Fiscal Officer Overview

Fiscal Officer

A fiscal officer is someone who oversees all financial/budgetary aspects of the accounts that they have been assigned.  This includes overseeing all aspects of a Kuali (KFS) account, which includes using the appropriate Full Accounting Unit (FAU) and the appropriate use of funds when approving transactions.  Fiscal officers are granted this authority at the discretion of the department head who, per policy 330-10, is responsible for approving the department's transactions.

Fiscal officers should always remember they have an obligation to the university and the community to be good stewards of the resources that have been entrusted to us.  We meet these obligations by:

  • Processing properly and accurately all receipts and disbursements of funds.

  • Accounting for all financial resources received and used.

  • Ensuring that all financial transactions conform to legal requirements and administrative policies, and are recorded in accordance with generally accepted accounting principles for colleges and universities.

  • Providing reports that present to university administrators and the public a complete picture of the university's funds and their uses.

Fiscal officers also have a responsibility to:

  • Be familiar with university accounting.

  • Promote effective communication among those involved in the department's financial transactions, including Principal Investigator's (PI's).

  • Create and/or approve appropriate FAU elements (e.g., accounts, sub-accounts, sub-objects, projects).

  • Review transactions to make sure goods and services are consistent with the account purpose.

  • Monitor accounts for compliance with funding requirements, the project budget, and university policies.

  • Be aware of extramural funds responsibilities when managing extramural/sponsored funds (see Contracts and Grants Accounting website for details).

  • Ensure PI's receive regular and understandable information about the activity occurring in their accounts.

  • Promptly resolve overdrafts and promote timely corrections to the ledgers.

  • Understand appropriate use of accruals and deferrals.

  • Ensure accuracy of accounts receivable, clearing and other balance sheet accounts.

  • Perform the Analytical Ledger Review monthly.

Fiscal officers must follow separation of duties policy.  No one person shall have complete control of a financial transaction.  Kuali has been updated to force the separation of duties between the initiator and the approver.  If a fiscal officer initiates a transaction the document will route to their delegates.  For more details regarding separation of duties, see PPM 330-11

FAQ

How are documents routed?

To learn how documents route visit the KFS Routing and Approvals website.

How do I update a fiscal officer on an account?

To learn how to update a fiscal officer on an account visit the KFS Chart of Accounts document help pages

Please remember that it is easier and less time consuming to change the fiscal officer on multiple accounts by using the KFS Account Global (GACC) document.

How do I update or change an account delegate?

To modify or remove a delegate you will need to use the Account Delegate Document or the Account Global Document.  To learn more about these documents visit the All About Account Delegates page.

It is strongly recommended that every account have at least one non-primary delegate that can approve all transactions regardless of dollar amount.

What should I do to prepare for business staff separation or leave of absence?

When a fiscal officer separates from UC Davis or is on a leave of absense you should remember to:

  • Update the fiscal officer for the accounts they are assigned to.  For help visit the KFS Chart of Accounts document help pages.

  • Remove the individual as a delegate if they have separated.  This is not necessary if the person will be returning to work, but consider adding another delegate if there is no one else assigned.  For help visit the All About Account Delegates

  • Review your Organization Review to see if changes are needed.

  • Review roles and access in other non KFS systems (i.e. PPS, OPTRS, TRS, MyTravel)


Supplemental content

Fiscal Officer Menu