The financial management system is a set of rules that determines how funds from European Union funds reach the recipient from the Commission and are reported back. It is issued by the Ministry of Finance and is binding on all bodies involved in implementation. For the recipient, it is not important to know it in full, but to understand its consequences: the approval of expenditure, its payment and subsequent reporting to the Commission are three separate steps carried out by different departments, which explains why time elapses between the approval of a payment request and the money being credited. The system also determines what documents the recipient must submit and in what structure. When planning the project's cash flow, therefore, allow for deadlines, not immediate reimbursement.
See also: Paying unit, Payment claim, Reimbursement.
