Accounting

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:

The chart of accounts (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 the Office of the University Controller fall primarily under the responsibility of the 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.

University Accounting
Office of the University Controller
377 Pine Tree Road, East Hill Plaza
Ithaca, NY 14850

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