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.
Cornell’s chart of accounts (COA) will change when we begin using the Kuali Financial System (KFS). The COA is the information stored in KFS that defines the codes and coding structures that enable KFS to record transactions in the general ledger. These are defined in ways that enable Cornell to meet its operational, managerial, and external financial reporting needs.
The chart of accounts stores six main types of information:
The accounting functions within DFA fall primarily under the responsibility of Associate Controller.
Accounting provides guidance to the units on general ledger transactions and monitors accounting practices in the areas of invested funds, restricted gifts, and other general accounting topics. It also, along with Financial Information Services (FIS), produces the university's annual audited financial statements.
