General Information and Funds Carried Forward

Please carefully review the closing dates on this website. Questions can be directed to your department financial manager or KFS Support. Additionally, please keep in mind the following:

  • Action List Reminders: During the final weeks of Period 12, KFS users will receive daily Action List reminders to help ensure a timely closing process.
  • Decision Support will be updated six nights per week, Sunday through Friday, during fiscal close (from June 30 through July 28). 
  • June “Final” Ledgers are anticipated to be available by the first weekend of August. 
  • Potential Accruals: Special attention should be devoted to the review of transactions processed in July for potential accruals. Please contact the KFS Support ( as soon as possible if a material transaction should be evaluated for accrual consideration. 
  • Review balances and financial responsibilities for your department to ensure a complete and successful fiscal close. 

In order to close in a timely manner, it is important that departments adhere to the cutoff dates outlined in this letter. In addition to meeting the cutoff dates, it is recommended that the following actions be taken in each campus department:

Ledger Reconciliation

Continue to reconcile monthly ledgers promptly.

KFS Suspense Account

Review the KFS Suspense Account Audit Report (RUCI158) to ensure that department salary and benefit expenses are not recorded against the KFS Suspense account (BF10002). Analyze transactions posted against the KFS suspense account and transfer them to the proper KFS accounts to appropriately reflect the transactions in the department’s financials for the current fiscal year. Salary expenses hitting the KFS suspense account will need to be transferred via the Direct Retro or Salary Cost Transfer process by the UCPath deadline for the transactions to be reflected in the current fiscal year.

Object Codes 9995 & 9999

Expenses recorded in object codes 9995 and 9999 must be transferred to the correct object code(s) prior to fiscal close. The Office of the President does not allow any expenses to be recorded under these object codes. Using the Fund Summary Report (FS0150D), check both the asset and liability boxes to see transactions posted to 9995 and 9999.

Unclaimed Electronic Payments

Unclaimed Electronic Payments Report under the “General Ledger - Campus Reports” section of KFS Decision Support to identify any unclaimed electronic payments. Use the KFS General Error Correction (GEC) to move an unclaimed payment to the appropriate object code and account. Ensure that all the supporting documents are attached to the GEC before submitting the GEC for approval. Departments should regularly review the Unclaimed Electronic Payments Report to ensure all payments are recorded properly and in a timely manner.

May Ledgers

Thoroughly review the May 2024 (period 11) ledger and make all necessary corrections and adjustments. Ensure all transactions are processed in time to reflect in the June 2024 (period 12) ledger. Departments cannot process adjustments after the period 12 ledger closes.

Accounts Open

Ensure that all accounts and sub-accounts with balances are open in order to carry forward budgets into the new fiscal year.

Income in Control Accounts

Income in control accounts must be budgeted and aligned for fiscal closing. Departments have the option of budgeting and aligning income and consolidation codes in operating accounts if they want to see aligned balances on various reports.

Accounting Lines

Review full accounting units (FAUs) provided to campus recharge units for recurring charges to ensure accuracy and to minimize corrections. Ensure that KFS accounts submitted to recharge units are not closed to avoid transactions being rejected or posted to the continuation accounts.

Recharge Units

Recharges should be processed in a timely manner. Recharge units must ensure that all recharges are completed for the same fiscal year at fiscal close.

Ensure Your Unit has Back-Up Delegate Approvers

Fiscal Officer Delegates – sometimes called Account Delegates – are KFS users that are authorized under certain circumstances to take workflow actions on a document in the place of an account's fiscal officer. An authorized delegate can take any action that is available to a fiscal officer, including the power to approve and disapprove transactions at the Fiscal Officer node.

Departments should set up delegates as backups for all accounts to avoid delays in the approval of documents when the fiscal officer is unable to take action.

Transaction Accrual/Deferral Criteria

Material transactions that are not recorded by the Period 12 deadline related to FY 2023-24 business must be accrued. To determine whether a transaction should be accrued or deferred for reporting purposes, UCI has established the following criteria:

Material transactions that are not recorded by the period 12 deadline related to FY2023-24 business must be accrued. To determine whether a transaction should be accrued or deferred for reporting purposes, the University has established the following criteria:

  • Services are performed in FY2023-24, but not billed (revenue accrual).
  • Revenue is received in FY2023-24 for services to be conducted in FY2024-25 and future fiscal years (revenue deferral).
  • The goods and/or services are received in FY2023-24, but the expense is not reflected in FY2023-24 campus ledger (expense accrual).
  • Expenses that are recorded in FY2023-24 for goods and/or services that will be received and/or performed in FY2024-25 and future fiscal years (expense deferral).
  • The transaction value is greater than or equal to the University’s accrual/deferral threshold, which is $10,000 for FY2023-24, with two exceptions:
    • For equipment, anything greater than or equal to $5,000 must be accrued.
    • For plant construction costs, anything greater than or equal to $35,000 must be accrued. Year-End Department Accrual (YEDA) documents cannot be accrued for plant construction costs. Departments must inform Accounts Payable (AP) about anything greater than or equal to $35,000.

C&G Accruals

If departments have any accruals for C&G funds, provide the information to Contracts and Grants Accounting (Griselda Duran at by Thursday, July 11. Emails requesting expense accruals on C&G funds must include the following: fund number, Purchase Order (PO) number, a brief explanation, and a copy of the invoice. Departments should not process any accruals for C&G funds.

Funds Carried Forward

Unrestricted Funds

  • Unrestricted funds can only be carried forward if they are in a positive status. Funds will be carried forward and re-appropriated in July 2024, in each departmental account/sub-account.
  • Campus departments are not required to take any action during fiscal close to carry forward these funds.
  • All unrestricted funds are required to be in a solvent condition at fiscal year-end. If you are unable to resolve this occurrence, contact the Budget Office at

Restricted Funds

  • Contracts and Grants - balances will be carried forward and re-appropriated in July 2024.
  • Gift Fund - accounts without current activities and small balances should be reviewed by departments and closed out.
  • Endowment Fund balances will be carried forward and re-appropriated in July 2024. Funds are required to be in a solvent condition at fiscal year-end.