Check Your Accounting Period

Tips for Working on FY 2014-15 Transactions in the New Fiscal Year

Sent to KFS-Update on July 2, 2015

Fiscal Year 2015-16 began on July 1, 2015. Many users performing KFS General Ledger lookups or initiating certain transaction documents may have noticed that the Accounting Period in KFS defaults to July 2015 (Period 1 of Fiscal Year 2015-16).

However, June 2015 (which is labeled “JUN15PER12” in the system to indicate that it is Period 12 of Fiscal Year 2014-15) remains open for finalizing certain financial transactions, particularly General Error Corrections (GEC) and Budget Adjustment/Appropriation Transactions (BA/BAT). For financial documents that have an Accounting Period dropdown, all initiators and approvers should be paying attention to the accounting period of their document. This will help ensure transactions post to the desired fiscal period and year.

Location of the Accounting Period Drop-Down in the Doc Overview tab

Additionally, when performing any KFS General Ledger Lookups, in order to search for transactions or balances in the previous fiscal year, users will need to ensure the Fiscal Year field displays 2015, rather than the current-year default of 2016.

Make sure the fiscal period in the General Ledger Entry lookup shows the correct year

More information about the deadlines for various transactions for 2014-15 Fiscal Year-End Close can be found at http://www.accounting.uci.edu/fiscalclose/

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