Departments and units will create and maintain their own sub-accounts, which can have up to five alphanumeric characters that are meaningful to them. Sub-accounts take on most of the attributes of the account to which it reports, including fiscal officer, account supervisor, account manager, sub-fund group, and higher ed function code.
Sub-accounts allow you to take advantage of the Financial Reporting Code. This is an optional sub-account attribute that can be defined by a particular organization and retrieved using decision support queries.
Activity in sub-accounts can be reported on separately or combined under the main account. They’re designed to meet the individual reporting needs of departments and units.
In the existing financial system, project and DUO (department use only) codes are used to track activity across accounts; for example, faculty activity, course budgets, special projects, facilities reporting, and the like.
In KFS, sub-accounts will provide this functionality. The examples below compare the legacy practice of using DUO codes with the new KFS sub-account model to track individual faculty activity expenses.
|In the Current Financial System||In KFS|
|Expenses associated with Professor Smith are recorded as DUO 123 and used across multiple accounts.
Expenses associated with Professor Jones are recorded as DUO 150 and used across multiple accounts.
|Expenses associated with Professor Smith are recorded as sub-account 12300 and used across multiple accounts.
Expenses associated with Professor Jones are recorded as sub-account 15000 and used across multiple accounts.
|Split Expenses Between Accounts – Travel Example|
|Professor Smith’s travel expenses are split between two accounts using his DUO code of 123.||Professor Smith's travel expenses are split between two accounts using sub-account 12300.|
Transaction Processed for Professor Smith
Transaction Processed for Professor Smith
|Split Expenses Between Accounts – Salary Example|
|Professors Smith and Jones hire a research technician, whose salary is split between their two research projects.|
Research technician salary split between Professor Smith (DUO 123) and Professor Jones (DUO 150)
Technician Salary Expense:
Research technician salary split between Professor Smith (12300) and Professor Jones (15000)
Technician Salary Expense:
KFS also has a system that uses special sub-accounts to help track cost-share associated with Contracts and Grants accounts. This works by establishing specially coded sub-accounts as part of a Contract or Grant account. These sub-accounts also have a designated Cost Share account, which is the account providing the funds. Expenses applied to the cost-share (funding) sub-account are automatically reimbursed by the cost-share account via an automatic transfer of funds generated by the KFS Cost Share batch process, run nightly. This allows you to track what has been cost-shared for a particular contract or grant account, while still appropriately applying the expense to a different account.
The following attributes are accessed through the Sub-Account maintenance e-doc, which is used to create, edit, and copy sub-accounts. There are four 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||Chart code associated with the account associated with the sub-account||IT|
|*Account Number||Account number under which the sub-account will be created
To use the same sub-account code on several accounts, you must process an additional document for each additional account on which the sub-account will be used.
|*Sub-Account Number||Code to be entered in the sub-account field of the Accounting Lines tab of financial documents||F2010|
|*Sub-Account Name||Enter the long descriptive name. This name appears on the Accounting Linestab in financial documents as well as in searches and reports.||Fall 2010|
|Active Indicator||Select this option if the sub-account is active||n/a|
|Sub-Account Type Code||Code to indicate the type of activity on the sub-account. The field is editable only for the members of the KFS-SYS Contracts & Grants Processor role. It defaults to “EX” for others.
“EX” indicates the sub-account is used to segregate budget and actuals on an account.
|Financial Reporting Chart Code||Chart code associated with the organization that owns the assigned Financial Reporting Code||IT|
|Financial Reporting Org Code||Code for the organization that owns the assigned Financial Reporting Code||0001|
|Financial Reporting Code||Code used to define this optional attribute of sub-account that can be used for reporting.
Financial reporting codes can roll up to other financial reporting codes creating a hierarchy, similar to the way that organizations can map to other organizations. Decision support queries can be written to leverage information by financial reporting code hierarchy.
|This is as yet undefined.|
|Cost Sharing Chart of Accounts Code||Chart associated with the Cost Share account assigned to the sub-account||IT|
|Cost Sharing Account Number||Account number that bears the cost share expenses applied to the Cost Share sub-account||4321210|
|Cost Sharing Sub-Account Number||Sub-account number on the Cost Share account to which the cost share expenses should be applied
If this check box is not selected, cost share expenses are applied directly to the Cost Share account with no sub-account assigned.
This information determines how indirect cost should be calculated for expenses applied to this sub-account. It may be the same as the ICR information for the parent account or may be different. For example, a sub-account might be used to track expenses that record indirect costs at a greater or lesser percentage of direct costs than the rest of the account.
|Indirect Cost Rate ID||Required if the fund group code or sub-fund group code identifies the account as a Contracts and Grants account; otherwise not allowed. Identifies a specific Indirect Cost Rate applicable to contract and grant activity.||10: 0% Indirect Cost Rate|
|ICR Chart of Accounts Code||Chart associated with the account to which the indirect cost recovery revenue is applied||IT|
|ICR Account Number||Account to which indirect cost revenue should be applied||4321210|
|ICR Type Code||Type code that defines what kind of direct costs generate indirect costs on the sub-account||n/a|
|Off Campus Indicator||Select this option if the indirect cost recovery associated with the account reflects an off-campus rate (off-campus rates often differ from regular on-campus rates)||n/a|
341 Pine Tree Road, East Hill Plaza
Ithaca, NY 14850
|Accounting:||7:30 a.m. - 4:30 p.m., Monday - Friday|
|Payroll:||7:30 a.m. - 5:00 p.m., Monday - Friday|