Account Management Information and Seven-Day Accounting Frequently Asked Questions
- When can I expect to see these Accounting Services changes?
The implementation date for the changes is targeted for mid-2023.
- When will the end-of-day accounting statements/data files be available?
The end-of-day accounting statements and files will be available seven days a week via the AMI application, the FedLine Direct® Solution and the FedLine Command® Solutions, and FedMail®, if applicable. The delivery time is not changing.
- Will there be any changes to statements/data files?
New data will be included in the Statement of Account, Statement of Service Charges and the Accounting Information Services (AIS) data/spreadsheet files (IDAY, FIRD, SCRD, CMS Plus and SASF) once the FedNow Service is available.
The Total Future Record lines have been updated on the FIRD and IDAY data files to include all calendar dates. As it does today, a future total line will not be created for that series of dates if no futures are available for that line. Please note that future dated transactions will continue to only be processed and made available on standard business days.
- Will testing be required?
We strongly encourage you to test and make changes in your backend applications accordingly. Testing opportunities in the AMI Depository Institution Test (DIT) environment will be available in May 2023.
- When can I expect to see these changes in the AMI Depository Institution Test (DIT) environment?
You will be able to view the application changes in the DIT environment in May 2023.
- Who do I contact if I have questions related to the changes?
For any questions regarding these Accounting Services changes, please contact Financial Support Office National Accounting and Customer Support (FSO NACS) at email@example.com.
- Is my organization expected to operate seven days a week?
While the Federal Reserve Banks are adopting a seven-day accounting cycle, it is the sole discretion of financial institutions to determine how to ingest accounting statements and transactional activities over the weekend and holidays.
- How do these changes impact my institution if any?
Changes to AMI may have little or no impact on your operations if your institution is not a FedNowSM Service participant or their correspondent. Please review the Notice of Change (PDF) document for changes to screens within AMI and changes to the accounting statements. We highly encourage testing if your institution receives data files, such as the End-of-Day Financial Institution Reconcilement Data (FIRD) File. Your institution may need to update your backend processing to ensure any new or updated data elements can be ingested as you will be receiving accounting statements seven days a week. Testing information can be found in the Resource Center.
- When is interest calculated on balances maintained in a depository institution’s account at the Federal Reserve for nonstandard business days?
Interest calculations will occur every calendar day. Interest on reserve balances is calculated on the End of Day balance maintained in an account on that day and credited to a depository institution’s account at the Federal Reserve one business day after the end of a maintenance period. Please contact your Reserves Central District Contact with any questions.