KFS Account Types

KFS offers various account types to cater to different financial needs and reporting purposes. The main account types include:

• Control Account (CA): Represents a fund, with specific rules and restrictions on what can be recorded. Expenses cannot be recorded on a control account.
• Current Funds (CF): Used for managing current operational funds.
• Loans (LN): Accounts designated for loans.
• Plant (PL): Accounts related to physical plant investments.
• Retirement of Indebtedness (RI): Used for managing funds related to debt retirement.
• Renewal and Replacement (RR): Accounts for funds allocated for renewal and replacement purposes.
• Request to Approve Spending (RS): Accounts that require approval for expenditures.
• Unassigned (UN): Accounts that have not been categorized.
• Unexpended Plant (UP): Accounts for funds that have not yet been utilized for plant investments.

Each account type serves a distinct purpose within the Kuali Financial System (KFS), ensuring accurate financial reporting and management.

KFS Broker Account Opening Process

To open a KFS broker account, follow these steps:

• Access the KFS System: Log in to the Kuali Financial System (KFS) using your authorized credentials.
• Account Creation: Navigate to the account section and select "Create New" to initiate the account setup.
• Fill Out Account Document: Complete the account e-document, categorizing your new account for university reporting purposes.
• Review and Approval: Submit the account for review. The appropriate individual in the Division of Financial Affairs (DFA) will approve the account based on its characteristics.
• Status Tracking: Check the status of your account e-document in your KFS action list to ensure it is processed.
• Continuation Account: If the account has an expiration date, designate a continuation account to accept transactions post-expiration.

This process ensures that all accounts are set up properly for financial management within the KFS framework.