An account identifies a pool of funds assigned to a specific university organizational entity for a specific purpose. Accounts are the fundamental building blocks of KFS transactions, since one or more of them are always associated with a transaction.
Accounts for endowed and contract colleges will not be segregated as they are in the legacy system, a big change that will allow for more flexible and integrated reporting. Another change is in the seven-character KFS account: these don’t have inherent meaning as in the past, and departments can assign them however they wish. The department code, which is represented today by the first three characters of the account, will be replaced by the associated org code. Just one org can be assigned to an account.
Existing asset and liability accounts will become object codes in KFS, so any account might contain asset or liability activity. This allows KFS accounts to be “self-balancing,” which means for every individual account, total debits must equal total credits. Many common transactions will result in a “cash offset” entry in the account.
Sub-accounts will offer new ways to group activity within a single account. For example, in the legacy system, you might maintain multiple accounts for classes or semesters. In KFS, you can use one account for the course with a sub-account for each class or semester, enabling reporting for the course as a whole or by semester.
The many attributes of an account determine how it can be used in transactions, aid reporting, or drive special processes such as indirect cost calculation. There are three important new account attributes to be aware of in KFS: fiscal officer, account supervisor, and account manager. More about these is in the Account Responsibility section.
Account e-doc Maintenance tab | Sub-Fund Group Code | Account e-doc Account Responsibility tab | Account e-doc Contracts and Grants tab | Account e-doc Guidelines and Purpose tab | Account e-doc Account Description tab
The following attributes are accessed through the Account e-doc, which is used to create new accounts and edit or copy existing accounts. There are five sections (tabs) in the e-doc. Required attributes are noted with an asterisk (*). When a magnifying glass icon appears in the e-doc, you can click it to look up information from a list.
|*Chart Code||One of five KFS charts||IT – Ithaca Campus|
|*Account Number||A unique value of up to seven alphanumeric characters that identifies the account but has no inherent meaning.||4232321|
|*Account Name||A familiar name||Psychology 101|
|*Organization Code||The number for the organization to which the account belongs||0001|
|*Campus Code||Code for the physical campus||IT|
|*Account Effective Date||Date the account became effective. Note, an account may be used on financial transactions before its effective date.||07/01/2011|
|Account Expiration Date||Date the account expires
Business rules on transactions may prevent the use of expired accounts, or provide warnings when an expired account is being used.
This date must be equal to or greater than the current date and cannot be before the Account Effective Date. If it is not blank, Continuation Chart of Accounts Code and Continuation Account Number are required (See the Account Responsibility tab below)
|*Account Street Address||Street address where the account is managed||341 Pine Tree Road|
|*Account City Name||City where the account is managed||Ithaca|
|*Account State Code||Code for the state where the account is managed||NY|
|*Account Postal Code||Postal code assigned by the US Postal Service for the city where the account is managed||14850|
|Account Off Campus Indicator||Select this option if the account activities occur off campus||n/a|
|Closed?||Select this option if the account is closed
Closing an account is more permanent than expiring. Transactions cannot use a closed account. Only a system supervisor can reopen a closed account.
|*Account Type Code||EN = endowed
CC = contract college
MC = Weill Cornell Medical College
CS = consolidated subs and eliminations
FS = financial statements
|*Sub-Fund Group Code||Code that describes the source of funding for the account||Department Funds or Federal Appropriations|
|Sub-Fund Program||An additional attribute that identifies the specific program providing the funds||Smith-Lever|
|Account Fringe Benefit/Fringe Benefits Chart of Accounts Code/Fringe Benefit Account Number||Select this option if the account accepts fringe benefits. If not selected, a Fringe Benefits Chart and Account is required to indicate where these charges should be posted. The Fringe Benefit Account selected must allow fringe benefit charges.||n/a|
|*Financial Higher Education Function Code||Code used to indicate the purpose of the account||Instruction research|
|*Account Restricted Status Code||Code indicates whether account funds are one of the following:
T: Temporarily restricted
R: Restricted (equivalent to permanently restricted in the legacy system)
|Account Restricted Status Date||Date used if the Accounts Restricted Status Code above is “T.” This date signifies when the funds are targeted to become unrestricted.||10/31/2012|
|Endowment Chart of Accounts Code||To be determined with the development of the Endowment module.||n/a|
|Endowment Account Number||To be determined with the development of the Endowment module.||n/a|
The KFS account attribute called Sub-Fund Group Code provides a new method for relating an account to a fund. This is a required code and is centrally defined, so users will select it from a list. The Sub-Fund Group Code defines the source of funds that are found in that account. It can also be used for reporting purposes, in defining business rules, and routing.
The Sub-Fund Group Code will enable data to be consolidated into specific segments for reporting purposes. Examples are Department funds, Construction in Progress funds, Restricted Gifts & Endowment Income funds, and Federal Appropriations.
Every sub-fund group will be related to one fund group. Fund groups categorize the characteristics and limitations placed on the resources recorded in accounts. Examples of fund groups include general funds and contract and grant funds. The Sub-Fund Group can belong to one Fund Group only. Business rules may be based on the fund group.
Fund groups indicate the general category of funds and will be used to classify sub-fund groups into one of these categories:
|*Fiscal Officer Principal Name||The ID of the individual who is responsible for the financial transactions of a particular account and ensuring that they are compliant with university policies and procedures. At Cornell, the fiscal officer will be the Business Service Center (BSC) director. This does not mean the BSC director will have to approve every transaction; he or she can delegate the responsibility for approving certain transactions to BSC staff or others directly involved in the financial activity of the account. Fiscal officer approval delegation is set by account, and may be further defined by transaction type and/or dollar amount.||ewe2|
|*Account Supervisor Principal Name||The ID of the individual at the departmental level who oversees the management of an account at a level higher than the fiscal officer. The account supervisor cannot be the same person as the fiscal officer or the account manager. This role will rarely receive direct requests for action from KFS. A Reimagining Cornell Finance Initiative subcommittee is working on recommendations for a standard assignment of the account supervisor.||ewe4|
|*Account Manager Principal Name||The ID of the individual who is responsible for ensuring that funds are spent and managed according to the goals, objectives, and mission of the organization. They ensure that the funds are being spent according to a budgeted plan, and that the allocation of expenditures is appropriate to the function identified for the account. At Cornell, the account manager is the person responsible for the account (the "account owner").
For sponsored and/or research accounts, the principal investigator (PI), co-principal investigator, team lead, or other faculty will be the account manager. This will facilitate tracking all research for a faculty member or PI across campus. The account manager will be the same individual named as the account project director.
Faculty discretionary (research, salary recovery, start-up, etc.) accounts should designate the faculty member as the account manager, so all of their funds can be grouped together in a report selection or sort.
For other non-sponsored accounts, a Reimagining Cornell Finance Initiative subcommittee is working on recommendations for a standard assignment of the account manager role.
|Continuation Chart of Accounts Code/Continuation Account Number||These fields are required if the account has an expiration date. The continuation account is the account that accepts transactions being processed on the account after the account expiration date.||IT / 4232326|
|Income Stream Chart of Accounts Code/Income Stream Account Number||To be determined.||n/a|
|*Budget Recording Level Code||Code that indicates how the account is recording its budget. O: Object Code||O|
|*Account Sufficient Funds Code||Code that indicates how sufficient funds will be checked on the account. Sufficient funds checking can restrict expenditures made on the account based on the balance indicated. For example, Cash balance or Object Code balance.||A|
|Transaction Processing Sufficient Funds Check||Select this option if sufficient funds check should be performed on the account.||n/a|
|External Encumbrance Sufficient Funds Indicator||At implementation, this feature will not be active. It may be activated in the future.||n/a|
|Internal Encumbrance Sufficient Funds Indicator||At implementation, this feature will not be active. It may be activated in the future.||n/a|
|Pre-Encumbrance Sufficient Funds Indicator||At implementation, this feature will not be active. It may be activated in the future.||n/a|
|Object Presence Control Indicator||At implementation, this feature will not be active. It may be activated in the future.||n/a|
The attributes in this tab define information pertinent to Contracts and Grants accounts, how to define the way the account automatically generates and distributes indirect cost. The tab also collects information about the main or control account that is related to this account, and the CFDA number field categorizes grants for federal reporting. These fields are required if the account is identified as a Contracts and Grants account by its Fund Group or Sub-Fund Group.
|Contract Control Chart of Accounts Code/Contract Control Account Number||Code for the Chart of Accounts that the Contract Control Account Number belongs to and required if the fund group code or Sub-Fund Group Code identifies the account as a Contracts and Grants account; otherwise not allowed.
An account can be referenced as its own control account.
The Contract Control Account Number is the primary spending authority account for a contract that has been assigned multiple accounts in the system. Required if the fund group code or Sub-Fund Group Code identifies the account as a Contracts and Grants account; otherwise not allowed.
This is the one account that most reporting is based on. It represents more fully than any other the full functionality of the project and its corresponding expenditures and revenues.
|IT / 4232326|
|Account Indirect Cost Recovery Type Code||Code to identify a particular indirect cost recovery type. This code identifies a certain set of object codes that are excluded from indirect cost charges. Required if the fund group code or Sub-Fund Group Code identifies the account as Contracts and Grants account; otherwise not allowed.||22: excludes object codes for standard Modified Total Direct Costs Exclusions|
|Indirect Cost Rate||Cost recovery rate relative to direct costs spent in a particular fiscal year on Contracts and Grants that covers the cost of indirect expenses, such as light, heat, central administration, etc., that cannot be directly allocated to any particular sponsored project but nonetheless are real costs incurred by the institution as a result of participating in the sponsored project. Required if the fund group code or Sub-Fund Group Code identifies the account as a Contracts and Grants account; otherwise not allowed.||10: 0% Indirect Cost Rate|
|Indirect Cost Recovery Chart of Accounts Code||Chart code for the indirect cost recovery account that is receiving the indirect cost charged. Required if the fund group code or Sub-Fund Group Code identifies the account as a Contracts and Grants account; otherwise not allowed.|
|Indirect Cost Recovery Account Number||Account number that is receiving the indirect cost recovery income generated by the account. Required if the fund group code or Sub-Fund Group Code identifies the account as a Contracts and Grants account; otherwise not allowed.|
|CFDA Number||Code of Federal Domestic Assistance number used to identify Contracts and Grants accounts for a Federal A-133 audit. Required if the fund group code or Sub-Fund Group Code identifies the account as a Contracts and Grants account; otherwise not allowed.|
|CG Account Responsibility Id||A code used in workflow routing for specific transactions on an account that is associated with a particular funding source.||1: activity funded by National Science Foundation|
|*Account Expense Guideline Text||A description of the type of expenditures that take place in the account, explicitly stating expenditures that are unallowable in the account.||Expenses in this account can be used only to fund graduate scholarships for students majoring in “X” program. Only expenses that directly relate to these scholarships can be charged against this account. Examples of expenditures: stipend, tuition, fees, health care, and expenses related to thesis research.|
|*Account Income Guidelines Text||A description of the types of income (source of funds) that take place in the account, explicitly stating revenues that are unallowable in the account.||Income in this account can be transferred only from an Endowment fund. Other revenue for sales or services is not allowed in this account.|
|*Account Purpose Text||A description of the overall purpose of the account and the function it supports.||This account has been established to fund graduate scholarships for students majoring in “X” program.|
|Campus Description||Additional campus description||Ithaca|
|Organization Description||Usually the college or unit name||Department of Natural Resources|
|Responsibility Center Description||Usually the college or unit name||College of Agriculture and Life Sciences|
|Building Campus Code||Building Campus Code that uniquely identifies the campus for the building construction or improvement project represented by the account. Required if the Sub-Fund Group Code identifies the account as an account related to construction of a building; otherwise not allowed.
The functionality in the Capital Asset Management System (CAMS) module uses this information to capitalize construction related costs.
|Building Code||Building code. This code along with the building campus code identifies the campus and building for the construction or improvement project represented by the account. Required if the Sub-Fund Group Code identifies the account as an account related to construction of a building; otherwise not allowed.
The functionality in the Capital Asset Management System (CAMS) module uses this information to capitalize construction related costs.