Sent to the KFS-Update mailing list on June 29, 2018
UCI requires all KFS control accounts (UCnnnnn) on year-to-date funds to end the fiscal year with an income variance of zero. Additionally this year, income variances on Gift Funds will need to be aligned. Budgeted income on KFS control accounts must be aligned with actual income by KFS Chart, Account, and Object. Income budget alignment entries must be complete by July 18.
There is no requirement that non-control accounts (Operating Accounts) in KFS end the fiscal year with an income variance of zero, but if departments want to see income budgets equal actual income on FY 17-18 reports, then entries to align budgeted income must also be recorded by July 18. Whether income variances are zero or not on non-control accounts, the budget carryforward process will post any budget surpluses to the unallocated budget object code (0008) by Account/Sub-Account in FY 18-19 Period BB.See the Guide to Budgeting for Income for more information.