The Accounting and Financial Reporting area of the Accounting Office ensures the proper recording and classification of all revenues, expenses, assets, liabilities and fund balances by properly maintaining the Chart of Accounts of the General Ledger, and overseeing account setup and the assignment of attributes to accounts.
This office also ensures accounting entries (KFS FP eDocs) follow basic accounting principles, and have proper supporting documentation and proper approval. This allows for proper accounting of all of the University’s assets, liabilities, fund balances, including cash, fixed assets and debt. Accounting entries of $100K or higher are approved by the Director of Accounting.
We ensure that the financial statements of the University are presented fairly in all material respects and in conformity with accounting principles generally accepted in the United States of America (GAAP) and the Governmental Accounting Standards Board (GASB).
The office has oversight over the following areas:
- Maintenance of the Chart of Accounts of the General Ledger including account setup and edits
- Financial accountability and compliance including KFS Financial Processing eDoc approvals
- Payroll accounting
- Foundation / scholarship accounting
- Debt and internal loan accounting
- Annual, quarterly, and other financial reports
- Oversight of KFS Object Codes