WHY WILL FINANCIAL TRANSACTIONS BE TRACKED BY ACCOUNTING MONTH?
NIST currently tracks most financial information by pay period to coincide with the timing of Payroll/Labor data. However, traditional accounting cycles and systems (such as CAMS) support closing and reporting activities by a calendar accounting month as opposed to a pay period. This distinction represents a change resulting from the CAMS implementation that will impact operational personnel, while also affording the opportunity to redefine business processes within this monthly cycle. WHAT ARE THE POTENTIAL IMPACTS OF THIS TRANSITION? Transitioning to a calendar accounting month does not mean that financial information will only be available once per month. One of the primary benefits of CAMS/CFS is that transactional data entered directly into CAMS/CFS will be captured at the moment of entry and the information can be retrieved immediately after it is entered and/or approved. Therefore, information entered directly into CAMS/CFS will be “real time”, meaning that NIST personnel will b
