Sent to the KFS-Update mailing list on July 13, 2017
Period 12 of the 2016-17 fiscal year will close on Friday, July 14. This is the last period in which departments—other than central Accounting—can make adjustments. During these final days, department financial managers should be reviewing ledgers and approving fiscal year-end Action List items before the deadline on July 14. Departments must close the fiscal year in a solvent condition, and all KFS documents must be in Final status to be included in the period.
Financial managers should be giving special attention to the following:
Final General Error Corrections and Budget Alignments
This is your last opportunity to submit any final adjustments or corrections for your ledgers, including General Error Corrections (GEC) and Budget Adjustments and Appropriations (BA/BAT). These types of e-documents must be approved by 8 p.m. on Friday, July 14.
Accruals and Deferrals
Departments should be completing any necessary accruals and deferrals using the Year End Department Accrual/Deferral (YEDA) e-document this week. Accrual and deferral entries are recorded based on a materiality threshold, which is $10,000 for the 2016-17 fiscal year. Some limited exceptions to the threshold can be found in the closing instructions. YEDA documents must be approved by the Fiscal Officer (or delegate) by 4 p.m. on Friday, July 14. All YEDA documents route to central office approvers for further review. Please include a detailed Explanation within the document, to clarify the reason for the accrual or deferral.
Income and Recharge Variances
UCI requires all accounts to end the fiscal year with an income variance of zero. Income must be aligned with budget to the extent of KFS Chart/Account/Object. Recharges only needs to be budgeted by Chart/Account. This must be done by Friday, July 14. To accomplish this, you will need to use the Budget Appropriation Transaction (BAT) e-document to increase or decrease your Income Budget so that it matches your actuals. This help guide explains this process in detail.
Overdrafts on Contract and Grant Accounts
With few exceptions, contract and grant accounts should never be in overdraft, and most existing overdrafts need to be corrected by the end of the fiscal year. See the Closing Steps for Contracts and Grants page for more information.
At the end of the day on July 14, any GEC, BA, BAT, YEDA, or AV documents for Period 12 of 2016-17 and Period 1 of 2017-18 that are not in Final status will be canceled by the system. Please wait until after July 14 to initiate fiscal year 2017-18 documents to avoid unintended system cancelation.
For more information about all of these topics, see the Fiscal Closing website.