Preparing for Fiscal Year-End Close

Sent to KFS-Update mailing list on April 20, 2015

This summer—for the first time in decades—UCI will be closing the fiscal year with a new enterprise financial system. In any year, fiscal year-end close is a complex process. With this in mind, UCI’s Central Office financial staff has already begun to focus to the upcoming year-end close.

The Kuali Financial System implementation team is currently designing, developing, and testing the fiscal year-end closing processes in KFS. The General Ledger team is currently drafting the campus closing letter with specific cutoff dates and instructions. To complement these efforts, we are requesting that our partners in the departments also begin preparing for fiscal year-end close.

What you can do to Prepare

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 preparation of fiscal year-end close it is recommended that the following actions be taken in each campus department:

  • Continue to promptly validate your monthly ledgers.
  • Continue to promptly address your KFS Action List.
  • Thoroughly review and resolve all open encumbrances that should be closed.
  • Review KFS accounts provided to campus recharge providers for re-occurring charges to ensure accuracy and to minimize adjustments/corrections.
  • 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.
  • KFS does not have a preliminary ledger snapshot.  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.
  • Consider Period 12 Ledgers to be your Interim Ledger.  Departmental adjustments cannot be processed after this ledger is closed.
  • It is necessary that income budgets align with actuals at year end for a variance of zero; and that expenditure activities are solvent.  To help manage this, a new Organization Account Status report has been developed.  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.

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 John Douglas or Benita Ma if there are circumstances or conditions that need to be considered for this first fiscal year-end close in KFS.

Your attention, cooperation, and patience in accomplishing the many tasks associated with achieving a successful 2014/15 Fiscal Year-End Close in UCI’s new KFS system are sincerely appreciated.

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