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

SAP Term: fund type

• Component: PSM-FG

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

• Description: Fund types represents categories of funds that determine the applicable external accounting and reporting requirements. The U.S. Governmental Accounting Standards Board recognizes the following fund types, divided into three broad categories: Governmental funds, such as: General Special Revenue Debt Service Capital Projects Fiduciary Funds, such as: Expendable Trust Nonexpendable Trust Pension Trust Agency Proprietary Funds, such as: Funds Internal Service

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• Key Concepts: 
  Fund type is a component of the SAP PSM-FG Functions for U.S. Federal Government module. It is used to classify and track funds for federal government projects. It is used to identify the source of funds, such as appropriations, grants, or other sources. It also helps to ensure that funds are allocated and spent in accordance with federal regulations.
  
  How to use it: 
  Fund type is used to classify and track funds for federal government projects. It can be used to identify the source of funds, such as appropriations, grants, or other sources. It can also be used to ensure that funds are allocated and spent in accordance with federal regulations. To use fund type, users must first create a fund type code in the system. This code will be used to identify the source of funds and track their usage.
  
  Tips & Tricks: 
  When creating a fund type code, it is important to ensure that it is unique and descriptive enough to easily identify the source of funds. Additionally, it is important to ensure that the fund type code is consistent across all projects and activities so that it can be easily tracked and reported on.
  
  Related Information: 
  Fund type is closely related to other components of the SAP PSM-FG Functions for U.S. Federal Government module, such as budgeting and cost accounting. Additionally, it is important to understand how fund type interacts with other components of the system, such as procurement and accounts payable, in order to ensure that funds are allocated and spent in accordance with federal regulations.