Sent to the KFS-Update mailing list on July 13, 2016
Period 12 of the 2015-16 fiscal year will close on Friday, July 15. This is the last period in which departments—other than central Accounting—can make adjustments. During these final few days, department financial managers should be reviewing ledgers and approving fiscal year-end Action List items before the deadline on July 15. Departments must close the fiscal year in a solvent condition, and all KFS documents must be in Final status to be included in the period.
Financial managers should also be giving special attention to the following:
Final General Error Corrections and Budget Alignments
This week is your last opportunity to submit any final adjustments or corrections for your ledgers, including General Error Corrections (GEC) and Budget Adjustments and Appropriations (BA/BAT). These types of e-documents must be approved by 8 p.m. on Friday, July 15.
Accruals and Deferrals
Departments should be completing any necessary accruals and deferrals using the Year End Department Accrual/Deferral (YEDA) e-document this week. Accrual and deferral entries are recorded based on a materiality threshold, which is $10,000 for the 2015-16 fiscal year. Some limited exceptions to the threshold can be found in the closing instructions. YEDA documents must be submitted by 4 p.m. on Friday, July 15.
Income and Recharge Variances
UCI requires all accounts, sub-accounts, and income/recharge object codes to end the fiscal year with an income variance of zero (i.e. budgeted income minus actual income must equal zero). To accomplish this, you will need to use the Budget Appropriation Transaction (BAT) e-document to increase or decrease your Income Budget so that it matches your actuals. This help guide explains this process in detail.
Overdrafts on Contract and Grant Accounts
With few exceptions, contract and grant accounts should never be in overdraft, and most existing overdrafts need to be corrected by the end of the fiscal year. If you need help addressing an overdraft, contact the Contracts and Grants Office.
At the end of the day on July 15, any GEC, BA, BAT, YEDA, or AV documents for Period 12 FY2016 and Period 01 FY2017 that are not in Final status will be canceled by the system. Please wait until after July 15 to initiate fiscal year 2016/17 documents to avoid unintended system cancelation.
For more information about all of these topics, see the Fiscal Closing website.