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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:

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

financial statements. The general ledger is supported by various subsidiary ledgers that provide details for certain accounts in the general ledger. The general ledger is the foundation for the accumulation of data and reports.

The chart of accounts is a systematic numbering system for the accounting system. Accounts are means by which differing effects or transactions can be categorized or collected.

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