Long description for image: Figure 13. Level 1 Model of Financial Management

This figure depicts the Level 1 process flow for common financial management business processes, using six chevrons placed in three layers.

The top layer is a chevron labelled Planning, Budgeting and Forecasting Results and Performance Reports.

The centre layer is a row of four chevrons, each representing subsequent steps of the high-level financial management business process. The four steps are Need Identification, Obligation, Performance, Validation and Certification, and Payment. These four steps are further explained in two views—one from the Revenue perspective, the other from the Expenditure perspective.

From the Revenue perspective:

• Need Identification is indicated by the Request;
• Obligation is the Recognition of the Obligation;
• Performance, Validation and Certification is indicated by the Invoice; and
• Payment is indicated by the Deposit.

From the Expenditure perspective:

• Need Identification is indicated by Expenditure Initiation;
• Obligation is the Recognition of the Obligation;
• Performance, Validation and Certification is indicated by Section 34 of the FAA; and
• Payment is indicated by Section 33 of the FAA.

The bottom layer is a chevron labelled Master Data, Integration, Control and Monitoring.

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