14.3 Baseline for Administration – Accounting

Needed capacities or functions -  Accounting

1. Accounting systems should be cloud-based and have the capacity to manage these functions: 

   1. chart of accounts that adequately meets reporting and management needs; 

   2. general ledger (“GL”), payables, receivables, and fixed assets; 

   3. allocate payroll; 

   4. properly allocating costs across funding sources and cost centers; 

   5. maintain client trust accounts; 

   6. segregation of funds within the accounting system by GL account; 

   7. tracking and accounting by funding source (e.g., receipts, expenditures, obligations);       

   8. tracking and accounting for capitalized assets (e.g., cost, accumulated depreciation, funding source(s), gains/losses from disposal; 

   9. collecting and reporting financial data for planning, controlling, budgeting, measuring, and evaluating direct and indirect costs; 

   10. fully describe transactions that flow to the GL through subsidiary journals; 

   11. financial reporting that is accurate, current, complete, and compliant with financial reporting requirements; 

   12. ability to require multifactor authentication ("MFA") for administrators and users to gain access to the system or use related technologies, such as single sign-on ("SSO") identity management; 

   13. user-specific access privileges; 

   14. open architecture to integrate with other systems and data sources, such as payroll and bank feeds; and 

   15. automated accounts payable and credit card applications are necessary.