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 one such 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