Accounting Periods During Fiscal Close

Sent to the AFS-Update mailing list on June 30, 2020

To make the fiscal close process easier for departments, the following KFS documents will default to the June (JUN20PER12) accounting period from July 1 to 17: 

  • General Error Correction (GEC) and Restricted General Error Correction (GECR)
  • Budget Appropriation Transactions (BAT)
  • Auxiliary Voucher (AV)
  • Distribution of Income and Expense (DI)  (closes July 10)
  • Internal Billing (IB) and Service Billing (SB)  (closes July 8)
  • Procurement Card Document (PCDO) (approve by July 10)

These documents will revert back to their normal behavior – and the July 2020 accounting period – on July 18. Please also be aware of the following during fiscal year-end close:

  • BAs Default to July:

Because inception-to-date accounts have new budgets being created and transferred during this period, the Budget Adjustment (BA) e-document will not default to June (it will default to the period of “JULY 2020”). 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 in KFS, please note that the fiscal year and period all default to “current” Period 01 and fiscal year 2021 effective July 1.

  • Tip for GECs and GECRs:

The default period to post the GEC/GECR defaults to JUNE20PER12 when creating the document. However, when performing ledger lookups, users must be sure to change the fiscal year in order to find and import their transactions from the previous fiscal year. Initiators and approvers should ensure the correct fiscal period is selected before submitting/approving the document.

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