Are accounts self balancing?
Flexibility is being designed into the Kuali Financial System to allow institutions to determine where balancing offsets should post. For example, an Interdepartmental Billing unit may send in a charge and an income record without the necessary hit to cash. In this case the accounting cycle would generate the necessary hits to cash to balance both the expense and income transactions. Institutions will have the option to have balancing offsets post to the same account as the original transaction or identify an accounting string where the offset should post. For each account in the system you can set up an offset accounting string by object code (i.e., cash, accounts receivable, accounts payable, etc…), then if the scrubber determines a balancing offset is needed it will create it with the proper accounting string.
