Submit Accruals and Deferrals Starting July 11

Sent to the AFS-Update Mailing List on July 8, 2019

The Year-End Department Accrual (YEDA) e-document will be available for use starting Thursday, July 11. 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 4 p.m. on Wednesday, July 17.

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 2018-19 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. 

Reminder: Purchase Orders (encumbrances) do not need to be accrued. Invoices (Payment Requests and Credit Memos) that post to the wrong fiscal year may need to be accrued or deferred if they meet the materiality threshold. No contract or grant funding should be used on 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.

Sign Up to Get A&FS News in Your Email

Receive this news in your emaill by going to maillists.uci.edu/ and subscribing to these mailing lists:

  • AFS-Update for updates and news from the Accounting & Fiscal Services Department
  • UCI-DWH for Decision Support and Data Warehouse updates
  • PPS-Update for Payroll / Personnel Online System Announcements

You can unsubscribe using the same link. If you have questions or need help, please contact kfs@uci.edu or 949-824-7001.