Public and government accounting systems are organized and operated on a fund basis. The University of California’s accounting system is based on the principles of fund accounting. We receive funding from many different sources, among them: the state, federal and local governments, grants and contracts, gifts and donations, as well as student fees and various types of revenue we generate. Associated with each type of fund is a unique Account number to identify the source of the funding. A Kuali Financial System (KFS) account identifies the funding source, purpose and individuals reponsible for the financial transactions recorded within it. Accounts are segregated for the purpose of carrying on specific activities or attaining certain objectives in accordance with special regulations, restrictions, or limitations.
We are accountable to governments, agencies and donors for the way we spend their money, and as a non-profit, tax-exempt organization, the University is restricted in how it generates income. For these reasons, we have a detailed reporting system which allows us to demonstrate that funds were collected and expended in accordance with the restrictions placed upon them. This reporting system produces the General Ledger, which is our official financial book of records.
The information in the General Ledger is what is audited, and it is the basis of our yearly financial statements to the UC Regents. Within the General Ledger systems are utilized to represent accounting entities, such as account, sub account, object, sub-object, project, organization reference identifier (org ref id).
This guide will cover UCI’s Chart of Account structure, Accounting at UCI, and Workflow. This guide is highly recommended for users who process financial transactions, budget for a department or organization, or use financial reports.
Rollups, Reports To and Chart of Accounts Hierarchy
UC Irvine records financial data in the Kuali Financial System, a comprehensive financial system that helps the university meet financial reporting standards.
All transactions have a set of attributes that help define and categorize financial data. Attributes tagged to a transaction can belong to a hierarchy or a rollup that summarizes data for reporting.
The Chart of Accounts
The Chart of Accounts (COA) is a set of tables that define the coding structures within the Kuali Financial System (KFS). Its purpose is to support and validate entries into a general ledger. It also serves other functions such as reporting, internal controls and document routing. The Chart of Accounts is defined by a hierarchy that begins with the Chart, Organization, Account, and then Object Code.
What Charts are Used at UCI?
The University of California of Irvine uses 5 charts: