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Introduction to Kuali Financial System Project

Learn about the key features of the Kuali Financial System, including the chart of accounts, transaction processing, and general ledger. Join us for a comprehensive introduction to Kuali.

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Introduction to Kuali Financial System Project

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  1. Kuali Days VIMay 12, 2008Kuali Basics Introduction David Lyons, NACUBO Barbara Sutton, Cornell University

  2. Agenda • What is Kuali? • Kuali Financial System Project • Key Features of the KFS • Chart of Accounts • Transaction Processing • General Ledger • Q & A

  3. What is Kuali? • Community source initiative • Develop a comprehensive administrative suite to serve the needs of all Carnegie Class colleges and universities.

  4. What is Kuali? (cont.) Kuali Community

  5. What is Kuali? (cont.)

  6. What is Kuali? (cont.) Kuali Foundation • Non-profit organization with responsibility for: • Sustaining the initiative • Providing on-going governance • Coordinating partner efforts • Managing and protecting intellectual property • Conference planning • Educating and assisting members of the Kuali Partners program • 21 members and 6 commercial affiliates across all projects

  7. Kuali Financial System Project KFS Partners 7

  8. KFS Project (cont.) Project Scale • $10m total project cost • 100+ person-year effort • $4.4m Founding Partners’ original commitments • Cash or tendered personnel resources • $2.5m 2005 Andrew W. Mellon Foundation grant • $3.1m New Partners’ commitments & Founding Partners’ additional contributions 8

  9. KFS Project (cont.) Based on IU’s FIS -Financial Information System • 13 years of operations • 7 campuses of various sizes • $2.4 billion annual expenditures • Flexible chart of accounts • Need to port to new technology environment 9

  10. The Kuali Financial System is an electronic system of related financial components that allow you to initiate, approve, and retrieve financial information about your institution. Chart of Accounts General Ledger Financial Transactions Purchasing/Accounts Payable Contracts & Grants Labor Distribution Effort Certification Budget Construction Accounts Receivable Capital Assets Balance Inquiries Online Help KFS Project (cont.)

  11. KFS Project (cont.) Functional Modules Release 1 – October 2006 Chart of Accounts General Ledger Financial Transactions On-line balance inquiries Kuali Enterprise Workflow (KEW) Release 2 – November 2007 Labor Distribution Contracts & Grants Purchasing/Accounts Payable Release 3 – December 2008 Budget Construction Accounts Receivable Capital Asset Management System (CAMS) Effort Reporting (Labor Distribution) Purchasing/Accounts Payable (cont.)

  12. Key Features of the KFS • Chart of Accounts (COA) • Transaction Processing (TP) • General Ledger (GL)

  13. Chart of Accounts Flexible Chart of Accounts • Account identification number • Higher Ed specific attributes • Function Code • Fund Group • Restriction Status • Sub-Account, Sub-Object and Project Code as needed • Numerous attributes linked to Account • Multiple Charts if needed • Extended Attributes

  14. Chart of Accounts COA Conceptual Data Model

  15. Transaction Processing Key Features • Electronic documents (e-Docs) • Built-in edits before routing for approvals • Business Rule driven • Workflow routing for approvals • Only fully approved transactions posted • General Ledger Pending Entries

  16. Financial Transactions Advance Deposit Auxiliary Voucher Budget Adjustment Cash Receipts Cash Management Credit Card Receipts Disbursement Voucher Distribution of Income and Expense General Error Correction Indirect Cost Adjustment Internal Billing Journal Voucher Non-Check Disbursement Pre-Encumbrance Procurement Card Service Billing Transfer of Funds Year End Documents Transaction Processing (cont.)

  17. Transaction Processing (cont.) Business Rules & Workflow Routing • Maintained by Financial System Parameters and Workflow Rules • Functional users can maintain and create business rules and workflow routing • Institutions can customize based on their policies

  18. General Ledger • Key Features • Encumbrances • Carry forwards and reversions • Special attributes/functionality for sponsored programs and appropriations • Fiscal year-to-date and project year-to-date balances • Sufficient Funds checking • Validation and error handling (Scrubber)

  19. General Ledger (cont.) • G/L Automated Entries • Flexible Cash Offsets • Capitalization of Assets • Plant Indebtedness • Cost Share Transfers • Indirect Cost Recovery

  20. General Ledger (cont.) G/L Balance Inquiries • Available Balances by Account, Sub-Account, Object Code, Sub-Object Code • Account Balances by Consolidation • with drilldown to Object Code • Cash Balances • Various Labor Distribution inquiries

  21. Q&A ?

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