Download Financial Code Structure Subsystem User Manual Version 12 2002

Financial Code Structures - Introduction
1.3.
Chapter 1
OVERVIEW OF CODE STRUCTURE SUBSYSTEM
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The Financial Code Structures have been designed with two primary aims in mind,
namely:
∗ flexibility in the accounting structure to the extent that every institution can specify its
own structure to suit unique requirements
∗ incorporation of the specific requirements of STATS Reporting in the
accounting structure. By keeping the rather complex STATS aspects at the high
level of cost centre and account definition, the normal users of the system need not
concern themselves with this aspect, whilst the STATS Statements can be
produced as standard reports from the system.
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Each Allocation Account in the General Ledger consists of a Cost Centre part and an
Account part, and reporting or queries can focus on either of the two. The two parts
can be summarised as follows:
∗ Cost centres represent the destination of transactions or the “where” of different
types of costs, and as such normal financial reporting like Trial Balances, Income
and Revenue Statements and Balance Sheets can be produced at this level. Cost
Centres can be linked to Fund Groups, Program Classification, CESM's and
Departments for STATS and management reporting purposes. The user can also
define various ways of consolidating Cost Centres, and the number of levels is
unlimited.
∗ Accounts represent the type of cost or revenue. When accounts are created, the
STATS reporting aspects must be specified as well, thus ensuring that STATS
reports may be produced with the minimum of additional user involvement.
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Transaction Types, with predetermined GL-Allocations , can be created to speed
up the processing of transactions. Transactions are handled in a consistent manner in
all the financial modules, and all transactions originating in other ITS modules are
posted to the General Ledger.
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Budgeting Module forms part of the ITS Financial System ({FRM}), and provides
various user-defined consolidated figures in respect of both the current and previous
years.
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If the Budgeting Module is not available to your institution, budgeted amounts can be
updated on the General Ledger as normal journals. This type of journal will only refer
to the “budget field” and when orders are issued, commitments are controlled against
the availability of funds in the relevant GLA.
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Copyright ITS
Version 12 - 2002
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