Mod3 SLP: Information flows and financial management - Coursework Example

SLP: Information Flows and Financial Management of the of the Information Flows and Financial Management What I Did During the Test Drive As directed by my instructor for the purposes of this assignment, I tried out the Kuali test drive. I concentrated on the first two scenarios, namely, (1) entering a Project Code and (2) Creating a Transaction for the transfer of funds between accounts. The Kuali Financial System uses e-docs to update its infrastructure. An e-doc is the basis for entering transactions into the system.

The KFS routes the document to its approvers depending on its nature and importance (wiki.kuali.org). We start with the Main Menu tab and use the Project Code in the Lookup and Maintenance section. Then we create a new project code by selecting Create New. We next see a New Project form on the screen, complete with ID number automatically given by the system. You can lookup values for a field as well. We then enter values in the form, especially filling in all the fields with an asterisk, as they are required fields.

The system also recognizes data type mismatches and duplicate entries and sends in error prompts automatically. When we have finished entering data and records, we click on Submit to submit the e-document. If all is well the screen changes and we are presented with a Review screen containing the details of our inputs. You can review and correct the information you have entered if there is a need to. The next step is to route the inputs through a Route Log. If you click the Refresh button, the document goes to Final.

The document is then pending approval and when this is done, the entire process is completed. Scenario 2 is about creating an e-document for the transfer of funds. This refers to transferring funds among accounts in the system. Starting at the Main Menu, we click on Transfer of Funds in the Transactions section. We then create a new e-document for transfer of funds. We have to complete the details of the accounts being affected, from which account are the funds being transferred and to which account.

Once you have completed the description and looked at the Overview section, you can press Submit to complete the entry. You can also lookup accounts and descriptions to reuse them. After all this is complete, you submit the e-document for routing as done in the Scenario 1 exercise. Click the submit button to make sure that your input has been successfully submitted and is waiting approval, after which the transactions is finalized and become part of the system. There is also an option to search for and look at all transfer of funds transactions in the KFS.

My Evaluation of the System To be fair, the KFS closely approximates the manual recording of transactions, where the voucher used to be the main primary document for recording transactions. Later, a system was devised and special journals created whereby all similar transactions were grouped and recorded in Special Journals like the Sales and Sales Returns Journal, Purchases and Purchases Returns Journal, Cash Book and Petty Cash Journal. The KFS thus also gives us the opportunity to record similar transactions together, as shown in the Transfer of Funds example.

Though it will take an accountant some time to understand how the inputs are done and what transactions can be grouped together, an experienced person should become proficient in the new system in two weeks to a month in my estimation. But he or she needs to be led through the steps of the entire accounting cycle, from journal entries to final accounts as reflected by the Income Statement and Balance Sheet. Only then will they be said to have a proper and full understanding of the KFS. Questions I have regarding the use of the Kuali Financial Information System One thing that was not covered is the end of year adjustment for accruals etc.

and other adjustments that are invariably made by the accountant. The system is quite complex and has a number of scenarios that need to be mastered. But once an experienced accountant gets the hang of it and knows how transactions are to be recorded, it will become easier and faster for him to do so as time goes by. All in all, the Kuali Financial System was quite comprehensive and a wide range of common scenarios has been explained in the Driver’s Manual. References The Kuali Test Drive Drivers Manual 4.1. Accessed on 20 June 2011 at https://wiki.kuali.org/display/KULDOC/Drivers+Manual+4.1