Sent to the KFS-Update mailing list on July 7, 2017
This update includes:
All campus units must submit their accruals and deferrals, final budget alignments, and error corrections no later than Friday, July 14. No exceptions will be made. Departments must close the fiscal year in a solvent condition. All KFS documents must be in Final status to be included in the period.
Non-Final Period 12 and Period 1 Documents will be Canceled
At the end of the day on July 14, any GEC, BA, BAT, YEDA, or AV documents for Period 12 of 2016-17 and Period 1 of 2017-18 that are not in Final status will be canceled by the system. It is recommended that any fiscal year 2017-18 documents be initiated after July 14 to avoid unintended system cancelation. If a transaction in a canceled document should be recorded in Period 1, it will have to be re-entered or copied.
The Year-End Department Accrual (YEDA) e-document will be available for use starting this Saturday, July 8. KFS users who need to submit accruals and deferrals for expenses and income that exceed the fiscal year-end threshold of $10,000 should use the YEDA to do so no later than Friday, July 14.
Which Expenses and Income must be Accrued or Deferred?
Accrual and deferral entries are recorded based on a materiality threshold, which is $10,000 for the 2016-17 fiscal year. Individual transactions should be evaluated for accrual/deferral based upon this threshold and, if necessary, be recorded to the appropriate fiscal year using the YEDA e-document.
The threshold of $10k applies to most expenses and income, but some limited exceptions are listed in the fiscal closing instructions. Generally, items less than $10K should not be accrued or deferred unless there are special circumstances. If you are not sure if you need to create an accrual or deferral transaction, please discuss the potential transaction with your unit’s financial management. If questions still exist contact General Accounting.
Per Fiscal Year-End Closing instructions, the Edit and Copy feature in the Account Lookup in ZotPortal is disabled until July 17. This was done intentionally to limit account changes and creation during Fiscal Year-End Close. The Account Global document is still available for changing Fiscal Officers and other Account Responsibility attributes. Please contact Contracts & Grants Accounting if you have a C&G Account that requires a modification.
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