Select Financial Transaction eDocs will Default to June 2016 Accounting Period During Fiscal Close

Sent to the KFS-Update mailing list on July 1, 2016

Based on user feedback, the KFS team has modified selected financial transaction e-documents so that the Accounting Period dropdown will default to June 2016/Period 12 while departments are engaging in closing activities from July 1- 15. The Accounting Period determines what Fiscal Year and Period the document will post to on the General Ledger.

Document types that will have their Accounting Period dropdown defaulted to Period 12:

  • Document Overview tab showing the accouting period drop down menu with Period 12 as the defaultGeneral Error Correction (GEC)
  • Restricted General Error Correction (GECR)
  • Internal Billing (IB)
  • Service Billing (SB)
  • Distribution of Income and Expense (DI)
  • Auxiliary Voucher (AV)

As of July 1, all initiators and approvers should pay careful attention to financial documents that have an Accounting Period dropdown, ensuring that the correct accounting period is selected for the document. This is critical for budget allocations and transfers, where users will be working in two separate fiscal years to transfer, reallocate, and align funds. For Budget Appropriate Transactions (BAT) and Budget Adjustment (BA) e-documents, the default Accounting Period will be for the current 2016-2017 Fiscal Year (July 2016). Users will need to use the Accounting Period drop down to select the previous fiscal period/year as appropriate.

General Ledger Balance and Entry Lookup
General Ledger Lookup showing 2017 fiscal year

When performing a General Ledger Entry lookup or searching for Available Balances inside the KFS General Ledger, make sure the correct Fiscal Year is selected first. When creating GEC documents and importing General Ledger Entry transactions, please note that the Fiscal Year automatically defaults to the current fiscal year of 2017. Users will need to change the Fiscal Year display field to 2016, to view and select prior year transactions.

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