FIACCT 01-01.00 FINET- overview of using FINET

Effective: July 1, 1994
Revised: February 27, 2017
Reviewed: February 27, 2017

Purpose

This policy provides an overview of the State’s accounting system, FINET.

Background

The Financial Information Network (FINET) is a web-based, automated financial management system
that accommodates governmental accounting, budget control, and reporting. Personnel in various
departments specify the data to be entered in FINET. Users may edit data after it is entered as well as
perform various accounting and bookkeeping functions. In addition, data may be selected, formatted, and
summarized into ledgers, tables, and reports, which are used by state accountants, financial managers, and others in performing their daily responsibilities.

Definitions

Document: The recording of data related to an accounting event. In the DAS Division of Finance accounting policies, the terms “document” and “transaction” are used interchangeably.

Document Listing: A temporary storage place for transactions that are waiting for completion, corrections, approvals, or processing. Completed (accepted) transactions remain on the Document Listing until archived by the DAS Division of Finance.

Reference Tables: Tables that contain centralized information used by the system during processing
and reporting. There are two types of reference tables:

1. System-maintained tables are updated automatically by FINET as a result
   of transactions processing. Users cannot directly update these tables.
2. User-maintained tables are updated either by users or by the DAS
   Division of Finance.

Transaction: The recording of data related to an accounting event.