Account Management Information and Seven-Day Accounting Frequently Asked Questions
- When can I expect to see these Accounting Services changes?
The changes are targeted in mid-year 2023.
- When will the End-of-day Accounting Statements/Data Files be available?
The 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 delivery time is not changing.
- Will there be any changes to statements/data files?
New supplemental data will be included in the Statement of Account, Statement of Service Charges and the Accounting Information Services (AIS) data/spreadsheet files (IDAY, FIRD, SCRD, CMS Plus and SASF).
- Will testing be required?
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 November 8, 2022.
- When can I expect to see these changes in the AMI Depository Institution Test (DIT) environment?
You will be able to view the application changes in the DIT environment beginning November 8, 2022, to November 25, 2022.
- Who do I contact if I have questions related to the changes?
For any questions regarding these Accounting Services changes, please contact National Accounting and Customer Support (NACS) at firstname.lastname@example.org.
- Is my organization expected to manage our Master Account on non-standard business days?
Financial institutions will be expected to manage their account in compliance with Federal Reserve policies, including the Payments System Risk (PSR) Policy on intra-day credit and overnight credit.
- Is my organization expected to operate seven days a week?
While the Federal Reserve Banks are adopting a seven-day accounting cycle, financial institutions may continue to operate Monday through Friday; however, your institution may need to determine how to ingest accounting statements and transactional activities over the weekend and holidays. Financial institutions will be expected to manage their account in compliance with Federal Reserve policies, including the Payments Systems Risk (PSR) Policy on intra-day credit and overnight credit on non-standard business days.
- How do these changes impact my institution if any?
Changes to AMI may have little or no impact on your operations if your institution is not a FedNow participant or their correspondent. Please review the Notice of Change document for changes to screens within AMI and changes to the accounting statements. We highly encourage testing if your institution receives data files, such as the End-of-Day Financial Institution Reconcilement Data (FIRD) File. Your institution may need to update your backend processing to ensure any new or updated data elements can be ingested as you will be receiving accounting statements seven days a week. Testing information can be found in the Resource Center.