Sent to the AFS-Update Mailing List on April 29, 2019
The end of fiscal year 2018/19 is fast approaching, and central office financial staff are hard at work preparing for the upcoming fiscal close. We expect the closing process to be relatively routine for campus this year with few exceptions. The Accounting team is currently drafting the campus closing letter with specific cutoff dates and instructions.
To complement this effort, we are requesting that our partners in the departments also begin preparing for fiscal year-end close. This year's fiscal closing process will follow the same general timeline as the previous year's schedule. For the campus at large, closing procedures will be completed with the June (Period 12) Ledgers in July. Click here for information about UCI’s fiscal periods. In preparation of fiscal year-end close it is recommended that the following actions be taken in each campus department:
- Continue to promptly validate and reconcile your monthly ledgers.
- Continue to promptly address your KFS Action List, and ensure your unit has back-up secondary delegate approvers.
- Begin finalizing all new and edited sub-object codes as soon as possible to have the sub-objects codes automatically included in the next fiscal year.
- Thoroughly review and resolve all open encumbrances that should be closed.
- Review KFS accounts provided to campus recharge providers for recurring charges to ensure accuracy and to minimize adjustments/corrections.
- Beginning in early May, departments should start reviewing their object codes for any credit balances. Using the Object Code Balance Report and selecting “credits only,” you will be able to return a list of all credit objects. Departments cannot close the fiscal year with a credit balance in a non-payroll object code for year-to-date (non-C&G) accounts.
- Thoroughly review the May (Period 11) ledgers and make all necessary adjustments. If transactions are not on the ledgers, research them and make sure that they will be processed in time to appear on the June (Period 12) ledgers.
- Consider Period 12 Ledgers to be your Interim Ledger. Departmental adjustments cannot be processed after this ledger is closed in July.
- Cutoff dates for processing all financial transactions, accruals/deferrals, and budget transactions for June (Period 12) will be communicated in the fiscal year-end closing letter and at the closing workshops.
- It is necessary that all income budgets, including recharge, on all control accounts align with actuals at year end for a variance of zero; and that expenditure activities are solvent. To help manage this, please review the Organization Account Status Report. This report is intended to be a “quick glance” overview of accounts and funds that are not solvent, and income that needs to be budgeted.
- Period 13 adjustments should be kept to a minimum. The Accounting team recommends that your unit now review and assess how fiscal year-end closing cutoff dates can be successfully achieved. Please consult with your local financial management now for any assistance in positioning your unit to accomplish the fiscal year-end cutoff schedule.
The campus fiscal year-end closing letter that addresses specific cutoff dates and other actions will be sent in May. Please do not hesitate to contact the KFS Helpdesk if there are circumstances or conditions that need to be addressed to ensure your unit’s successful fiscal year-end close. Your attention, cooperation, and patience in accomplishing the many tasks associated with achieving a successful 2018/19 Fiscal Year-End Close are sincerely appreciated.