A major part of the year-end closing activities involves the generation of special closing-related financial transactions. Once again, the special year-end documents will be made available in the KFS FP environment to accommodate the year-end closing activities.
Financial transactions that need to be processed after the normal June 30 month end face certain limitations and conditions (due to year-end closing) that are discussed in this article. The year-end closing documents will be used to process transactions during a specified period within July and the corresponding General Ledger Entries will be posted to either period 12 or period 13 of fiscal year (FY) 2015–2016, depending on the date of approval.
The normal processing of financial documents consists of three stages: initiation, routing/approval, and final approval. A document’s corresponding ledger entries are not reflected on the general ledger or standard reports until the final approval is completed. The only way to identify unapproved financial documents is through the Document Search function.
Many financial documents that are initiated but not approved prior to June 30 will automatically be disapproved. To ensure that financial documents intended for the current fiscal year (2015–16) have final approval before June 30, it is important for you to identify these unapproved financial documents and to contact persons in the routing chain.
Note: Certain types of financial documents (Auxiliary Vouchers, Cash Receipt, Non-check Disbursement, PCDO, and Disbursement Vouchers) are not disapproved at year end, but upon final approval will post to whichever fiscal year is current.
When the specific document number is known, perform a Document Search and open the document. Click on the "Route Log" icon to bring up the Document Route Log.
In the Route Log, the following information is available:
- Route Status indicating if the document still needs approvals (ENROUTE) or has all required approvals (PROCESSED or FINAL).
- The Action Taken tab shows users who have previously acted on the document and when they acted.
- The Pending Action Requests tab shows users who still need to act on the document at its current stage of routing and the Time/Date it arrived at that stage. If the Action column indicates “In Action List Approve,” the document is with that user now. If the Action column indicates “Pending Approve” it will route to that person once the current approval requests are fulfilled.
- The Future Actions tab will show routing that will take place after all the approval requests in the Pending Action Requests tab are complete. To view these click the Show button on this tab.
- Each tab identifies who was notified and you can click on the person or group name to see more information
When specific document numbers are not known, you may want to see a listing of all of the documents that you have initiated which have not yet been approved. This can be helpful near the end of a month as well as at the end of the fiscal year, when you need to make sure that certain entries are posted within a specific accounting period.
To do this, go to Document Search and near the top click Advanced. Enter a Document Type of KFS, enter your user ID in the Initiator field, select Document Status ENROUTE and click Search.
Click on the document number to open a document from your search results. To see the route log, click on the “Route Log” icon on the document and review the information to determine what actions remain to be taken on your document
Many financial documents that were initiated prior to June 30 and are not approved as of the night of June 30 will be automatically disapproved.
NOTE! The only exceptions to this automatic disapproval process will be unapproved Auxiliary Voucher, Cash Receipt, Non-Check Disbursement, Procurement Card Document, and Disbursement Voucher documents.
These financial documents will not be automatically disapproved. If approved after June 30, they will book to Fiscal Year 2017. Please note that if a Disbursement Voucher should be posted to Fiscal Year 2016, the document must be fully approved by Wednesday, June 29 before 5 P.M.
Salary transfers are not financial documents and these are not automatically disapproved at year-end.
Year-end closing documents are used to book a transaction to the prior fiscal year (FY15-16) after June 30 to final closing. These documents are clones of the existing corresponding documents, with the exception that when users select them, they will see a warning message confirming that they are using a year-end document, and asking if they want to continue. The year-end documents will be included in the Financial Processing and Labor Distribution sections of the KFS portal.
The year-end closing documents include the following:
|Distribution of Income/Expense||YEDI|
|General Error Correction||YEGE|
|Transfer of Funds||YETF|
The fiscal period on the associated ledger entries for these documents will be updated with the following periods based on the date the document was approved:
|Between June 30 and First Closing||Period 12|
|After First Closing to Final Closing||
- The YE documents will be made available on July 1.
- The YE documents become unavailable after final closing, and all unapproved year-end documents will be automatically disapproved at the end of the day on July 25.
- Like the financial documents, the year-end closing documents will be available to any FP user.
Routing for the YE documents is different from the normal financial documents. Routing is based on the organization of the accounts used within each document. Specific routing entries will need to be generated for these document types at the organization level. Organizations can initiate an Organization Review Document (via the COA group) to set up appropriate routing for YE documents.
YE document approval needs to be set up at the organizational level, and each specific document type has to be entered. These documents are not part of the document type of "KFS."
Any year-end document that is unapproved after the final closing will be automatically disapproved and routed back to the initiator.