Kuali Financials is an enterprise higher education financial system and supports the accounting needs of colleges and universities. It supports governmental accounting that is unique to higher education.
Some of these unique features include:
- Tracking revenues and expenditures by fund sources and higher education function codes
- Cost Share Accounting
- Indirect Cost Recovery
- Project to Date reporting
- Effort Certification
Kuali Financial modules include:
- Accounts Receivable (AR), including Contracts & Grants Billing
- Capital Asset Management (CAM)
- Chart of Accounts (COA)
- Contracts & Grants (CG)
- Effort Certification (EC)
- Financial Processing (FP)
- General Ledger (GL)
- Labor Ledger (LD)
- Pre-Disbursement Processor (PDP)
- Purchasing and Accounts Payable (PURAP)
- Vendor (VND)
The Accounts Receivable module is used for billing non-student receivables. The module is used to create invoices, record payments, issue credit memos, track outstanding receivables, and maintain historical data regarding customer charges and payments. This module also includes functionality for managing invoicing activities related to Contracts and Grants.
The Capital Asset Management module allows users to create and maintain documents related to both non-movable and movable capital assets. The Capital Asset Management (CAM) module allows you to track purchased assets, assets received as gifts, and assets that have been transferred or found. The CAM module also has a process that extracts potential capital asset transactions from the Purchasing / Accounts Payable and General Ledger modules.
The Chart of Accounts (COA) is the set of tables that define the codes and coding structures within Kuali Financials, including attributes such as charts, organizations, accounts and object codes. The COA exists to support and validate entries into the General Ledger (GL). The account and other COA attributes are associated with additional attributes, such as the fund group or organization associated with an account, or the object level that is associated with an object code. Defining these attributes and their various relationships is how the financial structure of an institution is defined. By leveraging the COA, your institution can organize its information to support activities such as document routing, management of internal controls, and internal and external reporting.
The Contracts & Grants module contains minimal tables for supporting Proposals, Awards and Contracts & Grants Billing.
The Effort Certification module automates the creation of Effort Certification documents. The documents are used to certify the percentage of effort an employee funded by or cost-shared on a sponsored agreement worked on a particular project. Effort Certification documents route for approval and may be modified to correct the distribution of effort. When the document is fully approved, a Salary Expense Transfer is created to align the Labor Ledger and General Ledger with the newly certified effort.
This module provides documents that allows users to create transactions that post to the General Ledger, such as, Cash Receipt, Disbursement Voucher and General Ledger Transfer.
The General Ledger contains the financial transactions that are created via Kuali Financials documents, fed in from external systems or created during batch processing. The batch process scrubs data to ensure transactions are valid and creates offsets to ensure the GL balances. In the event a transaction is invalid, all entries associated with that transaction are demerged and can be corrected via the General Ledger Correction Process document. The batch process also creates capitalization, indirect cost recovery and cost share transfers. Several Balance Inquiries are available to provide access to real time balances and encumbrance details.
The Labor Ledger sits between an institutions payroll system and the General Ledger and manages the accounting aspects of compensation-related expenses such as salaries and benefits.
The Pre-Disbursement Processor (PDP) extracts Payment Requests, Credit Memos and Disbursement Vouchers and receives files from external systems in order to create check and ach files. Once disbursements are processed, GL entries are created to relieve liabilities or post expenses.
The Purchasing and Accounts Payable (PURAP) module allows users to request materials and services, generate and transmit purchase orders, and process invoices and credit memos received from vendors.
The Vendor module manages businesses or other entities that can be used as payees on Disbursement Vouchers and Vendors on Requisitions and Purchase Orders.