The Future State of Accounts will:

• Replace the current FAU structure for recording financial transactions.
• Organize UCLA’s finances by clearly recording expenses, revenues, assets, liabilities, and equity to provide a transparent understanding of the university’s financial activities and position.  
• Organize data in a way that drives meaningful, flexible, and real-time reporting. 
• Support financial and management reporting by serving as the basis for the fiscal administration of UCLA’s funds, programs, projects, organizations, and activities.
• Serve as the common language for financial transactions. Some transactions may be created directly in the Oracle Cloud financial system while other transactions may be generated from other university or third-party systems or created through a local third-party application.