FACES-Fund Accounting for Colleges and Educations Systems

Deposits may be entered as one daily bank deposit, maintaining separate student organization sources in one flexible and detailed transaction. This greatly reduces the need for tedious individual deposits for each organization.

Organization transfers, credits and debits allow the bursars office to adjust accounts and move funds using standard  accounting practices. 

Payments to vendors in the system may be entered for multiple organizations. If several different organizations have payments due to the same vendor these may be combined into one payable transaction.

Bank reconciliation provides auditing functions against asset accounts. This ensures all the income and expenses have been entered and the books are accurate. Period closing controls access to reconciled transactions.

FACES  includes the following reports

(partial list):

· Account Statements

· Deposit Detail

· Payment Detail

· Period Reports for Assets, Income & Expense, Organizations, and Vendors

· Annual Reports for Asset and Organization Accounts

· Adjustment Detail 

· Cash Receipts & Disbursements

· Income & Expense

· Organization Transfer Detail

· Outstanding Check

Computer printed checks reduce the overall time the business office spends on processing payments for all the student organizations.

There are four (4) unique transfer functions in FACES. These automatically transfer the amount to or from each organization’s account and the business office accounts. E-mail notification of

the transaction is sent to all affected organizations.

1. Generate Sales Tax Transfer

On a monthly basis, this function will calculate the taxable income liability by organization. This allows a single sales tax check to be written.

2. Generate Interest Distribution Transfer

The monthly interest earned from your banking institution can be input and a percentage distributed to each organization based on its average daily balance.

3. Generate Postage Transfer 

This function lets the business office calculate and deduct the percentage from each organization for the monthly postage used to mail checks.

4. Generate Audit and Supervision 

This robust function permits the business office to charge each organization a monthly fee based on the average daily balance or a flat fee.