The Kuali Financial System is a full-featured financial system that is tailored to the unique processes of higher education. The following features are available today, 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
- Route validated transactions to proper approvers
- Customize to meet the needs of any of your ERP systems
- Define workgroups and special approvers within your organization
- Tracks entire process online through routing log
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.
