It is one of the five major subsystems of the SCT company s Banner2 Series of administrative software for colleges and universities. The FAS System is able to communicate and interface with the University s other existing administrative systems. The FAS accounting system provides a complete financial budgeting and managerial reporting system that, due to its flexibility, is able to meet the financial reporting needs of the University. All funds are contained either in the General Ledger or the subsidiary ledger of the University s Accounting System.
Every fund is self-balancing, so that assets equal liabilities and fund balance.
All funds in the University s accounting system are categorized into major fund groups. Each fund in each fund group is assigned a separate six digit numeric value. Each fund within each major fund group must be assigned to a University department. A cost center is the lowest level of a discreet activity, whose financial transactions are to be recorded, monitored and maintained separately from all other cost centers. The individual who is responsible for a cost center, that is the individual who directly approves transactions that impact the cost center, is called the cost center administrator.