General Information and Funds Carried Forward

Please carefully review the closing dates on this website. Questions can be directed to your department financial manager or KFS Support. Additionally, please keep in mind the following:

  • Action List Reminders: During the final weeks of June, KFS users will receive a daily Action List Reminder to help ensure a timely closing process.
  • Decision Support will be updated six nights per week, Sunday through Friday, from June 28 through July 26.
  • June "Final" Ledgers are anticipated to be available by mid-August.
  • Potential Accruals: Special attention should be devoted to the review of transactions processed in July for potential accruals. Contact the KFS Support at kfs@uci.edu as soon as possible if a material transaction should be evaluated for accrual consideration.
  • Review balances and financial responsibilities for your department to ensure a complete and successful fiscal close.

Transaction Accrual/Deferral Criteria

Material transactions related to FY 2026 that are not recorded by period 12 deadline must be accrued or deferred as appropriate. To determine the correct treatment for reporting purposes, the University has established the following criteria:

Accruals recognize activity that occurred in FY 2026 but has not yet been recorded:

  • Revenue Accrual: Services are performed in FY 2026, but the related revenue has not yet been billed.
  • Expense Accrual: Goods and/or services received in FY 2026, but the related expense is not yet reflected in the campus ledger.

Deferrals recognize payments received or recorded in FY 2026 that relate to future fiscal years:

  • Revenue Deferral: Payment is received in FY 2026 for services to be performed in FY 2027 and/or future fiscal years.
  • Expense Deferral: Expenses are recorded in FY 2026 for goods and/or services that will be received and/or performed in FY 2027 and/or future fiscal years.

Thresholds

A transaction must meet or exceed the University’s accrual/deferral threshold to be reported. For FY 2026, the general threshold is $10,000 with the following exceptions:

  • Equipment: Any amount greater than or equal to $5,000 must be accrued.
  • Plant Construction Costs: Any amount greater than or equal to $35,000 must be accrued. Year-End Department Accrual (YEDA) documents cannot be used to accrue for plant construction costs. Departments must notify Accounts Payable (AP) for any plant construction costs that meet this threshold.

C&G Accruals

Goods and services received by June 30 and not processed/approved by AP should be accrued.

For C&G fund accruals, submit a request to C&G Accounting by no later than July 13, 2026, with the following at a minimum: fund number, PO#, copy of the invoice, and a brief explanation. Do not use Year-End Department Accrual (YEDA) document for C&G fund accruals. Contact: Griselda Duran (griseld@uci.edu).

In order to close in a timely manner, it is important that departments adhere to the due dates outlined in the Calendar of Deadlines and Important Dates. In addition to meeting the cut-off dates, the following actions are recommended for each campus department:

Ledger Reconciliation

Continue to reconcile monthly ledgers promptly.

KFS Suspense Account

Review the KFS Suspense Account Audit Report (RUCI158) to ensure that department salary and benefit expenses are not recorded against the KFS Suspense Account (BF10002). Analyze transactions posted to BF10002 and transfer them to the appropriate KFS accounts to properly reflect the transactions in the department’s financial statements for the current fiscal year. Salary expenses posted to BF10002 must be transferred via the Salary Cost Transfer (SCT) process by the deadline in the Calendar of Deadlines and Important Dates. Any transactions still in the suspense accounts after this date will be transferred to the department default account.

Object Codes 9995 & 9999

Expenses recorded using object codes 9995 and 9999 must be transferred to the correct object code prior to fiscal close. OP does not allow any expenses to remain under these object codes. Using the Fund Summary Report (FS0150D) , check both the asset and liability boxes to see transactions posted to 9995 and 9999.

Unclaimed Payments

Review the Unclaimed Electronic Payments Report to identify any unclaimed electronic payments received. Use KFS document General Error Correction (GEC) to move unclaimed payments received to the appropriate object code and account. Ensure all supporting documents are attached to the GEC before submitting for approval. Departments should regularly review this report to ensure all payments received are recorded properly and in a timely manner.

Undistributed Check Payments

Review the Undistributed Check Payment Report to identify any unclaimed check payments received. Departments should submit a claim form including supporting documents to the Central Cashier at cashiers@uci.edu to claim an undistributed check. Financial Services will process a GEC to move the unclaimed check payment received to the appropriate department object code and account. Departments should regularly review this report to ensure all payments received are recorded properly and in a timely manner.

May Ledgers

Thoroughly review the May 2026 (period 11) ledger and make all necessary corrections and adjustments. Ensure all transactions are processed in time to be reflected in the June 2026 (period 12) ledger. Departments cannot process adjustments after the period 12 ledger closes.

Accounts Open

Ensure that all accounts and sub-accounts with balances are open in order to carry forward budgets into the new fiscal year.

Income in Control Accounts

Income in control accounts must be budgeted and aligned for fiscal close. Departments may also budget and align income and consolidation codes in operating accounts if they wish to see aligned balances on various reports.

Accounting Lines

Review full accounting units (FAUs) provided to campus recharge units for recurring charges to ensure accuracy and minimize corrections. Ensure that KFS accounts submitted to recharge units are not closed to avoid transactions being rejected or posted to continuation accounts.

Recharge Units

Recharges should be processed in a timely manner. Recharge units must ensure that all recharges are completed for the same fiscal year at fiscal close.

Base Budget

Review and adjust all income base budgets for funds that your unit owns to align with next fiscal year’s unit/department plans. Enter projected income/recharge base budgets as an “Increment” on the Budget Appropriation Transaction (BAT). This includes all student fee budgets (UC2xxxx control accounts) including Professional Degree Supplemental Tuition (PDST), Self-Supporting Graduate Professional Degree Program fee (SSGPDP), Course Materials and Services Fee (CMSF), and campus-based fees. Student fee funds must close with a positive or zero balance. Before fiscal close deadlines, clear any base budget deficits by consolidation code. For student fee/tuition funds unique to a program, run a fund summary query on the UC control account (not the org) to capture all related revenue.

Ensure Your Unit has Back-Up Delegate Approvers

Fiscal Officer Delegates – sometimes called Account Delegates – are KFS users that are authorized under certain circumstances to take workflow actions on a document in the place of an account's fiscal officer. An authorized delegate can take any action that is available to a fiscal officer, including the power to approve and disapprove transactions at the Fiscal Officer node.

Departments should set up delegates as backups for all accounts to avoid delays in the approval of documents when the fiscal officer is unable to take action.


Funds Carried Forward

Unrestricted Funds

  • Unrestricted funds can only be carried forward if they are in a positive Funds will be carried forward and re-appropriated in July 2026, in each departmental account/sub-account.
  • Campus departments are not required to take any action during fiscal close to carry forward these funds.
  • All unrestricted funds are required to be in a solvent condition at fiscal year-end. If you are unable to resolve this, contact the Budget Office at budgetoffice@uci.edu for assistance.

Restricted Funds

  • Contracts and Grants balances will be carried forward and re-appropriated in July 2026.
  • Gift Fund accounts without current activities and small balances should be reviewed by departments and closed out.
  • Endowment Fund balances will be carried forward and re-appropriated in July 2026. Funds are required to be in a solvent condition at fiscal year-end.