The changing interaction of finance, information, and technology - Essay Example

The information systems are nowadays getting pace in different sectors of day to day life and business. The financial systems find wider applicationsof information systems and management. Kuali is a community providing financial information systems. It is a society of various educational, business and other firms supporting to create and maintain “open-source administrative software for higher education, by higher education.” (About the Kuali Community). The vision for Kuali community was identified by their members as “open, modular, and distributed systems for their software requirements.

” (About the Kuali Community). It offers financial systems called KFS which is our current focus. To analyze what is happening in the system can be identified using test drive option in Kuali site.Accounts are created for storing personal data and financial information connected to the person. The username ‘khuntley’ is used for log in. The entire system turned out to be an easier approach in information storage, retrieval and fund transfers as well. KFS through simple steps facilitates transfer of funds via Fiscal officer who is responsible for handling all such transactions in KFS.

Only transfer between assets of same user is transferable which will not involve any financial transfers between users; in such cases Fiscal officer objects to. Ledger balance can be analyzed using the facility in KFS. General Ledger account details are visible with the ledger facility. The monthly details as such can be seen in this page of KFS. The test drive now reached at a point where entire financial details of a user are stored and are ready for transactions at any requisite point. Disbursement of voucher is done to divide the transaction into two different accounts.

This step has been followed in KFS to reduce the potentiality of duplicate payments in disbursement voucher documents. Payment reason codes are used to control various business rules and entities that have to be paid. The various tabs in disbursement voucher are used based on method and reason for payment. For finding disbursement of voucher, document search is conducted. eDoc is considered as simple purchase requisition. Accounting lines are used for each line and this can be done easily by ‘set up distribution’ button.

After entering the email and telephone number of requestor, the requisition form is submitted.Route log tab will be shown in the 6th scenario. When the route log tab is opened, ‘show’ button is clicked to find the future action request. “Back door log in as rorenfro to approve the requisition.” (Driver’s Manual 30). After the transaction, the proposals are looked into and if required new proposal can be created. The clicking of ‘submit’ button indicates that the document is submitted successfully.

The test drive provides a smooth path through various procedures involved in storing and retrieving of financial records of a person or organization. The entire system turns out to be complex storage of financial data appearing as a simple and authenticated information system to a user due to its structure and interactions. The essential criteria of an information system are simplicity, authenticity, accuracy, efficiency etc. which are all visible in Kuali Financial System. It will, in fact, suit any applications related to financial management.

But, a query remains unanswered; will this replace groups of existing accountants completely?Works CitedAbout the Kuali Community. Kuali Foundation. 2009. Web. 16 Jan. 2010. .Driver’s Manual. Kuali Test Drive. Web. 16 Jan. 2010. .