1003 Accounting System Maintenance
Subject Area: Accounting
Responsible Office: Financial Services
Sponsor: Associate Vice President for Finance
Originally Issued: October 1992
Revised: March 1997, January 2010
Refer Questions To:James Ribikawskis, 773-702-3690
Purpose: Maintenance of the Financial Accounting System (FAS) is necessary to ensure financial accounting and reporting integrity.
- Financial Services is responsible for the maintenance of the FAS.
- All requests to create new accounts (funds) must be accompanied by proper documentation and approved by Financial Services. Additional approvals, as indicated below, are necessary for the following accounts:
- All Accounts: Department or Division
- Sponsored Projects Accounts (Grants and Contracts): Office of Research Administration
- Accounts will be established in appropriate fund groups to reflect the nature of the revenues to be generated and/or the purpose of the expenditures to be incurred. (See Financial Policy, No. 1002.)
- All changes to account attribute codes and other account specific information must be approved by Financial Services.
- Departments are required to notify Financial Services, on a timely basis, of the following:
- Any organizational change affecting responsibility for account administration.
- Any accounts to be deleted such as inactive unrestricted accounts or restricted gift accounts for which the gift has been expended.