ensure that all expenses are properly documented and accounted for in order to ensure compliance with U.S. Federal Government regulations.
  
  Related Information: 
  For more information on SAP PSM-FG Functions for U.S. Federal Government, please refer to the official SAP documentation at https://help.sap.com/viewer/product/PSM_FG_FUNCTIONS_US_FEDERAL_GOVERNMENT/latest/en-US