Whats the General Ledger?
Is it the same as the FRS General Ledger? The KFS General Ledger is the database where the transactions and the chart of account information are stored. In FRS, the General Ledger was an account type that kept track of assets, liabilities and fund balances. The Subsidiary Ledger (SL) keeps track of revenues, expenses, budgets and encumbrances. In KFS there is an account, that is self balancing, the assets and liabilities and revenues and expenses are all in one account. KFS has the option to establish alternate offset accounts and we will be using this feature with our state accounts.
