Sent to KFS-Update mailing list on April 24, 2015
Getting Ready for Fiscal Year-End Close:
New Report Provides Overview of Account Status by Organization
A new report, which provides users with a quick-glance overview of account status by organization, was recently added to KFS Decision Support. Keep reading for Instructions on how to use the Organization Account Status report.
Running the Report
To run the report, simply enter your Org Number, the Period, and click Run. If you enter the current period, you should be able to validate account Variances against the KFS Balances by Consolidation lookup.
» When reviewing the report as a tool to help prepare for fiscal close, income variances at year-end should be zero, and expense variances should be positive.
Budgeting Income so Variance is Zero
You may recall that one of the fiscal close steps in the old system was to align Income Budget with Actuals so that all income account balances were zero. Although we no longer have income accounts and instead have income object codes, the underlying concept is still an important fiscal close principle.
It is necessary that income Budget and Actuals align at year end to an account variance of zero so that expenditure budgets are neither over—nor under—stated. For instructions how to budget from income object codes (e.g. Rxxx, Sxxx, Txxx, 3900) to expense budget object codes (e.g. 0002, 0003, 0008), see the Budgeting Quick Start Guide.
Downloading to Excel
The Organization Account Status report is designed to enable easy download to Excel. As with all KFS data being exported to Excel, be sure to keep income and expenses separate. KFS values show as positive, regardless of whether they are debit-normal (expenses) or credit-normal (income and fund balance). As a result, it is easy to accidentally sum across accounting categories and inadvertently show an incorrect bottom line. Be sure to calculate the difference.
Warning: Special State Appropriations (180xx-181xx Funds)
Accounts involving special state appropriations (180xx-181xx funds) are still not showing correct balances in Decision Support reports due to a configuration issue. The issue will be fixed with the new 2015-16 fiscal year. In the meantime, use the KFS Balances by Consolidation to check the current status of any such accounts. This new report shows correct balances for most special state appropriations, but does not display correct balances for accounts with a permanent allocation of lottery funds.
Search by Award Criteria Feature Added to Account GL Detail Adhoc Report
The Account GL Detail Adhoc Report now has a new search feature that enables users to query based on award attributes associated with contracts and grant. This is in addition to the typical search features by Organization, Account, and Control Account.
Searching by Award Criteria
To search by award criteria, use the “Navigate to:” drop-down menu and select “Award Filters.” The Award Filter page will enable you to search based on criteria such as: Agency, Root Award Number, Project Director, Award Begin Date, Award End Date, Award Amount, or ICR Rate.
Once you select such criteria, you can also control what fields show on the output. To do so, go to “Navigate to:” and click on “Select Output Options”. The default view it to show you “Minimum Fields.” If you select “Customized,” you will have the ability to select which columns you want to show in the report. The far-right column has all of the award-related fields that you can add.
If you have questions or need help, please contact the KFS Help Desk at firstname.lastname@example.org or 949-824-7001.