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KFS Chart of accounts

KFS Chart of accounts. Agenda. The Basics – terminology Account and Award Accounting String Organization. The Basics. Two charts: AZ and UA

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KFS Chart of accounts

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  1. KFS Chart of accounts

  2. Agenda • The Basics – terminology • Account and Award • Accounting String • Organization

  3. The Basics • Two charts: AZ and UA • Accounts are self balancing – assets, liabilities, fund balance, revenue, expense, budgets, encumbrances appear in the same account. State Funds will be an exception to this rule. • FRS GL vs KFS GL – KFS GL is the database where transactions and chart information are stored.

  4. ACCOUNT • From FRS to KFS • Additional Attributes • Account • Source of Funds • Project Code • FA SubCat • Accession Code • Org • Report Sort Order code

  5. NOTES: • Sub-fund should also display on the account inquiry – the sub-fund for this account is IDCDPT. • Freeze/Delete  Expired/Closed

  6. Responsible Persons and Authorized Signers have become: • Account Supervisor has an account leadership role. • Account Manager has an account operational role. • Fiscal Officer has an account oversight role. • Additional Signers will be accommodated with Account Delegate

  7. Account Delegation is set up for the Fiscal Officer • Primary: Document routes as if the person were the Fiscal Officer. • Secondary: Can retrieve documents for which they are authorized to approve. • Things to think about: • Setting up delegations and fiscal officers. • Organizational routing.

  8. Sub-Fund aka Minor Fund • Minor fund became sub-fund – based on the Chart of Accounts maintained by FSO. • Going from 2 digit Minor fund to 6 digit sub-fund.

  9. Accounting String

  10. Sub-Account Reporting Code

  11. Sub-Account

  12. Project Code

  13. General Ledger Entry aka 23

  14. Accounting String • Things to think about: • Setting up sub-accounts to budget/track transactions at a finer level. • Setting up financial reporting codes to link similar sub-accounts together. The Reporting code also facilitates a hierarchy. • Setting up sub-object codes to track expenditures at a finer level. • Setting up Project codes to track transactions across accounts – for example, how much does it cost for the Outreach conference that is paid for out of several accounts. • Adding the project code to an account to identify accounts for a particular project.

  15. Organizations aka Department; College, School, Sub-Department • Organizations group other organizations and/or accounts. • Accounts cannot be added to organizations above the budgeted organization.

  16. Organizations • Things to think about: • How do you currently divide up your organization? • What levels are you reporting at? • Should accounts be grouped in some fashion? • Are there separate approvals/routing for your different organizations?

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