The Federal Reserve Banks plan to adopt a seven-day accounting cycle with a target date of 2023. At that time, the following changes will be made to support seven-day accounting activities:
- The daily Statement of Account, Financial Institution Reconcilement Data (FIRD) and Statement of Account Spreadsheet File (SASF) will be available daily, including weekends and holidays.
- Account Management Information (AMI) application enhancements will include content changes to some of the Accounting Information Services (AIS).
We will continue to communicate with your organization about next steps and testing opportunities for the FIRD and SASF changes.
What is changing?
- End-of-day accounting statements and files will be available seven days a week via the AMI application, the FedLine Direct® and FedLine Command® solutions and the FedMail® Service, if applicable.
- The Monthly Statement of Service Charges and Service Charges Reconcilement Data (SCRD) file will include new supplemental data.
- The End-of-Day FIRD file and SASF will include new supplemental data.
- The Intra-Day (IDAY) file and CMS Plus file will include new supplemental data for the 19:30 ET delivery Monday-Friday, excluding holidays.
What is not changing?
You will continue to receive your Monthly Statement of Service Charges and SCRD file on the fourth business day of the month via the AMI application, FedLine Direct, FedLine Command or FedMail.
If your organization receives data files, we strongly encourage you to test and make changes in your backend applications accordingly. Testing opportunities in the AMI Depository Institution Test (DIT) environment will be available beginning in Q4 2022.
Where can I find more information?
We will continue to communicate with your organization as we get closer to the implementation date. In the coming months, we will update AMI educational resources for Subscribers within FedLine Home. Additionally, a Notice of Change will highlight changes to the AMI screens. Visit the resource center to view the latest information. If you have any questions about these changes, please contact National Accounting and Customer Support at firstname.lastname@example.org.