KENTUCKY STATE UNIVERSITY
POLICIES AND PROCEDURES
POLICY TITLE:
General Ledger and Chart of Accounts Policy
VOLUME, SECTION & NUMBER:
ENTITIES AFFECTED:
All Divisions and Departments
ADMINISTRATIVE AUTHORITY:
Finance and Administration
Kentucky State University Board of Regents
The chart of accounts is the basis for the general ledger and the accounting system for Kentucky State University (KSU). General ledger accounts are used to keep track of transactions and how these transactions affect each asset, liability, revenue, expense, and net position account.
The Chief Financial Officer (CFO) of KSU controls the chart of accounts, ensuring that the chart of accounts meets the needs of the:
Organizational structure, divisions, and departments;
Internal financial management reporting; and
External and regulatory reporting requirements
The CFO approves the chart of accounts. The Controller maintains the approved accounts, including additions and deletions, with the accounting system.
The general ledger is defined as a group of accounts that supports the information shown in the major