FAST: Financial Accounting SysTem

The system utilized by the University of South Florida for financial transactions and reporting is a software product developed and sold by PeopleSoft, a company owned by Oracle since 2005. FAST (Financial Accounting SysTem) is the USF acronym that designates this software as implemented in 2003 and used by the university.

FAST consists of a number of "modules," designed to be used alone or in tandem, as needed. Purchasing (PO) is onesuch module. Other modules also used by USF and implemented in July 2003 are:

• Accounts Payable (AP)
• General Ledger (GL)
• Budgets (BU)
• Asset Management (AM)
• Accounts Receivable (AR)
• Billing (BI)
• Grants Management (GM)
• Capital Construction – Project Costing (PC)
Implemented 2008
• Travel and Expense (EX)

Working within the FAST framework are other important processes:

• Workflow - approval routing (WF)
• Commitment Control - budget checking (KK)
• Security