KFS Advantages
Kuali Financial System Advantages
The primary advantages of the Kuali Financial System are the 1) flexible and robust workflow with which Kuali Financials integrates; 2) increased internal controls; 3) additional transactional attributes, such as, sub-account and sub-object code to facilitate management reporting at all levels of the University and 4) an electronic Effort Reporting system to ensure continued research funding.
Additional advantages of the Kuali Financial System include:
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Purchasing Card control - transactions are loaded from the bank into an eDoc that is deposited into an approvers inbox - if the account is changed, it will route via workflow to the owner of that account. Additionally, we can build business rules that transactions meeting certain criteria must be reviewed centrally - and/or we can receive acknowledgements of risky transactions. |
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Tagging transactions at the time of creation - departments will have 5 departmental fields that they can use to tag transactions - hopefully minimizing the need for redundant data entry and re-keying of transactions to meet their management needs. These fields include, sub-accounts, sub-object codes and project codes - all facilitate reporting and budgeting at a finer level |
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Flexible workflow - workflow can be configured by document type and/or any attribute that is part of the transaction, ie account and associated attributes, object codes and associated attributes, sub accounts, sub object codes, project code and amount - eg Budget Changes greater than $10,000 using a Vet Sci account can be set up to route to the College of Ag's Deans Office, while a Budget Change created by Humanities can take a different path. |
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Flexible Chart of Accounts - departments will be able to create sub departments to group accounts within their departments for reporting and workflow while still maintaining the institutional reporting and roll up hierarchy. |
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Online Account and Payroll Balance Inquiries that facilitate drill down from the highest level to the detailed transaction and the document. Additionally, all inquiries can be downloaded into excel spreadsheets. |
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| ? | The entire system is maintained by secure eDocs - thus reducing the need for constant developer interaction - functional users have more control. | |
| ? | Financial Transactions facilitate uploading transactions from an excel spreadsheet into the eDocs. | |
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The system is changing, but for the most part, the language and codes are not -we will be using our current department numbers, object codes and accounts. |
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Application consistency - all "screens" in the system look the same across all modules of the Financial System. |
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The Kuali Financial System will replace existing systems moving us closer to a single sign on and with most applications in one place - for example, SPINS, PET, eRFAA, eDDF, webJE, Arizona Buyways and Procurement Card will be replaced with the Kuali Financial System. |
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The KFS Labor Ledger module will allow users to drill down into salary and wage details from within the Financial System, saving time and ensuring consistency between PeopleSoft Payroll and Kuali Financials. |
