The University's accounting system is referred to as the Financial Accounting System (FAS). For more information on the system itself, please click here. The structure of FAS is divided between General Ledger (GL) accounts (i.e. balance sheet accounts) and Subsidiary Ledger (SL) accounts (i.e. statement of activity accounts). For more information on the structure and attributes of FAS, please refer to the FAS User Manual. This manual includes definitions of GL account controls, SL subaccounts, entry codes, FAS attributes, etc.
Budget Entries are typically loaded into FAS at the beginning of the fiscal year as part of the annual budget process, which is coordinated by the University Budget Office. Mid-year budget revisions or transfers can be done in ACCTS by the LBCs and Financial Services. For questions regarding mid-year budget revisions/transfers, please contact genaccounts@uchicago.edu.
Journal Entries (cost transfers) are the transfer of non-discrete transactions between FAS accounts. For example, if a divisional FAS account is providing a financial support to unit unrestricted FAS account, these transfers are typically done via JE. These entries are typically lump sum entries and therefore, in many cases are not the appropriate entry for grant/contract accounts due to award accounting requirements. Journal entries are processed within the ACCTS Cost Transfer module.
Expenditure Transfers are the transfer of individual FAS transactions from one FAS account to another FAS account. These transactions allow a clear audit trail of transfers between accounts and can be used to transfer revenue or expenditures. These are most commonly utilized on grant and contract accounts. Expenditure transfers are processed within the ACCTS Cost Transfer Module.
Interdepartmental Orders are payments for services/supplies between University departments. These entries provide more information than journal entries or expenditure transfers as they demonstrate the quantity/price being charged for the good/service. Additionally, this tool in ACCTS allows users to route the form to the respective department to identify the appropriate FAS account to be debited, if not know by initiator, and approve the entry. Interdepartmental orders are processed within the ACCTS Cost Transfer Module.
Useful Resources:
For more information about ACCTS see the link to ACCTS on the Accounting Systems page.
ACCTS Home Page accts.uchicago.edu
For questions or help with any of the above contact: genaccounts@lists.uchicago.edu