Chart of Accounts FAQ
What is the primary purpose of a chart of accounts? To support and validate entries into a general ledger.
What other functions does the KFS chart of accounts serve? Reporting, both internal and external; Internal controls and document routing; Framework for budget construction.
What are the key attributes of the Chart?
- multiple charts of accounts
- organizations and the organization hierarchy
- accounts and sub-accounts
- object code and sub-object codes
- object level codes and object consolidation codes
What are the benefits of having multiple charts?
- Ability to handle complex reporting structures
- Campus charts are not required to contain object codes unrelated to their activities (i.e. Cost of Goods Sold, Inventory, etc.)
- Auxiliary Charts are not required to contain object codes unrelated to their activities (i.e. Tuition, State Appropriations)
- Increased Information and Knowledge at the Campus Level
- Easy Access to Campus Level or Auxiliary Reporting.