rSmart Kuali Financials Features

Functionality Matched to Higher Education's Unique Needs

The following features are available today and are being used in production by colleges and universities.

General Ledger

Accounts are self-balancing or can post claim on cash to a control account
Functional users create policy-based business rules that are maintained by parameter tables

Chart of Accounts

Simple account identification number with transaction object codes
Numerous attributes linked to account identification number
Ability to handle complex reporting structures and multiple charts
Increased information and knowledge at the departmental level through the chart of accounts

Financial Transactions

All end-user-initiated transactions are electronic documents that are routed for approval before posting
All appropriate transactions validate data, verify funds and determine indirect cost recovery
All transactions create the accounting entries, can add approvals and attach supporting documentation

Standard Reporting and Balance Inquiry

Including or excluding pending entries, review balances by account, sub-account, object code and sub-object code
Ability to drill down to detail transactions electronically
Sort balances in any order and export details to an Excel spreadsheet for further manipulation
Standard reports include Consolidated Account and Object Code Status, Detail Transaction Report, Trial Balance Report and External Reporting Capabilities

Enterprise Workflow

Purchasing / Accounts Payable

Comprehensive, streamlined requisition to pay process for acquisitions
Immediate progress tracking of all purchases from encumbrance through to receiving
Full vendor maintenance capabilities with flexible criteria and B2B vendor shopping
Commodity code, 1099 and capital asset data collection

Labor Distribution

Maintains a labor ledger containing detail salary and wage by person, position, type of pay, and pay
Payroll encumbrances are recorded in the labor ledger as internal encumbrances - updated with each payroll closing

Contracts and Grants

Comprehensive system of proposal development through award document with reduced data entry and greater accuracy in the post-award data
Detailed budget builder including project risks, personnel and contingencies
Optional automatic cost-share capability ensures each cost-share sub-account is linked to a departmental account, and encumbrances, expenses and reimbursements are managed effectively
Calculation of indirect costs; entries made with each update

Accounts Receivable

Decentralized system allows departments to manage their own receivables
Payments are sent to a lockbox (internal or through a bank), which is processed centrally
Accounting entries are automatically generated through eDocs, which can be routed for approval or as an "FYI”
System allows for cash or accrual basis of accounting and flexible aging reports and credit terms

Budget Construction

Detailed budget construction process based on current budget and actual expenditures
Individual salary setting through this comprehensive budget construction process

Capital Asset Management

Tracks information using a series of documents for capital movable, non-movable and non-capital items
Tracks asset location, loans, repair history, depreciation, separation and eventual retirement through bar-coding technology
Comprehensive Inventory reports and inquiries

Endowment Management

Investment tracking and reporting
Investment participation (endowment and non-endowment) management and reporting including unitized transaction.
Budgeted and actual income projections (pooled funds and separately invested holdings)
Access to donor instructions
Manage available funds with searchable data elements describing the terms of use.

Effort Certification

Fully integrated with the labor ledger
Creates routable documents based on that labor ledger data
Customized reporting periods with changes creating automatic payroll transfers in the labor ledger.