The term FACTS II is an acronym standing for Federal Agencies’ Centralized Trial-Balance System. It is almost exclusively used in the Executive Branch and by the Government Accountability Office (a support agency of the U.S. Congress), but it is useful for reference purposes in Congressional oversight of agency operations.
GAO Glossary of Terms and Definition (September 2005)
The Federal Agencies’ Centralized Trial-Balance System, managed by the Department of the Treasury’s Financial Management Service (FMS) for the Office of Management and Budget (OMB). The system gathers quarterly budget execution information electronically, which is used to prepare Reports on Budget Execution (SF-133), Year- end Closing Statements (FMS-2108), and portions of the actual column of the President’s budget.
Extraordinary Measures (Public Debt)