Sent to the KFS-Update mailing list on June 30, 2017
This update includes:
To make the fiscal closing process easier for campus departments, the following KFS documents will default to the June (JUN17PER12) accounting period from July 1 to 14:
- General Error Correction (GEC)
- Restricted General Error Correction (GECR)
- Auxiliary Voucher (AV)
- Distribution of Income and Expense (DI)
- Internal Billing (IB)
These documents will revert back to their normal behavior and the July 2017 accounting period on July 15.
BA and BAT eDocs will Default to July
Because a new year and new budgets are being created and transferred during this period, the Budget Appropriate Transactions (BAT) and Budget Adjustment (BA) e-documents will not default to June (it will default to the current period of “JULY 2017”). However, users can select June in the drop down of the document if making budgetary transfers or re-alignments.
General Ledger Balance and Entry Lookup
When performing ledger balance or any entry lookups inside KFS, please note that the Fiscal Year and Period all default to Period 01 and Fiscal Year 2018, effective July 1.
Tip for GECs and GECRs
The default period to post the GEC/GECR defaults to JUNE17PER12 when creating the document. However, when performing any ledger lookups, users must be sure to change the Fiscal Year in order to find and import their transactions, from the previous fiscal year.
Accounting and Fiscal Services has created a new guide to help campus staff determine how long documents must be retained to comply with University of California record retention policies. Knowing what records to keep and for how long is challenging. This guide includes links to UC resources as well as simplified guidance for campus units. View the Document Retention for Accounting page to learn more.
Accounting and Fiscal Services has created a guide to help fiscal officers understand the process of budgeting for income. This information is particularly useful at this time of year because, as a general rule, UCI requires all accounts to end the fiscal year with an income variance of zero. The guide walks KFS users through the process of determining if you have an income variance, and how to correct them. The Budgeting for Income Guide is available now.
Like last year, four essential financial reports will be run every morning and saved for later use to keep track of daily changes in Accounts. These FYE Snapshot reports will be run and saved beginning on July 1 and ending with the report for July 14. Reports that are being run in the early morning and saved are:
- Ledger Reconciliation
- Account Summary
- Account Transactions
- Fund Summary
Archived reports for each account will be available via the KFS Ledger Monthly Snapshots link, which can be found the next day in the Decision Support portlet under the General Ledger-Campus Reports heading. For Instructions on how to access the saved reports, see the Snapshots guide.
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You can unsubscribe from this mailing list using the same link. Accounting and Fiscal Services news and announcements can also be found online at www.accounting.uci.edu. If you encounter a problem with KFS or need help, contact your department’s financial expert or the KFS Help Desk at firstname.lastname@example.org or 949-824-7001.