Accounting

Moving to KFS changed some of our financial working processes. Two significant changes to current practices are described here:

Key Points | Principles for Consistent Org Use | KFS Organization Types | Organization Hierarchy | Organization Attributes

There will be six KFS charts within the chart of accounts, but the Ithaca chart (IT) is the one most of campus will access and use. Data concepts are the same among the charts, but values like accounts and object codes may be different. The charts map at a high level for consolidated financial reporting.

When setting up an account in KFS, a Higher Ed Function Code (HEFC) is required. The HEFC is a four-character alpha/numeric attribute that indicates the specific purpose of the activity recorded in the account.

The HEFC is used for indirect cost calculations, administrative charge calculations, and required schedules in the financial statements.

Higher Education Function Codes and Descriptions (XLSX, 23 KB)

The table below displays Cornell revenue object codes, along with their names and descriptions and limits for their use. The table is sortable by clicking on the row headers. To search the table in your browser, use CTRL (for PC) or Command (for Mac) F and type in your search criteria. Your browser will find your keyword(s) on the page for you.

In KFS, sub-object codes are an optional part of the accounting string that allow departments and units to create finer distinctions within object codes on an account.

In KFS, four-character object codes represent all income, expense, asset, liability, and fund balance classifications that are assigned to transactions and help identify the nature of the transaction. Object codes are defined centrally with broad definitions so that they are available for use by more than one organization. They are specific to a chart and a fiscal year.

Key Points | Account Attributes

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.

The KFS accounting string consists of seven elements: