Financial Management (updated June 2025)

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How to use this tool

This tool is designed for Government of Canada (GC) information specialists to use with relevant business areas when identifying records and retention specifications. For clarity and understanding, this refers to evidence of activities that institutions create, collect, and manage to fulfill their mandate, make decisions, deliver programs, and be accountable to Canadians. The term record (or records) is used throughout the tool to encompass information and data that provide evidence of GC activities.

The records and retention specifications contained in this document are recommendations only and should be customized to apply in specific institutional contexts. The complete document should be read before applying any recommendations.

This GVT does not provide Government of Canada institutions with the authority to dispose of information. GVTs are not records' Disposition Authorizations (DAs), nor do they replace Multi-Institutional Disposition Authorizations (MIDAs).

The advice provided within is relevant to all GC departments as defined in section 2 of the Financial Administration Act (FAA) unless excluded by specific acts, regulations, or Orders in Council. Institutions defined as such are subject to TBS policies on financial management and are therefore likely to share common terminology and approach to financial activities. However, the advice in this GVT provides best practices for recordkeeping at the federal level. As such, it is also helpful for all federal institutions, including arm’s-length institutions that are only subject to limited portions of the FAA (i.e., Crown corporations) and those not subject to the FAA at all (e.g., shared governance organizations).

Validation: The business processes and records of this GVT have been reviewed by subject matter experts from the following departments: Treasury Board of Canada Secretariat (TBS), National Research Council, Parks Canada, Library and Archives Canada, Canada Border Services Agency, Public Services and Procurement Canada, Fisheries and Oceans Canada, Privy Council Office, Canada Revenue Agency, and Department of Finance.^{Footnote 1}

Note—Retention specifications consist of three key elements:

a retention period, i.e., a duration of time for which a record is retained
a retention trigger or event in time that begins the retention period, e.g., last administrative action
a retention rationale that explains or justifies a retention period and its corresponding trigger

Without these three elements, retention specifications cannot be effectively implemented.

Defining the Activity

Financial management services include a “continuum of finance-related activities undertaken to ensure sound and prudent use of public funds in an effective, efficient and economical manner.” This includes activities like planning, budgeting, accounting, costing, reporting, control and oversight, analysis, decision support and advice, and financial systems.

Policy on Financial Management (TBS, 2017)

There is a financial component to most GC functions and activities, but this GVT only describes business processes and records directly related to finance.

Some financial records may be represented in other GVTs if they primarily support a business activity area other than finance. In such cases, the related GVT will be referenced in the tables that follow.

Financial Management Services are prescribed through the Financial Administration Act (1985) and the Policy on Financial Management (2017).

Under section 12 of the Library and Archives of Canada Act, the Librarian and Archivist of Canada authorizes the disposition of government records.

Relationship to other GVTs

While every effort has been made to identify only the processes and records directly supporting the main activity covered by the GVT, overlaps are inevitable. When the records from an activity are covered in another GVT, a reference is included in the tables that follow.

Some business processes for financial management are closely related to those in the following GVTs:

Real Property Services
Materiel Services
Acquisition Services
Human Resources Management
Management and Oversight (creation of quarterly and annual financial statements)
Transfer Payments (records relating to the management of a grants and contributions program)

Key Inputs

The following were the primary inputs used in defining the business processes and records within this GVT:

Financial Administration Act (1985)
Policy on Financial Management (2017)
Common Financial Management Business Process (FMBP) Guidelines, produced by an initiative managed by the Office of the Comptroller General. The guidelines identified all the activities and associated data supporting financial management in the Government of Canada. See Appendix B for links to the subset of publicly available FMBP Guidelines.
Treasury Board Secretariat’s Guide on Recording and Reporting of Internal Services Expenditures (2016 – rescinded, no longer available). This guide defined internal service groupings for the Government of Canada. Appendix A includes a mapping of the alignment between the service groupings identified under Financial Management and the business processes in this GVT.

Retention context

Per Section 230 (4)b) of the Income Tax Act (R.S.C., 1985, c. 1 [5th Supp.]), the retention period for financial records is “six years from the end of the last taxation year to which the records and books of account relate.” Since this is a stable and traditional retention schedule, it is the recommended period for all records described here.

There may be exceptions, however, for underlying records that support the proactive publication of information on contracts. Per the Guidance on Retention of Underlying Records Supporting the Proactive Publication of Information on Contracts, it is recommended that institutions retain these records for 10 years or more.^{Footnote 2}

The processes of procuring services and entering into contracts with third-party providers are described in the Acquisition Services GVT. While there are overlaps, this GVT attempts to isolate the financial processes of managing payments and describes the records created in identifying, verifying, and submitting payments requests to the Receiver General. Each department should ensure they have examined their own requirements to keep financial records longer than six years from the end of the last taxation year to which they apply.

Business processes

Financial Planning and Budgeting

Manage Planning and Budgeting

Includes activities in the internal departmental planning, drafting, and approval of all plans and budgets, including the revenue, operating, transfer payment, and investment (capital) budget. Records include the data used to decide on budgetary needs and to draft and finalize integrated budgets. Note: These final plans and budgets are inputs to other financial activities.

Business subprocess	Subprocess activities	Records	Retention period	Retention trigger	Retention exception
Develop Notional Budget Allocations	Confirm Annual Reference Level Update (ARLU) budget allocations Estimate departmental carry forward Identify TB approved funding adjustments Develop and communicate integrated planning package	Notional budget allocations ARLU updates TB confirmation of funding adjustments (e.g., TB submissions, collective agreement adjustments, frozen allotments, budget reductions) Carry forward estimate Current year forecasts Integrated planning package	6 years	From end of last taxation year to which records relate	none
Conduct Operational Planning	See Management and Oversight GVT	N/A	6 years	From end of last taxation year to which records relate	none
Develop Revenue Budget	Review historical revenue trends Review current revenue information Develop revenue assumptions Develop revenue budget by source or by program Validate revenue budget; revise as required Draft revenue budget	Revenue budget Analysis of historical and current revenue information Revenue assumptions Updated revenue information	6 years	From end of last taxation year to which records relate	none
Develop Operating Budget	Identify operational resource requirements Develop operating assumptions Develop salary budget Develop non-salary budget Identify operating budget pressures, surpluses and risks Validate operating budget, pressures, surpluses and risks; revise as required	Operating budget: Operating assumptions Non-salary operating budget Salary budget, including capitalized salary Operating budget pressures and surpluses	6 years	From end of last taxation year to which records relate	none
Develop Transfer Payment Budget	Develop transfer payment assumptions Develop transfer payment budget Identify transfer payment budget pressures, surpluses and risks Validate transfer payment budget, pressures, surpluses and risks; revise as required	Transfer payment budget: Transfer payment assumptions Transfer payment budget pressures and surpluses	6 years	From end of last taxation year to which records relate	none
Conduct Project Planning and Budgeting	For records related to project planning, see Management and Oversight GVT	N/A	6 years	From end of last taxation year to which records relate	none
Conduct Capital Asset Life Cycle Planning and Budgeting	Analyze capital asset life cycle requirements Prioritize capital asset life cycle requirements Revise capital asset life cycle plan and budget Validate capital asset life cycle plan and budget	Capital asset life cycle plan and budget: Asset assessment results Analysis of capital asset life cycle requirements Validated capital asset life cycle requirements	6 years	From end of last taxation year to which records relate	none
Conduct Acquired Services Planning and Budgeting	Summarize capital asset life cycle and project portfolio acquired services Estimate other acquired services requirements Update acquired services plan and budget Validate acquired services plan and budget Revise acquired services plan and budget as required	Acquired services plan and budget: Historical acquired services actual expenditures Estimate of other acquired services requirements Summary of capital asset life cycle acquired services requirements Summary of project portfolio acquired services requirements	6 years	From end of last taxation year to which records relate	none
Conduct Project Portfolio Planning and Budgeting	Confirm budget allocation for in-progress projects Confirm budget allocation for new approved projects Estimate budget allocation for validated potential projects Rebalance project portfolio plan and budget Validate project portfolio plan and budget Revise project portfolio plan and budget as required	Project portfolio plan Project portfolio budget: Budget allocation for in-progress projects Budget allocation for new approved projects Estimated budget allocation for validated potential projects Approval by Investment Management Governance	6 years	From end of last taxation year to which records relate	none
Update Internal Investment Plan and Budget	Update internal investment plan and budget	Updated internal investment plan and budget	6 years	From end of last taxation year to which records relate	none
Consolidate and Approve Plans and Budgets	Consolidate budgets, pressures and surpluses Review, challenge and approve budgets, reallocation decisions and plans Communicate approved budget allocations Finalize budgets in Departmental Financial Management System Determine if investment plan must be submitted to TBS Prepare and submit investment plan to TBS (see Management and Oversight GVT)	Approved consolidated budgets for internal investment plan and budget operating plan and budget revenue budget transfer payment budget Drafts that contain substantial changes not reflected in the final information resource Consolidated pressures and surpluses Approved budget allocations	6 years	From end of last taxation year to which records relate	none

Manage Forecasting and Budget Review

Describes the creation of an integrated year-to-date review and forecast package. Records identified include the data compiled for the review, such as prior-year information and year-to-date financial results for all expenditure areas, the analysis of this data, and the development of forecasts for the coming fiscal year. These forecasts are challenged and approved and the results actioned through revisions to the budget. This review and forecast process is done, at minimum, quarterly.

Business subprocess	Subprocess activities	Records	Retention period	Retention trigger	Retention exception
Initiate Forecasting and Budget Review	Compile year-to-date (YTD) financial information Develop and distribute integrated YTD review and forecast package	Integrated YTD review and forecast instructions YTD financial results and performance results	6 years	From end of last taxation year to which records relate	none
Analyze Revenue Financial Results and Develop Forecast	Review YTD revenue Update YTD revenue Compare YTD revenue with approved budget and prior-year results Identify and explain significant variances Develop total annual revenue forecast Identify revenue risks Validate revenue forecast Revise revenue forecast	Total annual revenue forecast (includes forecast and relevant changes in operations, risks, uncertainties and assumptions) Supporting documentation, which may include: Comparison of YTD results to budget and comparative period Revenue variance analysis Information to support revisions to revenue forecast YTD revenue and forecast analysis	6 years	From end of last taxation year to which records relate	none
Analyze Operating Financial Results and Develop Forecast	Review YTD operating expenditures Review operating commitments Update YTD operating expenditures and/or commitments Compare YTD operating expenditures with approved budget and prior-year results Identify and explain significant variances Develop total annual salary forecast Develop total annual non-salary operating forecast Identify operating forecast pressures, surpluses and risks Validate operating forecast, pressures, surpluses and risks Revise operating forecast	Comparison of YTD results to budget and comparative period Operating budget variance analysis Information to support revisions to operating forecast Total annual operating forecast (includes forecast, pressures and surpluses, as well as relevant changes in operations, risks, uncertainties and assumptions) Operating expenditure and forecast analysis	6 years	From end of last taxation year to which records relate	none
Analyze Transfer Payment Financial Results and Develop Forecast	Review YTD transfer payment expenditures Review transfer payment commitments Update YTD transfer payment expenditures and/or commitments Compare TYD transfer payment expenditures with approved budget and prior-year results Identify and explain significant variances Develop total annual transfer payment forecast Identify transfer payment forecast pressures, surpluses and risks Validate transfer payment forecast, pressures, surpluses and risks Revise transfer payment forecast	Comparison of YTD results to budget and comparative period Transfer payment variance analysis and explanations Information to support revisions to transfer payment forecast Total annual transfer payment forecast (includes forecast, pressures and surpluses, as well as relevant changes in operations, risks, uncertainties and assumptions) Transfer payment expenditure and forecast analysis	6 years	From end of last taxation year to which records relate	none
Analyze Capital Asset Financial Results and Develop Forecast	Review YTD capital asset additions Review YTD proceeds from disposals of capital assets Review capital asset commitments Update YTD capital asset additions, proceeds and/or commitments Compare YTD capital asset additions and proceeds with approved budget and prior-year results Identify and explain significant variances Develop total annual forecast of capital asset additions Develop total annual forecast of capital asset disposals Identify capital asset forecast pressures, surpluses and risks Validate capital asset forecast, pressures, surpluses and risks Revise capital asset forecast	Comparison of YTD results to budget and comparative period Capital asset variance analysis and explanations Information to support revisions to capital asset forecast Total annual capital asset forecast (includes forecast, pressures and surpluses, as well as relevant changes in operations, risks, uncertainties and assumptions)	6 years	From end of last taxation year to which records relate	none
Analyze Project Financial Results and Develop Forecast	Review YTD project expenditures Review project commitments Update YTD project expenditures and/or commitments Compare YTD project expenditures with approved budget Identify and explain significant variances Develop total project forecast Identify project forecast pressures, surpluses and risks Validate project forecast, pressures, surpluses and risks Revise project forecast	Comparison of YTD results to budget and comparative period Project variance analysis and explanations Information to support revisions to project forecast Total project forecast by fiscal year (includes forecast, pressures and surpluses, as well as relevant changes in operations, risks, uncertainties and assumptions) Project expenditure analysis and forecast	6 years	From end of last taxation year to which records relate	none
Analyze Performance Results	Analyze performance results and indicators	YTD performance results Performance indicators Analysis of YTD performance results	6 years	From end of last taxation year to which records relate	none
Consolidate, Review and Challenge Results and Forecasts	Develop integrated financial and performance report Review report and identify proposed actions to be taken Validate report and proposed actions to be taken Update plans	Budgeting assumptions and constraints (e.g., carry forward limitations) Integrated financial and performance report (includes YTD analysis, forecasts, pressures, surpluses and risks) Proposed actions to be taken (e.g., budget reallocations, risk mitigation strategies) Information to support update to plans (e.g., revised budgets, revised prioritization of activities, performance indicators) Approved revised plans Proposed budget reallocations Proposed departmental funding adjustments	6 years	From end of last taxation year to which records relate	none
Review and Action Budget Reallocations	Complete budget reallocation request Review and approve budget reallocation request Action budget reallocation in financial system	Approved budget reallocation request Approved revised budget	6 years	From end of last taxation year to which records relate	none

Expenditure Control and Payments

Manage Departmental Chart of Accounts

According to the Treasury Board of Canada Secretariat’s Directive on Accounting Standards, 2023, a chart of accounts is “a list of codes used to classify, record and report financial transactions. A departmental chart of accounts uses codes that aggregate to the codes found in the Government-wide Chart of Accounts.”

The business processes for managing the chart of accounts involve managing the request to create, update, or suspend an account code, which is completed by updating the departmental chart of accounts with the change requested and conducting a periodic review of the departmental chart of accounts. The records for these processes include the complete departmental chart of accounts as well as supporting documentation for their change and review.

Business subprocess	Subprocess activities	Records	Retention period	Retention trigger	Retention exception
Manage Departmental Chart of Accounts	Manage the departmental chart of accounts	Departmental chart of accounts	6 years	From end of last taxation year to which records relate	none
Initiate Request to Create, Update or Suspend an Account Code	Identify need to create, update or suspend an account code Obtain advice to define request within acceptable parameters Define financial coding block elements and/or account code requirements Conduct impact assessment Create request Recommend request for approval	Receiver General release notes Request to create, update or suspend an account code Supporting documentation for validation of request Acceptable parameter-related supporting documentation Related supporting documentation Financial coding block requirements Related supporting documentation proposed and historical transaction	6 years	From end of last taxation year to which records relate	none
Process Request to Create or Update an Account Code	Receive request and supporting documentation Verify that request was appropriately approved Conduct challenge function to assess request for reasonableness Determine compliance and map to government-wide chart of accounts Predetermine value and cross-validation rules Identify data and supporting documentation requirements Validate request against supporting documentation Provide final approval of request Inform requestor of refusal	Approved request and supporting documentation Other independent sources of data Memo or email to inform requestor (including reason for refusal)	6 years	From end of last taxation year to which records relate	none
Process Request to Suspend an Account Code	Receive request and supporting documentation Verify that request was appropriately approved Conduct challenge function to assess for reasonableness Confirm that account code and coding string exist and have not been suspended in system Assess impact on government-wide and departmental charts of accounts Check for outstanding balances and pending transactional activities Identify data and supporting documentation requirements Validate request against supporting documentation Provide final approval of request Inform requestor of refusal	Analysis of account code Impact assessment Account balance Report for outstanding invoices and commitments Anticipated transactions Approval to suspend account code Memo or email to inform requestor (including reason for refusal)	6 years	From end of last taxation year to which records relate	none
Carry Out the Request to Create, Update or Suspend an Account Code	Enter requested change into system to create, update or suspend an account code and verify input data Communicate completed action to appropriate parties	Communication to appropriate parties Completed action	6 years	From end of last taxation year to which records relate	none
Plan Periodic Review	Conduct risk assessment Develop approach and review procedures Prepare or update planning document Review and approve planning document	Approved planning document Departmental periodic review risk assessment Stakeholder comments and feedback on chart of accounts	6 years	From end of last taxation year to which records relate	none
Implement Periodic Review	Gather information required to perform periodic review Perform periodic review Document and analyze results Revise departmental policies and procedures for departmental chart of accounts	Periodic review risk assessment Receiver General exception and error reports Extracts and reports from the chart of account database and other documentation from chart of account stakeholders Documented results and analysis from the periodic review	6 years	From end of last taxation year to which records relate	none

Manage Delegation of Financial and Spending Authorities

Authority is delegated to positions, not individuals, and all authorities are usually summarized in a departmental delegation document.

The business processes for managing financial and spending authorities include delegating financial and spending authorities, making changes to those authorities, and updating and annually reviewing the departmental delegation document.

These business processes are only for the management of the authorities; the processes of exercising the authority and validating expenditures under section 33 or 34 of the Financial Administration Act are described within the processes that require verification and certification.

Business subprocess	Subprocess activities	Records	Retention period	Retention trigger	Retention exception
Maintain Financial and Spending Authorities Delegation Instrument	Review current delegation instrument Update delegation instrument and obtain internal approval Brief and request signature of the deputy or the minister or both as applicable Communicate approved change to delegation of financial authorities instrument	Requirement to review current delegation instrument Results of the annual review of delegated financial and spending authorities Memorandum of Understanding between departments or other circumstances where financial authorities are delegated Approved revised financial and spending authorities delegation instrument	6 years	From end of last taxation year to which records relate	none
Maintain Authorities Delegated to Incumbents	Identify requirement to create signing authorities delegated to incumbents Identify requirement to change signing authorities delegated to incumbents Identify requirement to suspend or remove signing authorities delegated to incumbents Confirm completion of required training and/or revalidation Complete required training and/or revalidation Complete and submit specimen signature document Complete and submit required change to signing authorities Complete and submit new specimen signature card noting changes made Complete and submit required removal of signing authorities Process request Advise designated superior and designated official that request has been completed	Human resource requirements Ad hoc requirement to create, change, suspend or remove authorities delegated to incumbents Proposed changes to specimen signature documents Completed specimen signature document Training logs and records Approved financial and spending authorities delegation instrument Completed financial and spending signing authority request	6 years	From end of last taxation year to which records relate	none
Perform Annual Review of Delegated Financial and Spending Authorities	Plan or update and then communicate review of delegation of financial and spending authorities Conduct review of financial and spending authorities delegation instrument Conduct review of specimen signature documents Conduct review of processes for maintaining delegations of financial and spending authorities Document and analyze results Revise processes for maintaining delegations of financial and spending authorities Obtain approval of delegation instrument Communicate revised instrument	Proposed changes to delegation instrument Proposed changes to specimen signature documents Proposed changes to processes for maintaining delegation of financial and spending authorities Delegation instrument Plan to review delegated financial and spending authorities Delegated financial and spending authorities review results Approved delegation instrument	6 years	From end of last taxation year to which records relate	none

Business subprocess

Subprocess activities

Records

Retention period

Retention trigger

Retention exception

Maintain Financial and Spending Authorities Delegation Instrument

Review current delegation instrument

Update delegation instrument and obtain internal approval

Brief and request signature of the deputy or the minister or both as applicable

Communicate approved change to delegation of financial authorities instrument

Requirement to review current delegation instrument

Results of the annual review of delegated financial and spending authorities

Memorandum of Understanding between departments or other circumstances where financial authorities are delegated

Approved revised financial and spending authorities delegation instrument

6 years

From end of last taxation year to which records relate

none

Maintain Authorities Delegated to Incumbents

Identify requirement to create signing authorities delegated to incumbents

Identify requirement to change signing authorities delegated to incumbents

Identify requirement to suspend or remove signing authorities delegated to incumbents

Confirm completion of required training and/or revalidation

Complete required training and/or revalidation

Complete and submit specimen signature document

Complete and submit required change to signing authorities

Complete and submit new specimen signature card noting changes made

Complete and submit required removal of signing authorities

Process request

Advise designated superior and designated official that request has been completed

Human resource requirements

Ad hoc requirement to create, change, suspend or remove authorities delegated to incumbents

Proposed changes to specimen signature documents

Completed specimen signature document

Training logs and records

Approved financial and spending authorities delegation instrument

Completed financial and spending signing authority request

6 years

From end of last taxation year to which records relate

none

Perform Annual Review of Delegated Financial and Spending Authorities

Plan or update and then communicate review of delegation of financial and spending authorities

Conduct review of financial and spending authorities delegation instrument

Conduct review of specimen signature documents

Conduct review of processes for maintaining delegations of financial and spending authorities

Document and analyze results

Revise processes for maintaining delegations of financial and spending authorities

Obtain approval of delegation instrument

Communicate revised instrument

Proposed changes to delegation instrument

Proposed changes to specimen signature documents

Proposed changes to processes for maintaining delegation of financial and spending authorities

Delegation instrument

Plan to review delegated financial and spending authorities

Delegated financial and spending authorities review results

Approved delegation instrument

6 years

From end of last taxation year to which records relate

none

Manage Procure to Payment

This business process includes the activities relating to expenditures that involve operational or capital procurement using a purchase order or other type of contract. This process begins with identifying a procurement need and ends with a payment issued by the Receiver General of Canada.

Business subprocess	SuSubprocess activities	Records	Retention period	Retention trigger	Retention exception
Determine Requirements	Determine requirements for procuring services and entering into contracts with third-party providers.	For records related to procurement, see Acquisitions GVT.	6 years	From end of last taxation year to which records relate	For contracts over $10,000, 10 years retention if record supports proactive disclosure
Determine / Exercise Expenditure Initiation Authority	Determine required expenditure initiation authority Exercise or obtain authority Submit requisition for goods/services	Delegation documents/proof of authorization Requisition description, type of good/service, estimated cost, quantity, etc. Financial coding (authority, object, sub-activity, responsibility centre, etc.)	6 years	From end of last taxation year to which records relate	For contracts over $10,000, 10 years retention if record supports proactive disclosure
Verify Unencumbered Balance	Determine unencumbered balance Provide authorization	Commitment authorization	6 years	From end of last taxation year to which records relate	For contracts over $10,000, 10 years retention if record supports proactive disclosure
Manage Commitments	Record/update commitment Close out commitment	Commitment record	6 years	From end of last taxation year to which records relate	For contracts over $10,000, 10 years retention if record supports proactive disclosure
Manage Contracts	Manage contracts and related records	For records related to any contracting of services, see Acquisitions GVT.	6 years	From end of last taxation year to which records relate	For contracts over $10,000, 10 years retention if record supports proactive disclosure
Administer Contracts and Deliverables	Administer contracts and related records	For records related to any contracting of services, see Acquisitions GVT.	6 years	From end of last taxation year to which records relate	For contracts over $10,000, 10 years retention if record supports proactive disclosure
Manage Payables	Verify that supporting documentation is complete Confirm that contract terms are met Confirm that payee is entitled to payment Validate that three-way matching occurred Ensure that payee information is accurate Ensure that financial coding is correct Verify that relevant regulations, policies and directives were followed Verify accuracy of transaction Resolve discrepancies Exercise or obtain authority	Invoice or credit memo Certification pursuant to Financial Accountability Act (FAA), section 34 Request for payment Financial coding Certification authority Delegation documents Expenditure initiation authority Transaction authority	6 years	From end of last taxation year to which records relate	For contracts over $10,000, 10 years retention if record supports proactive disclosure
Perform Payment Authority	Receive request for payment Perform quality assurance Calculate interest Exercise FAA section 33 certification, including electronic authorization and authentication (EAA) key Submit payment requisition to Receiver General	Quality assurance results Section 33 certification (signature) Electronic authorization and authentication section 33 details Section 34 verification and certification Approved payment requisition	6 years	From end of last taxation year to which records relate	For contracts over $10,000, 10 years retention if record supports proactive disclosure
Issue Payments (Receiver General)	Issue payment Process return payment file Finalize payment	Payment return file	6 years	From end of last taxation year to which records relate	For contracts over $10,000, 10 years retention if record supports proactive disclosure

Manage Travel

This GVT describes the business processes and records created in verifying, authorizing, and issuing payments for travel expenses. Most other business processes for travel by a government employee will be found in the Travel and Other Administrative Services GVT.

Business subprocesses	Subprocess activities	Records	Retention period	Retention trigger	Retention exception
Manage Commitment	Record or update commitment Close out commitment	Commitment record Commitment authorization Travel request (includes estimated costs and updates) Prepaid credit card statement Travel claim	6 years	From end of last taxation year to which records relate	none
Perform Payment Authority (FAA, Section 33)	Receive request for payment Perform quality assurance Exercise FAA section 33 certification (including EAA key) Submit payment requisition to Receiver General	Request for payment Payment requisition to Receiver General Section 34 verification and certification Travel advance request form Approved payment requisition Quality assurance results Section 33 certification (signature)	6 years	From end of last taxation year to which records relate	none
Issue Payment (Receiver General)	Issue payment Process return payment file Finalize payment	Payment return file	6 years	From end of last taxation year to which records relate	none

Business subprocesses

Subprocess activities

Records

Retention period

Retention trigger

Retention exception

Manage Commitment

Record or update commitment

Close out commitment

Commitment record

Commitment authorization

Travel request (includes estimated costs and updates)

Prepaid credit card statement

Travel claim

6 years

From end of last taxation year to which records relate

none

Perform Payment Authority (FAA, Section 33)

Receive request for payment

Perform quality assurance

Exercise FAA section 33 certification (including EAA key)

Submit payment requisition to Receiver General

Request for payment

Payment requisition to Receiver General

Section 34 verification and certification

Travel advance request form

Approved payment requisition

Quality assurance results

Section 33 certification (signature)

6 years

From end of last taxation year to which records relate

none

Issue Payment (Receiver General)

Issue payment

Process return payment file

Finalize payment

Payment return file

6 years

From end of last taxation year to which records relate

none

Manage Other Payments

“Other payments” are those common payment transactions not covered by other business processes. Other payments fall into the four following categories:

Other operational payments: expenditures that result in a reduction in appropriations, such as awards, repayable loans, employee reimbursements, or refunds. These payments do not use a purchase order to initiate a transaction and do not require a formal procurement process.
Legal payments: expenditures resulting in a reduction in appropriations, such as ex gratia payments, legal settlements, claims against the Crown, and nugatory payments. These transactions are typically triggered by a legal obligation and are not initiated from a program requirement. Since there is no acquisition of goods and services, there is therefore no procurement process. In addition, there are usually additional approvals required, such as a legal opinion, before the payment can be made.
Payments not impacting appropriations: expenditures that do not cause a reduction of the appropriations, such as garnishments, other deductions, tax remittances, payments against imprest funds, and repayment of contractor holdbacks. These transactions do not impact appropriations and there is no acquisition of goods and services. However, the need to obtain certification and payment authority is still present.
Periodic payments: regular (usually monthly) payments as a result of a multi-year agreement established in the Manage Procure to Payment process. These payments can be a fixed amount or usage-based.

Also included in this section are the processes for managing petty cash and managing expenses related to employee relocation.

Business subprocesses	Subprocess activities	Records	Retention period	Retention trigger	Retention exception
Determine Requirements	Identify needs Examine and select vendor	Estimated costs Supporting documentation	6 years	From end of last taxation year to which records relate	none
Determine / Exercise Expenditure Initiation Authority	Determine required expenditure initiation authority Exercise or obtain authority	Authorization form Legal settlement notice Delegation documents/proof of authorization Description and type of good/service Estimated costs	6 years	From end of last taxation year to which records relate	none
Verify Unencumbered Balance	Determine unencumbered balance Provide authorization	Authorization documentation	6 years	From end of last taxation year to which records relate	none
Manage Commitments	Record/update commitments Close out commitments	Commitment authorization	6 years	From end of last taxation year to which records relate	none
Manage Payables	Verify that supporting documentation is complete Obtain legal opinion Confirm that requirements are met Confirm payee is eligible for payment Ensure that amount or price is reasonable Ensure that payee information is accurate Ensure that financial coding is correct Verify that relevant regulations were followed Verify that balance is sufficient Verify accuracy of transaction Resolve discrepancies Exercise or obtain authority	Request for payment Supporting documentation Legal opinion (if applicable) Evidence of FAA section 34 certification Liability account or commitment balance Credit memo data (if applicable) Certification authority Evidence of expenditure initiation authority (if applicable) Evidence of transaction authority (if applicable)	6 years	From end of last taxation year to which records relate	none
Perform Payment Authority	Receive request for payment Perform quality assurance Calculate interest Provide FAA section 33 certification (includes EAA key) Submit payment to Receiver General	Payment requisition Legal opinion (if applicable) Evidence of provision of spending authority Section 34 of the FAA verification and certification Quality assurance results Approved payment requisition Section 33 certification (signature) Electronic authorization and authentication section 33 details Payment requisition file	6 years	From end of last taxation year to which records relate	none
Issue Payment	Issue payment Process return payment file Finalize payment	Payment to payee Payment return file	6 years	From end of last taxation year to which records relate	none
Manage Petty Cash	Establish or change custodian of petty cash or other imprest fund Reconciliation of funds and receipts Investigate cash shortages	Approval from Public Services and Procurement Canada for establishment of fund Documentation of authority of custodian (written statement to transfer fund) Reports on reconciliation Reports on shortages	6 years	From end of last taxation year to which records relate	none
Manage (Expenses Related to) Relocation of Employees	Initiate expenditure Exercise commitment control Manage payables Perform payment authority (FAA section 33) Issue payment from Receiver General Update payment records	Approved letter of offer or equivalent (input from human resources process) Invoice from Central Removal Service Departmental travel expense account invoice Invoice from contracted relocation service provider Invoice from moving company Certification pursuant to FAA section 34 Request for payment Payment authority pursuant to FAA section 33 Updated payment records	6 years	From end of last taxation year to which records relate	none

Manage Administration of Acquisition and Fleet Cards

Acquisition cards are credit cards issued to Government of Canada employees for the procurement and payment of goods and services that are authorized government business.

Fleet cards are credit cards that are normally assigned to a single government vehicle for the purchase of fuel and other operating and maintenance expenses related to the vehicle.

The business processes described are for the issuance, monitoring, and cancelling of the cards. The records include those required for the approval of the card, logs, and other documentation surrounding the use of the card and user information.

Business subprocesses	Subprocess activities	Records	Retention period	Retention trigger	Retention exception
Issue Card	Complete application Recommend application for approval Process and/or approve card application Secure card Obtain training Conduct pre-issuance activities Issue card Use card	Card application or request (acquisition card); Card request form (fleet card) Delegation documents/proof of authorization Card tracking Proof of training Card information Signed acknowledgement form Vehicle log (fleet card only)	6 years	From end of last taxation year to which records relate	none
Monitor Cards	Review card or fleet usage Report to management Investigate issues Take appropriate action Monitor acquisition cardholder activity Review notification and reports	List of active cards Card and fleet reports (to managers) Reports regarding issues and resolution of issues Fleet management service provider notification and reports Vehicle log Purchase log Results of investigation	6 years	From end of last taxation year to which records relate	none
Maintain Cards	Review and accept information Update card data	Ad hoc request Card information Card or fleet status Credit limit Financial coding	6 years	From end of last taxation year to which records relate	none
Cancel Card	Perform due diligence Determine recoveries Close account Destroy card	Cancellation notification Ad hoc cancellation notification Notice sent to card holder Card statement Record of fleet usage data Account receivable information	6 years	From end of last taxation year to which records relate	none

Manage Vendor Master Data File

Vendor records are datasets used in departmental financial management systems to uniquely identify, record, and maintain information about organizations or individuals who supply goods or services to the Government of Canada for which an “accounts payable” will be established.

The business processes include creating, updating, or deactivating a vendor record and periodically reviewing the master data file. The records for this activity would include the complete dataset.

Business subprocess	Subprocess activities	Records	Retention period	Retention trigger	Retention exception
Manage Vendor Master Data File	Manage vendor master data file	Vendor master data file dataset	6 years	From end of last taxation year to which records relate	none
Process Request to Create or Update Vendor Record	Receive vendor record request and supporting documentation to create or update Verify that request was approved by an appropriate individual Conduct a high-level challenge function to assess request for reasonableness Confirm status of vendor in the vendor master data file Identify data and supporting documentation requirements given category of vendor Validate request against supporting documentation Refuse request and inform requestor	Vendor record request and related supporting documentation Approval of request by requestor and/or designated individual in compliance with departmental policy and mandate Needs/requirements analysis List of acceptable requestors Memo or email to inform requestor	6 years	From end of last taxation year to which records relate	none
Process Request to Deactivate Vendor Record	Receive vendor record request and supporting documentation to deactivate vendor record Verify that request was approved by an appropriate individual Conduct a high-level challenge function to assess request for reasonableness Confirm that vendor exists and has not been deactivated in the vendor master file Check for outstanding balances, contracts and purchase orders Identify required supporting documentation Validate request against supporting documentation Refuse request and inform requestor	Request to deactivate vendor record and related supporting documentation Approval of vendor record request by requestor or designated individual in compliance with departmental policy/mandate Departmental delegation of financial signing authority Verification information such as HR employee departure documentation HR employee termination notification Notification from program area (close out of program) Outstanding invoice reports Searches for duplicate vendors Memo or email to inform requestor External vendor notification	6 years	From end of last taxation year to which records relate	none
Carry Out Request to Create, Update or Deactivate Vendor Record	Enact and verify creation, updating or deactivation of vendor record in the vendor master data file Perform quality assurance Exercise FAA section 33 certification (including EAA key) Submit payment requisition to Receiver General Complete test for electronic banking information (accuracy, completeness and validity) Inform appropriate parties that action to vendor record has been completed, as required	Approved vendor record request Related supporting documentation FAA section 33 verification and certification Approved payment requisition Quality assurance results Confirmation from vendor that test payment was successful Secure Payment System (SPS) payment return file Supporting documentation for banking information (may include a void cheque) Documentation to evidence that the request was carried out Memo or email (e.g., to inform vendor record has been created)	6 years	From end of last taxation year to which records relate	none
Plan Periodic Review	Conduct risk assessment Create or update periodic review approach and review procedures Develop or update periodic review planning document Review and approve periodic review planning document	Trigger to review: regular data maintenance activities or a request made after an issue is found, e.g., internal audit reports and vendor record stakeholder feedback and other comments Departmental periodic review risk assessment and supporting documentation Vendor record stakeholder comments/feedback Periodic review approach and procedures document Periodic review planning document	6 years	From end of last taxation year to which records relate	none
Implement Periodic Review	Gather information required to perform periodic review Perform periodic review Document and analyze periodic review results Revise vendor master data file departmental policies and procedures, as required	Extracts and reports from the vendor master data file database and other documentation from vendor record stakeholders Documented results and analysis from the periodic review Documentation to update vendor record Departmental vendor master data file policies and procedures (revised)	6 years	From end of last taxation year to which records relate	none

Manage Post-payment Verification

As per the TBS Directive on Delegation of Spending and Financial Authorities (2017), departments are required to ensure effective internal controls for quality assurance of the payment verification process, such as performing post-payment verification on a sampling of medium- and low-risk transactions to ensure quality control.

The business processes include creating one or more post-payment verification sampling plans, conducting post-payment verification, and reporting on the results.

All high-risk transactions are to be reviewed, as described in the business process Manage Procure to Payment.

Business subprocesses	Subprocess activities	Records	Retention period	Retention trigger	Retention exception
Create or Update, Review and Approve the Post-payment Verification Sampling Plan(s)	Gather information required to create/update the post-payment verification sampling plan(s) Create or update the post-payment verification sampling plan(s) Review the post-payment verification sampling plan(s) Approve the post-payment verification sampling plan(s)	Sampling framework Approved post-payment verification sampling plan(s)	6 years	From end of last taxation year to which records relate	none
Obtain Population(s) and Extract Samples	Obtain population(s) Extract samples Identify required supporting documentation for verification Communicate request for supporting documentation	Post-payment verification population Population extracts	6 years	From end of last taxation year to which records relate	none
Perform Post-payment Verification and Document Results	Obtain sample documentation Conduct post-payment verification Compile and document results of post-payment verification Validate and approve results of post-payment verification	Required sample documentation such as invoices, contracts, purchase orders, letters of offer or other supporting documentation (copies, as required) Post-payment verification documented results, such as a spreadsheet of high-level verification performed or a checklist for each transaction verified and the results	6 years	From end of last taxation year to which records relate	none
Communicate and Address Individual Errors Found During Post-Payment Verification	Prepare and review individual error communication Communicate individual errors to required managers Correct error, if required Follow up on errors, if required	Individual errors communication	6 years	From end of last taxation year to which records relate	none
Analyze and Report on the Overall Functional and Recurring Results of the Post-Payment Verification	Analyze post-payment verification results Determine and document required functional and/or systemic corrective action Determine and recommend consequences related to errors Develop action plan to address required functional and/or recurring corrective action Prepare high-level overview results report Approve high-level overview results report Communicate high-level overview results report	Approved high-level overview results report List of consequences related to errors Action plan	6 years	From end of last taxation year to which records relate	none
Request Corrective Action on Overall Functional and Recurring Issues	Request corrective action on overall functional and/or recurring issues Take corrective action Follow up on overall functional and recurring corrective actions	Request to required stakeholders Follow-up report	6 years	From end of last taxation year to which records relate	none

Manage Financial Close

This business process focuses on activities such as reconciliations and adjustments to the accounts receivable and accounts payable, leading to the submission of timely and accurate trial balances to the Central Financial Management Reporting System in support of the preparation of financial statements and other period-end requirements.

Business subprocesses	Subprocess activities	Records	Retention period	Retention trigger	Retention exception
Perform Ongoing Reconciliations and Adjustments	Perform Receiver General–General Ledger (RG-GL) and Payroll Systems–General Ledger (PS-GL) reconciliations Perform treasury system reconciliations Perform account analysis Record adjustment	Treasury system details Control data Receiver General exception reports Departmental financial and materiel management system (DFMS) control account balances PS-GL control data RG-GL control data DFMS control account details Account balance details Suspense account details Prior-year account balances Adjustment data	6 years	From end of last taxation year to which records relate	none
Establish and Communicate Internal Closing Schedule	Review Receiver General closing schedule and guidance Prepare internal closing schedule Communicate period-end schedule	Internal closing schedule RG info sessions RG year-end requirements	6 years	From end of last taxation year to which records relate	none
Process Accounts Payable Adjustments	Analyze commitments Estimate value of accruals Confirm interdepartmental settlement with other government departments Record accruals Validate commitment balances Adjust or close out commitments	Accounts payable data Commitment data Contract data Deliverables receipt data Interdepartmental settlement data Estimated amounts FAA section 34 certification Financial data (commitments, actuals to date) Entry in DFMS to record accrual	6 years	From end of last taxation year to which records relate	none
Process Accounts Receivable Adjustments	Review financial arrangements Estimate value of revenue earned Confirm interdepartmental settlement with other government department Record receivables Review external aged receivables schedule Estimate value of doubtful accounts Record adjustment to allowance for doubtful accounts Review deferred revenue balance Estimate value of goods/services delivered Record adjustment to deferred revenue balance	Provisions relating to cost recoveries Actual revenues Inventory records (if applicable) Shipping documentation Interdepartmental settlement data Receivables data Aged receivables schedule Customer credit information Allowance for doubtful accounts Deposit documentation Receipt documentation Adjustment details Deferred revenue balance Estimated amounts	6 years	From end of last taxation year to which records relate	none
Process Other Adjustments	Identify compensation-related accruals Estimate value of compensation-related accruals Record compensation-related accruals Review prepaid expense balance Estimate value of goods/services consumed Record adjustment to prepaid expense balance Identify other adjustments Estimate other adjustments Record other adjustments	Estimated amounts Prepaid expense balance Prepaid expense schedule	6 years	From end of last taxation year to which records relate	none
Prepare Trial Balance and Submit to CFMRS	Generate trial balance Verify trial balance for exception report errors Reconcile RG-GL/PS-GL Conduct variance analysis Record adjustments Close period Submit trial balance to Central Financial Management Reporting System Prepare and submit certificate of representations	Validation report Certificate of representations Control accounts Trial balance PS-GL data RG-GL data Adjustment amount Financial coding	6 years	From end of last taxation year to which records relate	none

Manage Pay Administration (HR/Finance interactions)

The finance-related processes and records related to the management of pay administration ensure the day-to-day application of financial controls for pay-related expenditures (TBS Guideline on Financial Management of Pay Administration, 2020).

Many activities identified under the business process for managing pay administration and their records are described in the Human Resources Management GVT. The activities included here are those solely related to the financial management process and include the payment requisition, section 33 and 34 verification, and authorization of the payment transaction.

Business subprocesses	Subprocess activities	Records	Retention period	Retention trigger	Retention exception
Determine HR Requirements	Determine HR’s pay administration requirements	See Human Resources Management GVT.	6 years	From end of last taxation year to which records relate	none
Determine and Exercise Expenditure Initiation Authority	Determine required expenditure initiation authority Exercise or obtain expenditure initiation authority	HR request for expenditure initiation (description, type of change or service, estimated cost, quantity, etc.) Delegation instruments and proof of authorization	6 years	From end of last taxation year to which records relate	none
Manage Funds Availability	Determine funds availability Provide authorization (FAA section 32)	Delegation instrument and proof of authorization Financial coding (authority, object, subprogram, responsibility centre, etc.)	6 years	From end of last taxation year to which records relate	none
Manage Commitment	Record and update commitment Close out commitment	Commitment record Commitment authorization	6 years	From end of last taxation year to which records relate	none
Update Salary Forecast	Maintain salary forecast	Salary forecast Planned employee- and position-related data Forecast amounts	6 years	From end of last taxation year to which records relate	none
Manage HR Pre-Payroll	Determine required transaction authority Exercise or obtain transaction authority Exercise or obtain FAA section 34 authority	Supporting employee and position documentation (from request for payment, letter of offer, request for overtime payment, etc.) Expenditure initiation authority FAA section 34 certification and transaction authority	6 years	From end of last taxation year to which records relate	none
Manage Pay Pre-Payroll	Manage payment of pre-payroll	See Human Resources Management GVT.	6 years	From end of last taxation year to which records relate	none
Perform Account Verification (Compensation)	Verify that supporting documentation is complete Confirm that requirements are met Confirm that payee Is eligible for payment Ensure employee information is accurate Verify that relevant regulations, policies and directives were followed Verify accuracy of transaction Resolve discrepancies	Supporting documentation Request for pay transaction Authorizations (expenditure initiation, commitment, HR, transaction)	6 years	From end of last taxation year to which records relate	none
Perform Payment Authority	Receive request for pay transaction Perform quality assurance Exercise FAA section 33 certification (electronic or manual)	Approved request for pay transaction Section 34 verification and certification Delegation instruments and proof of authorization Quality assurance results Section 33 certification (signature)	6 years	From end of last taxation year to which records relate	none
Issue Payment	Note: most steps of “issue payment” are out of scope for this GVT since they are the responsibility of Public Services and Procurement Canada and not of the individual departments. Stop payment	Payroll control data report Control account balance report Internal journal voucher report Detailed expenditure extract file Stop payment intercepts and recalls	6 years	From end of last taxation year to which records relate	none
Manage Post-Payroll	Distribute pay stubs Record pay transactions Record other salary transactions	Approved payment release (payroll register) Detailed pay expenditure file Government-wide payroll control totals (trial balance) Data and supporting documentation relating to pay and other salary transactions	6 years	From end of last taxation year to which records relate	none
Complete Account Verification	Verify that supporting documentation is complete Confirm that payee is eligible for payment Validate that three-way match occurred Ensure financial coding is correct Verify accuracy of transaction Resolve discrepancies	Supporting documentation FAA section 34 verification completed Authorizations (expenditure initiation, commitment, HR, transaction) Request for pay transaction	6 years	From end of last taxation year to which records relate	none

Transfer Payments

Manage Grants and Contributions

According to the TBS Directive on Transfer Payments (2022),

A grant is “a transfer payment subject to pre-established eligibility and other entitlement criteria…not subject to being accounted for by a recipient nor normally subject to audit by the department [and] the recipient may be required to report on results achieved.”

A contribution is “a transfer payment subject to performance conditions specified in a funding agreement…to be accounted for and is subject to audit.”

Many activities related to managing grants and contributions are described and the records identified in the Transfer Payments GVT. The activities included here are those solely related to the financial management process and include managing funds, formalizing the funding agreement, performing sections 33 and 34 authorizations, and overseeing recipient audits done by independent auditors.

Business subprocesses	Subprocess activities	Records	Retention period	Retention trigger	Retention exception
Determine and Exercise Expenditure Initiation Authority	Determine required expenditure initiation authority Exercise or obtain authority	Delegation of authorities instruments or proof of authorization Funding agreement application (if applicable)	6 years	From end of last taxation year to which records relate	none
Manage Funds Availability	Determine funds availability Authorize (section 32) Decline proposal or amendment	Funding information Section 32 authorization Notice of agreement status	6 years	From end of last taxation year to which records relate	none
Manage Commitments	Record/update commitment Close out commitment	Commitment record	6 years	From end of last taxation year to which records relate	none
Formalize Funding Agreement or Funding Agreement Amendment	Conduct or update recipient risk assessment Obtain minister approval for exceptions to terms and conditions Develop funding agreement or funding agreement amendment Review funding agreement or funding agreement amendment and support file Exercise or obtain authority and approval of funding agreement or funding agreement amendment Resolve issues Close application Update funding agreement information Comply with disclosure requirements	Signed and approved funding agreement or funding agreement amendment Individual recipient risk assessments Other relevant information to assess risk	6 years	From end of last taxation year to which records relate	none
Perform Section 34 Verification and Certification for Grants	Ensure recipient information is accurate Confirm that recipient is entitled to payment Confirm that funding agreement terms are met Ensure financial coding is correct Verify that relevant policies, regulations and directives were followed Verify accuracy of transaction Exercise or obtain authority Resolve discrepancies	Request for payment Funding agreement FAA section 34 certification	6 years	From end of last taxation year to which records relate	none
Perform Section 34 Verification and Certification for Contributions	Record claim Ensure recipient information is accurate Confirm that recipient is entitled to payment Confirm that funding agreement terms are met Ensure financial coding is correct Verify that relevant policies, regulations and directives were followed Verify accuracy of transaction Verify supporting documentation based on risk Exercise or obtain authority Resolve discrepancies	Request for payment Claim Funding agreement Supporting documents FAA section 34 certification	6 years	From end of last taxation year to which records relate	none
Perform Section 34 Verification and Certification for Contribution Advances	Confirm amount of advance Ensure recipient information is accurate Ensure all criteria for advances are met Confirm that recipient is entitled to payment Confirm that funding agreement terms are met Ensure financial coding is correct Verify that relevant policies, regulations and directives were followed Verify accuracy of transaction Exercise or obtain authority Resolve discrepancies	Request for payment Funding agreement Supporting documentation FAA section 34 certification	6 years	From end of last taxation year to which records relate	none
Perform Section 34 Verification and Certification for Claims Related to Contribution Advances	Record claim Ensure recipient information is accurate Confirm that recipient is entitled to payment Confirm that funding agreement terms are met Ensure financial coding Is correct Verify that relevant policies, regulations and directives were followed Verify accuracy of transaction Verify supporting documentation based on risk Determine balance owing to or from recipient Authorize claim Apply expense to advance Exercise or obtain authority Resolve discrepancies	Request for payment Funding agreement Claim Supporting documentation FAA section 34 certification	6 years	From end of last taxation year to which records relate	none
Perform Section 34 Verification and Certification for Contribution Progress and Milestone Payments	Record progress and milestone payment Ensure recipient information is accurate Confirm that recipient is entitled to payment Confirm that funding agreement terms are met Ensure financial coding is correct Verify that relevant policies, regulations and directives were followed Verify accuracy of transaction Verify supporting documentation based on risk Validate expenses and reconcile total payments Exercise or obtain authority Resolve discrepancies	Supporting documentation for progress or milestone payment Funding agreement Claim Supporting documentation for claim FAA section 34 certification	6 years	From end of last taxation year to which records relate	none
Perform Section 33 Payment Authority	Receive payment requisition Perform quality assurance Provide section 33 certification (including EAA key) Submit payment requisition to Public Services and Procurement Canada	Payment requisition Delegation of authority instruments and proof of authorization: Funding agreement data Section 34 verification and certification Approved payment requisition Quality assurance results Section 33 certification (signature)	6 years	From end of last taxation year to which records relate	none
Issue Payment	Issue payment (Receiver General) Process return payment file Upload return file	Payment to vendor Payment return file	6 years	From end of last taxation year to which records relate	none
Recover Overpayments	Record receivable Determine recovery method and notify the recipient Record receivable/payable offset	Supporting documentation for the recovery Receivable entry Recipient notification	6 years	From end of last taxation year to which records relate	none
Manage Recoveries for Repayable Contributions	Monitor repayment schedule Monitor repayment conditions Record receivable Inform recipient Offset receivable with payable Remove conditional receivable	Repayable funding agreement Recipient supporting documentation Written notification or invoice	6 years	From end of last taxation year to which records relate	none
Terminate Funding Agreement	Assess financial impact Prepare, approve and send termination or acknowledgement letter (out of scope) Update funding agreement information	Signed termination or acknowledgement letter Updated funding agreement	6 years	From end of last taxation year to which records relate	none
Plan Recipient Audits	Assess alternative sources of assurance Update recipient audit plan (program level) Update recipient audit plan (department level) Coordinate with other programs or departments to plan a single audit Update and communicate risk-based audit plan to relevant stakeholders	Risk-based approved recipient audit plan (program level) Risk-based approved recipient audit plan (department level)	6 years	From end of last taxation year to which records relate	none
Conduct Recipient Audits	Determine required assurance level Determine recipient audit scope, standards and criteria Select independent auditor Develop recipient audit planning memorandum Notify recipient of audit Monitor recipient audit progress Discuss draft recipient audit report and findings Communicate results to recipient and stakeholders	Recipient audit planning memorandum Documentation of assurance level Recipient audit scope, standards, criteria Signed agreement for recipient audit services Recipient audit working papers Budget analysis Final recipient audit report For records related to contracting of independent auditor, see Acquisitions GVT	6 years	From end of last taxation year to which records relate	none

Collections and Receivables

Manage revenue, receivables and receipts

This process includes activities to establish financial arrangements and billing requests, manage invoices/receivables, manage receipts and reconciliation of deposits, and determine financial coding and revenue recognition. Records include the approved financial arrangement and supporting documentation as well as the invoices and receipt documentation involved in reconciling deposits.

Business subprocesses	Subprocess activities	Records	Retention period	Retention trigger	Retention exception
Create Financial Arrangement	Receive request for financial arrangement Cancel request Accept request and define requirements Establish terms and conditions for financial arrangement Develop financial arrangement document	Request (high-level description, type of good/service, estimated cost, quantity, etc.) Description of requirements Financial arrangement document	6 years	From end of last taxation year to which records relate	none
Manage Customer Credit Risk	Conduct appropriate credit risk assessment Obtain authorization to grant credit Create credit documentation and credit file Revise terms and conditions Cancel request	Credit assessment documentation Request (description, type of good/service, estimated cost, quantity, work and technical specifications, milestones and delivery dates, etc.) Revised terms and conditions Credit file Credit documentation	6 years	From end of last taxation year to which records relate	none
Validate and Approve Documentation for Financial Arrangement	Exercise or obtain departmental authority/ approval Cancel financial arrangement Adjust financial arrangement documentation Obtain customer approval	Financial authority documentation Changes to financial arrangement Final/approved financial arrangement document	6 years	From end of last taxation year to which records relate	none
Transfer Transaction to Invoicing / Receivables	Create billing request Approve billing request Monitor billing requests (completeness of processing)	Approved billing request	6 years	From end of last taxation year to which records relate	none
Create Invoice/Credit Memo	Validate billing request to financial arrangement Create and verify invoice/credit memo Review and approve invoice/credit memo	Customer cancellation/refund request Other notification of need for credit memo Invoice or credit memo sent to customer Evidence of review and approval process	6 years	From end of last taxation year to which records relate	none
Record Receivable	Record entry for receivable Verify entry (e.g., validity, completeness, accuracy including coding) Create/verify adjustment	Receivable entry	6 years	From end of last taxation year to which records relate	none
Process Cash Receipts and Cheques	Provide customer confirmation of payment Safeguard receipts and supporting documentation Record receipt or update receivable Create deposit/complete deposit slip Record deposit/conduct end-of-day close and daily reconciliation process Deposit receipts at financial institution	Cash receipts and cheques and the supporting documentation Confirmation of customer payment Accounting entry of receipt or updated receivable Stamped deposit slip Receiver General deposit detail file Confirmation documentation (e.g., cashier receipt) Invoice Receivable documentation Receipt documentation (e.g., cash blotter) Deposit documentation Daily deposit reconciliation	6 years	From end of last taxation year to which records relate	none
Process Electronic Receipts and Third-Party Service Provider Remittances	Third party processes receipts\card acceptance (out of scope) Third party deposits funds into the consolidated revenue fund (out of scope) Receipts processed by third party: validation of remittance information by program area Receipts processed by third party: record and/or adjust receipt, deposit or receivable Credit/debit card: department initially processes credit/debit card transaction Credit/debit card: provide confirmation of payment to customer Third-party service provider obtains funds and forwards to financial institution (out of scope) Credit/debit card: record receipts/conduct end-of-day close and daily reconciliation process Pre-authorized debit: department creates pre-authorized debit file Pre-authorized debit: record receipts/deposits; update receivable in the departmental financial and materiel management system as required Pre-authorized debit: create requisition file in the departmental financial and materiel management system/send to Standard Payment System Pre-authorized debit: adjust pre-authorized debit information/process and clear reject file	Electronic receipts, third-party service provider remittances Receipt documentation Remittance information Confirmation of payment to customer Daily deposit reconciliation Pre-authorized debit file Standard Payment System requisition file Deposit documentation Standard Payment System reject file	6 years	From end of last taxation year to which records relate	none
Reconcile Deposits	Reconcile and identify variances between deposit and government banking system deposit detail file Record approved entry for adjustments Review and approve reconciliation	Receiver General deposit detail file Departmental financial and materiel management system deposit listing/report Third-party remittance information Journal entry and supporting documentation Non-sufficient funds remittance and financial institution documentation Reconciliation	6 years	From end of last taxation year to which records relate	none
Determine Financial Coding and Revenue Recognition	Identify financial coding Analyze revenue recognition criteria For special considerations: confirm compliance with authorities and appropriate accounting policy/TBS policies and directives (e.g., revolving fund, net vote/re-spendable revenues, specified purpose accounts, interest revenue) For deferred revenue: identify financial coding and record approved entry Monitor deferred revenue balance Entry not required at this time: identify financial coding only For revenue earned: identify financial coding and record approved entry	Final approved financial arrangement Invoice/receivable supporting documentation Receipts, remittance file/information, Government Banking System deposit detail file Accounting entry documentation Deposit documentation Financial coding Receipt documentation Related supporting documentation Remittance information General ledger balances	6 years	From end of last taxation year to which records relate	none

Manage Interdepartmental Settlements

Interdepartmental settlements are transactions used to settle debts between any two departments or agencies that operate within the Consolidated Revenue Fund and are processed by the Receiver General’s payment system.

The process begins with identifying the need for an interdepartmental settlement transaction request with another government department and is completed by reconciling the corresponding transaction between departments and recording the transaction in the proper account. The records include the terms and conditions of the interdepartmental arrangement, the transaction details, and the records that support the processing of the transaction.

Business subprocesses	Subprocess activities	Records	Retention period	Retention trigger	Retention exception
Confirm the Requirement for an Interdepartmental Settlement (IS) Transaction (Request for Goods or Services; Request for Transfer of Funds; Request for Recoveries)	For debtor only: confirm compliance of IS request to mandate/legislative requirements Review request and define high-level IS transaction requirements For debtor only: determine and exercise/obtain required expenditure initiation authority	IS request Other government department request for a business arrangement Request for goods and services Request for transfer of funds Request for recoveries Documentation of high-level IS transaction requirements and authority Requisition/human resource agreement (high-level description, purpose and type of IS transaction, date(s) required, estimated cost/billings, quantity, etc.) Delegation of authorities instrument/proof of authorization	6 years	From end of last taxation year to which records relate	none
Establish Terms and Conditions with Other Government Department	Determine transaction terms and conditions (specifications, cost, supporting documentation requirements, initiator of the IS transaction, etc.) For debtor only: determine funds availability For debtor only: authorize in accordance with FAA section 32 For debtor only: record/update commitment For debtor only: obtain appropriate IS codes and details/financial coding; include in written terms and conditions Confirm terms and conditions (e.g., for accuracy, validity and completeness)	Written terms and conditions with other government department Delegation of authorities instrument/proof of authorization	6 years	From end of last taxation year to which records relate	none
Apply and Confirm Departmental Authority/Approval	Determine required departmental authority/approval Exercise or obtain departmental authority/approval	Delegation of authorities instrument/proof of authorization Approved and signed IS transaction details	6 years	From end of last taxation year to which records relate	none
Process Creditor-Initiated IS Transaction by Creditor-Initiator	Create invoice and verify details, including IS codes and financial coding Send invoice to other government department recipient Create IS requisition for SPS/IS Apply EAA key	Request for credit memo by other government department Invoice IS return/notification file Billing requests (as appropriate) IS requisition Delegation of authorities instrument/proof of authorization	6 years	From end of last taxation year to which records relate	none
Process Creditor-Initiated IS Transaction by Debtor-Recipient	Load files in departmental financial and materiel management system Monitor IS transactions pending approval in SPS/IS Verify that supporting documentation is complete and IS transaction details are met Ensure financial coding is correct Resolve discrepancies Exercise or obtain authority in accordance with FAA section 34 Update/close commitment	Documentation for receipt of goods/services or that event triggering IS has been completed Invoice IS return/notification files FAA section 34 certification Acceptance of deliverables data, deliverables receipt data, and/or evidence that event triggering IS has been completed Auditable evidence of account verification IS return/notification file Approved IS detail document (including terms and conditions) Invoice data Certification authority Delegation of authorities instrument/proof of authorization Departmental authority/approval Expenditure initiation authority Commitment authorization Financial data (budget, commitments, actuals to date) Goods receipt data Requisition amount	6 years	From end of last taxation year to which records relate	none
Process Debtor-Initiated IS Transaction by Debtor-Initiator	Verify that supporting documentation is complete and IS transaction details are met Ensure financial coding and IS codes are correct Resolve discrepancies where applicable Exercise or obtain authority in accordance with FAA section 34 Update/close commitment Create IS payment requisition Perform quality assurance Exercise FAA section 33 certification (including EAA) Submit payment requisition to Receiver General (SPS/IS)	Acceptance of deliverables data and/or evidence that event triggering the IS has been completed Approved IS detail document (including terms and conditions) Certification authority Departmental authority/approval Expenditure initiation authority Commitment authorization Goods receipt data Payment requisition (including payment details) Evidence of FAA section 34 verification and certification FAA section 33 certification (signature) EAA FAA section 33 details Quality assurance results Approved payment requisition including payment details SPS/IS requisition file	6 years	From end of last taxation year to which records relate	none
Process Debtor-Initiated IS Transaction by Creditor-Recipient	Load files in departmental financial and materiel management system Monitor IS transactions pending approval in SPS/IS	IS return/notification file Acceptance of deliverables data, deliverables receipt data, and/or evidence that event triggering the IS has been completed	6 years	From end of last taxation year to which records relate	none
Monitor and Clear IS Suspense Account Items	Analyze/investigate IS suspense account items Verify that supporting documentation is complete and IS details are met Clear IS suspense account	Supporting documentation to provide an audit trail of how the IS suspense account item was resolved Acceptance of deliverables data, deliverables receipt data, and/or evidence that event triggering the IS has been completed Approved IS details document including terms and conditions Financial coding Invoice IS coding IS return/notification file Other government department data Supporting documentation for adjustments	6 years	From end of last taxation year to which records relate	none
Investigate and Discuss Issues with Other Government Department	Contact and discuss options for resolving issues/IS suspense account item Obtain necessary information to explain issues/IS suspense account item Senior management to discuss/resolve issues or IS suspense account items Prepare a new IS transaction for processing (including credit memos) Cancel original IS transaction by questioning (as part of agreement with other government department) Adjust existing IS transactions in departmental financial and materiel management system	Confirmation of agreement to resolve IS transaction Acceptance of deliverables data, deliverables receipt data, and/or evidence that event triggering the IS has been completed Accounting adjustments Approved IS detail document (including terms and conditions) Invoice Payment requisition (including payment details) Tax remittance (goods and services tax, harmonized sales tax) Transfer of funds Briefing memo of key issues/areas under dispute Supporting documentation for the new IS transaction	6 years	From end of last taxation year to which records relate	none
Question IS Transaction	Department conducts selective IS questioning method in SPS/IS Further discussion between the departments/senior management as required Department does not approve IS transaction pending in SPS/IS within 15 working days	Confirmation by other government department regarding questioning of IS Confirmation of agreement to resolve IS issue/concern (by questioning the original IS transaction or further discussion) Other related supporting documentation	6 years	From end of last taxation year to which records relate	none
Record IS Transaction in the Appropriate Account	Record IS transaction in the appropriate account	Acceptance of deliverables data, deliverables receipt data, and/or evidence that event triggering IS has been completed Confirmation of agreement to resolve IS transaction Invoice and credit memo data IS coding Original approved IS transaction details document including terms and conditions Other supporting documentation for the manual entry/adjustment	6 years	From end of last taxation year to which records relate	none

Manage Collection of Overdue Receivables

The collection of overdue receivables involves the identification of overdue accounts and is completed with the collection of the receivable or the write-off, remission, and/or forgiveness of debts as required. Records include documentation about the debt and customer, the financial transaction when the debt is paid, and supporting documentation to support the decision regarding the write-off or forgiveness of debt. Note that the collection of taxes is not included in these business processes.

Business subprocesses	Subprocess activities	Records	Retention period	Retention trigger	Retention exception
Identify Overdue Accounts Based on Terms	Track payment due dates Monitor debtor relationship Identify and confirm amount/details of overdue accounts Calculate interest as required Create and verify adjustment/credit memo Record the approved adjustment/credit memo Prioritize and plan collection activities	Receivable aging report or account statements Account statements sent to debtor if required Supporting documentation Invoice report Customer statement Deposit documentation Receipt documentation Receivable documentation Revised financial arrangement document Invoice (e.g., date, amount) Journal entry and supporting documentation Accounts payable report indicating amounts owing to customer (for set-off purposes)	6 years	From end of last taxation year to which records relate	none
Notify Debtor of Amount Overdue and Conduct Collection Activities	Contact debtor Identify reason for debtor non-payment Update debtor credit status as required Billing error identified: Create and verify adjustment/credit memo if required Record approved adjustment/credit memo Debtor willing to pay: Reestablish payment terms Inform debtor of potential set-off arrangement in writing Obtain approval from appropriate parties for set-off arrangement Apply set-off to receivable balance Review and approve all payment terms, conditions and schedule by appropriate parties Debtor not willing to pay: Assess collectability and determine collection/debt deletion activities as required	Phone calls, dunning letters, emails, and debtor account statements Legal advice Debtor information/supporting documentation Deposit documentation Journal entry and supporting documentation Receipt documentation Receivable documentation Amended financial arrangement document Description of roles and responsibilities Revised payment methods Written documentation to communicate potential set-off arrangement Written documentation outlining set-off procedures, terms and conditions Overdue account information for period end Returned statements from debtor Third party collection information (cost, timing, roles and responsibilities, etc.)	6 years	From end of last taxation year to which records relate	none
Manage Third-Party Collection Activities	Assess need to update/change collection activities	Receivable aging report Third-party collection activity status report Third-party invoice for commission and fees Third-party overdue receivable information for period-end and/or third party’s recommendations for write-offs For records related to any contracting of services, see Acquisitions GVT.	6 years	From end of last taxation year to which records relate	none
Manage Legal Actions	Identify and discuss proposed legal action Ensure all required approvals to commence or continue legal action are completed Monitor impact of legal action on overdue accounts Assess need to continue legal proceedings	Correspondence with debtor Supporting documentation regarding status and history of debtor Receivable aging report Request or supporting documentation to initiate legal action Third-party collection activity status report Third-party overdue receivable information for period end Compromise settlement agreement (where legal action is to continue) Court documents (where legal action is to continue) Delegation of financial authorities document/proof of authorization Departmental legal services recommendation and/or authorization for legal action Compromise settlement terms and conditions Receipts from debtor Cost benefit analysis (litigation costs versus recoveries from debtor) Legal opinion See also the Legal Services GVT.	6 years	From end of last taxation year to which records relate	none
Manage Write-offs, Remissions and/or Forgiveness	Identify uncollectible debt For forgiveness/remission of debt: Perform initial assessment for the forgiveness/remission of debt (including waiving of interest) Prepare proposed forgiveness/remission and obtain appropriate approval For write-offs: Perform initial assessment of criteria required for debt write-off Prepare documentation for proposed write-off Obtain assessment of write-off by Departmental Review Committee For forgiveness, remission and/or write-offs: Prepare Treasury Board submission and obtain required departmental approval Ensure review and approval by minister or delegated authority, as required Record accounting entry Verify entry (e.g., validity, completeness, accuracy including coding)	Court documents Receivable aging report Third-party collection activity reports Debtor information and history Analysis and supporting documentation and conditions for forgiveness/remission Compromise settlement document (including payment terms and conditions) Documentation for Debt Write-off Review Committee Draft Treasury Board submission for write-off Other analysis and supporting documentation for write-off Recommendation by Debt Write-off Review Committee Treasury Board submission for remission/forgiveness of debt (reviewed and approved internally by department) Departmental recommendation for approval to proceed with forgiveness, remission or write-off Other supporting documentation Analysis and supporting documentation for remission, forgiveness, write-off Approval document from minister or delegated authority to proceed with write-off Approval from Treasury Board, Governor in Council or Parliament Departmental approval document for remission/forgiveness Accounting entry documentation See also Treasury Board Submissions GVT.	6 years	From end of last taxation year to which records relate	none

Manage Customer Master Data File

The TBS Standard on Customer Record (Appendix A) (2012) outlines the data requirements for a customer record. The customer record is the dataset used in the departmental financial and materiel management system to uniquely identify and consistently record information about a customer. These records are kept in a database that can be integrated with the department’s financial and materiel management system (DFMS).

This business process includes creating, updating, or deactivating a customer record and periodically reviewing the customer master data file. The entire dataset would have business value, as is indicated in the table below. The process to change the data requires evidence of permission or authority, which is reflected in the records.

Business subprocesses	Subprocess activities	Records	Retention period	Retention trigger	Retention exception
Manage Customer Master Data File	Manage customer master data file	Customer master data file dataset	6 years	From end of last taxation year to which records relate	none
Process Request to Create or Update Customer Record	Receive customer record request and supporting documentation to create or update Verify that request was approved by an appropriate individual Conduct a high-level challenge function to assess request for reasonableness Confirm status of customer in the customer master data file Identify data and supporting documentation requirements given category of customer Validate request against supporting documentation Refuse request and inform requestor, as required	Customer record request approved by requestor or designated individual for compliance with departmental policy and mandate Related supporting documentation Departmental financial authority documentation List of acceptable requestors Other independent sources of data such as postal code checks, financial institution files, customer correspondence, memoranda, legal name change and other legal documents Memo or email to inform requestor	6 years	From end of last taxation year to which records relate	none
Process Request to Deactivate Customer Record	Receive customer record request and supporting documentation to deactivate Verify that request was approved by an appropriate individual Conduct a high-level challenge function to assess request for reasonableness Confirm that customer exists and has not been deactivated in the customer master data file Check for outstanding balances, financial arrangements or sales orders Identify required supporting documentation Validate request against supporting documentation Refuse request and inform requestor, as required	Request to deactivate customer record Accepted customer record request approved by requestor or designated individual for compliance with departmental policy and mandate Related supporting documentation Departmental financial documentation Established list of acceptable requestors Memo or email to inform requestor Customer notification Notification from program area (close out of program) HR documentation of employee departure requiring a recovery to the Crown Outstanding billing and invoice reports Searches for duplicate customers Memo or email to inform requestor including reason for refusal	6 years	From end of last taxation year to which records relate	none
Carry Out Request to Create, Update or Deactivate Customer Record	Implement and verify creation, update or deactivation of customer record in the customer master data file Inform appropriate parties that action to customer record has been completed, as required	Approved request to update or deactivate customer records resulting from the department’s periodic review Related supporting documentation (as evidence that the request was implemented) Memo or email (e.g., to inform requestor that customer record has been created)	6 years	From end of last taxation year to which records relate	none
Plan Periodic Review	Conduct risk assessment Create or update periodic review approach and review procedures Develop or update periodic review planning document Review and approve periodic review planning document	Information required to assess risk areas and issues regarding customer master data file, including Customer record stakeholder comments and feedback Approved periodic review planning document and review procedures Departmental periodic review risk assessment Related supporting documentation	6 years	From end of last taxation year to which records relate	none
Implement Periodic Review	Gather information required to perform periodic review Perform periodic review Document and analyze periodic review results Review and approve update/deactivation of customer record Revise customer master data file departmental policies and procedures, as required	Periodic review documentation and other related information, which may include Extracts and reports from the customer master data file database and other documentation from customer record stakeholders Approved periodic review planning document including risk assessment, approach and review procedures Approved request to action update or deactivate of customer records and supporting documentation Related supporting documentation Departmental customer master data file policies and procedures (updated) Documented results and analysis of periodic review	6 years	From end of last taxation year to which records relate	none

Accounting for Assets and Liabilities

Manage Other Capital Assets

Most of the activities under this process and their records are identified in the Materiel Management GVT. “Materiel” is defined as all moveable assets.

The activities described in this GVT are those which are only of a financial nature and include updating the financial record for assets to reflect changes to the value of assets due to amortization, assessment, or disposal.

Business subprocesses	Subprocess activities	Records	Retention period	Retention trigger	Retention exception
Create or Update Asset Record	Create or update asset record	See Materiel Management GVT.	6 years	From end of last taxation year to which records relate	none
Calculate Monthly Amortization	Calculate amortization Verify reasonableness of amortization Make correction Record journal entry	Amortization amount (update to asset record) Journal entry	6 years	From end of last taxation year to which records relate	none
Conduct Periodic Analysis of Assets Under Construction	Record journal entry for periodic analysis of assets under construction	Journal entry	6 years	From end of last taxation year to which records relate	none
Conduct Periodic Physical Asset Count	Conduct periodic physical asset count	See Materiel Management GVT.	6 years	From end of last taxation year to which records relate	none
Conduct Periodic Asset Assessment	Record periodic assessment journal entry	Journal entry	6 years	From end of last taxation year to which records relate	none
Process Asset Disposal	Record journal entry for asset disposal	Journal entry	6 years	From end of last taxation year to which records relate	none

Manage Real Property

Many activities under this process and their records are identified in the Real Property GVT.

The activities and retention advice included here are only related to the financial management process and include updating the financial record for real property to reflect changes to the value of real property due to amortization, assessment, or disposal.

Business subprocesses	Subprocess activities	Records	Retention period	Retention trigger	Retention exception
Create or Update Real Property Record	Create or update real property record	See Real Property GVT.	6 years	From end of last taxation year to which records relate	none
Calculate Monthly Amortization	Calculate amortization Verify reasonableness of amortization Make corrections Record journal entry	Journal entry Accumulated amortization All costs (including additions, in-service costs) Amortization amount for the period	6 years	From end of last taxation year to which records relate	none
Conduct periodic Analysis of Real Property under Construction	Record periodic analysis of real property under construction journal entry	Journal entry Financial coding	6 years	From end of last taxation year to which records relate	none
Conduct Periodic Physical Real Property Asset Count	Conduct periodic physical real property asset count	See Real Property GVT	6 years	From end of last taxation year to which records relate	none
Conduct Periodic Real Property Assessment	Record periodic real property assessment journal entry	Journal entry Financial coding	6 years	From end of last taxation year to which records relate	none
Process Real Property Disposal	Record real property disposal journal entry Initiate expenditure management process	Journal entry Attestation that the money was deposited Treasury Board-approved capital asset plan	6 years	From end of last taxation year to which records relate	none

Manage Inventory

When describing the activities for managing inventory, it is difficult to separate financial management and materiel management, especially if the inventory systems are integrated with the accounting systems. The Treasury Board Secretariat has specified that departments must possess reliable inventory records to support the amounts recorded in their financial statements (Treasury Board Canada Directive on Accounting Standards (2023).

Many activities that fall under this process and their records are identified in the Materiel Management GVT. The activities included in this GVT are those solely related to the financial management process and include recording journal entries to reflect the consumption, write-off, or transfer of inventory.

Business subprocesses	Subprocess activities	Records	Retention period	Retention trigger	Retention exception
Record Non-Production Inventory	Record journal entry (for perpetual process) for non-production inventory	Journal entry	6 years	From end of last taxation year to which records relate	none
Record Inventory for Production	Calculate the amount of labour hours, overhead and service costs Record journal entry (for perpetual process) for production inventory	Purchase data (e.g., invoice, supplier, purchase order, contract, warranty information) related to service costs directly related to the production of inventory Timesheet records coded to specific production Journal entry Calculation of labour, overhead and service costs	6 years	From end of last taxation year to which records relate	none
Record Inventory Consumption	Record journal entry (for perpetual process) for inventory consumption	Consumption information Inventory information Journal entry	6 years	From end of last taxation year to which records relate	none
Record Inventory Write-off	Record write-off in inventory record	Journal entry	6 years	From end of last taxation year to which records relate	none
Record Sale or Interdepartmental Transfer of Inventory	Record journal entry for sale or interdepartmental transfer of inventory	Journal entry	6 years	From end of last taxation year to which records relate	none
Conduct Inventory Counts and Record Adjustments	Record journal entry for inventory counts and record adjustments	Journal entry	6 years	From end of last taxation year to which records relate	none
Record Transfer of Inventory Location (if adjustments to the accounting record are required because of inventory transfer)	Record journal entry for transfer of inventory location	Journal entry	6 years	From end of last taxation year to which records relate	none

Appendix A – Mapping between TBS Internal Service Groupings and Financial Management GVT Business Processes

This table shows the alignment of the service groupings identified by TBS’s Guide on Recording and Reporting of Internal Services Expenditures (2016) with the domains identified by the Office of the Comptroller General’s Financial Management Business Process Analysis Initiative (FMBPI) (a key input to the original development of this GVT) and the business processes used in the FMBPI and this GVT.

TBS Internal Service Groupings	FMBP Initiative Domain	FMBP Initiative Business Process
Financial Planning and Budgeting	Planning, Budgeting and Forecasting Domain	Manage Planning and Budgeting Manage Forecasting and Budget Review
Corporate Accounting	N/A	See the Management and Oversight GVT for records relating to reporting of financial information in corporate reports, including the public accounts.
Expenditure Control Payments	Expenditures and Accounts Payable Domain	Manage Departmental Chart of Accounts Manage Delegation of Financial and Spending Authorities Manage Procure to Payment Manage Travel Manage Other Payments Manage Administration of Acquisition and Fleet Cards Manage Vendor Master File Manage Post-Payment Verification Manage Financial Close
Expenditure Control Payments	Human Resources (HR) and Finance Interactions Domain	Manage Pay Administration (HR/Finance interactions)
(Program-related)	Transfer Payments Domain	Manage Grants and Contributions
Collections and Receivables	Revenue and Accounts Receivable Domain	Manage Revenue, Receivables and Receipts Manage Interdepartmental Settlements Manage Collection of Overdue Receivables Manage Customer Master Data File
Accounting for Assets and Liability	Materiel/Finance Interactions Domain	Manage Other Capital Assets Manage Real Property Manage Inventory

Appendix B – List of published FMBP Guidelines on Financial Management

The Financial Management Business Process Guidelines were a key input to the development of the original Financial Management GVT. Many of these guidelines were never finalized or published. This list contains the guidelines that were published.

Guideline on Common Financial Management Business Process 1.1 - Manage Planning and Budgeting
Guideline on Common Financial Management Business Process 3.1 - Manage Procure to Payment
Guideline on Common Financial Management Business Process 3.2 - Manage Travel
Guideline on Common Financial Management Business Process 3.3 - Manage Other Payments
Guideline on Common Financial Management Business Process 4.1 - Manage Other Capital Assets
Guideline on Common Financial Management Business Process 5.1 - Pay Administration - Rescinded [2017-10-18]

The remaining draft guidelines were used to inform the original development of the Financial Management GVT but were never published, including

1.2 - Manage Forecasting and Budget Review
- Manage Revenue, Receivables and Receipts
- Manage Interdepartmental Settlements
- Manage Collection of Overdue Receivables
3.4 - Manage Distribution and Maintenance of Acquisition Cards
4.2 - Manage Real Property
4.3 - Manage Inventory
6.1 - Manage Grants and Contributions
7.1 - Manage Vendor Master Data File
7.2 - Manage Customer Master Data File
7.3 - Manage Departmental Chart of Accounts
7.4 - Manage Delegation of Financial and Spending Authorities
8.1 - Manage Post-payment Verification
8.2 - Manage Financial Close

Footnotes

Footnote 1

The business processes and records of the first Financial Management GVT were validated by subject matter experts from the following departments: Treasury Board Secretariat, National Research Council, and Parks Canada. As well, the business process analyses on which the first GVT was based were validated by numerous Government of Canada institutions through the Financial Management Business Process Initiative out of the Office of the Comptroller General.

Return to footnote 1 referrer

Footnote 2

The Guidance on Retention of Underlying Records Supporting the Proactive Publication of Information on Contracts is in draft as of February 2025. The final contract awarded to the supplier is an example of an underlying record used to gather and publish this information. While the contract is not required to be published under Part 2 of the Act, it constitutes an underlying record that should be retained for a minimum period of 10 years.

Return to footnote 2 referrer

Financial Management (updated June 2025)

On this page

How to use this tool

Defining the Activity

Relationship to other GVTs

Key Inputs

Retention context

Business processes

Financial Planning and Budgeting

Manage Planning and Budgeting

Develop Notional Budget Allocations

Conduct Operational Planning

Develop Revenue Budget

Develop Operating Budget

Develop Transfer Payment Budget

Conduct Project Planning and Budgeting

Conduct Capital Asset Life Cycle Planning and Budgeting

Conduct Acquired Services Planning and Budgeting

Conduct Project Portfolio Planning and Budgeting

Update Internal Investment Plan and Budget

Consolidate and Approve Plans and Budgets

Manage Forecasting and Budget Review

Initiate Forecasting and Budget Review

Analyze Revenue Financial Results and Develop Forecast

Analyze Operating Financial Results and Develop Forecast

Analyze Transfer Payment Financial Results and Develop Forecast

Analyze Capital Asset Financial Results and Develop Forecast

Analyze Project Financial Results and Develop Forecast

Analyze Performance Results

Consolidate, Review and Challenge Results and Forecasts

Review and Action Budget Reallocations

Expenditure Control and Payments

Manage Departmental Chart of Accounts

Manage Departmental Chart of Accounts

Initiate Request to Create, Update or Suspend an Account Code

Process Request to Create or Update an Account Code

Process Request to Suspend an Account Code

Carry Out the Request to Create, Update or Suspend an Account Code

Plan Periodic Review

Implement Periodic Review

Manage Delegation of Financial and Spending Authorities

Maintain Financial and Spending Authorities Delegation Instrument

Maintain Authorities Delegated to Incumbents

Perform Annual Review of Delegated Financial and Spending Authorities

Manage Procure to Payment

Determine Requirements

Determine / Exercise Expenditure Initiation Authority

Verify Unencumbered Balance

Manage Commitments

Manage Contracts

Administer Contracts and Deliverables

Manage Payables

Perform Payment Authority

Issue Payments (Receiver General)

Manage Travel

Manage Commitment

Perform Payment Authority (FAA, Section 33)

Issue Payment (Receiver General)

Manage Other Payments

Determine Requirements

Determine / Exercise Expenditure Initiation Authority

Verify Unencumbered Balance

Manage Commitments

Manage Payables

Perform Payment Authority

Issue Payment

Manage Petty Cash

Manage (Expenses Related to) Relocation of Employees

Manage Administration of Acquisition and Fleet Cards

Issue Card

Monitor Cards

Maintain Cards

Cancel Card

Manage Vendor Master Data File

Manage Vendor Master Data File

Process Request to Create or Update Vendor Record

Process Request to Deactivate Vendor Record

Carry Out Request to Create, Update or Deactivate Vendor Record

Plan Periodic Review

Implement Periodic Review