Accounting

An account payable is a liability on the balance sheet. An account payable balance increases as the money owed to providers increases and is shown by a credit entry. It decreases with the settlement or paying-off of money owed to providers – with a debit entry.

Accounts Payable is responsible for the following:

Accounting is more than counting money and keeping ledgers; it encompasses many different types of activities. It is a means to understand the present and plan for the future. It's about managing, recording, and reporting assets accurately to ensure the integrity and prosperity of businesses and institutions.

Accounting Services consists of many different areas that cover a range of functions. These functions work together, along with our campus partners, to accomplish appropriate stewardship of Cornell's financial assets.

For information on opening; maintaining; viewing, adding or editing; and closing accounts, see Set Up and Manage Accounts on the Financial Information Services website.

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 are 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.