Financial Detail Transactions

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Prerequisites

Prior to reading the instructions on Financial Detail Transactions, it is beneficial to review the following sections of the IU Accounting Standards Book to gain foundational information along with requirements and best practices:

  1. Accounting Fundamentals Section
  2. Chart of Accounts and General Ledger Section

Overview

Financial Detail Transactions is a data group that can pull a detailed record of all financial transactions housed in the general ledger (GL). Every financial transaction generated by a unit is recorded in the GL through a journal entry. This report provides the most-granular view of what makes up the financial statement balances and helps management prepare accurate and organized financial statements.

How Financial Detail Transactions Works

Financial Detail Transactions is designed to display the journal entry used to record each transaction and includes more information about the transaction such as date, amount, description of the entry, and a document reference number. Entries are created from Kuali Financial System (KFS) documents (i.e. General Accounting Adjustment (GAA) edoc), transactions from external systems (i.e. Student Information System (SIS)), or created during batch processing (i.e. Payroll).

It is important to note that KFS is updated in an overnight batch process occurring after 10 p.m. Transactions are not viewable in real-time but will be displayed one day after document is in final status or batch process has occurred.


Running the Report

Define the search parameters to return results relevant to your organization or to a specific account. The available search options in the Financial Detail Transactions are divided into two types: parameter options and output field selection.

Click Save Parameter Settings to save your parameters for future use of this report. For instructions on how to save settings, review the Save Parameter Settings document on the Controller's Office Reporting Tools page.