Year-End Closing Overview

This page provides important information about the Fiscal Year 2017 year-end closing process at a glance.

Reports

  • First closing standard reports will be available in the IUIE on Friday, July 7.
  • Final closing standard reports will be available Tuesday, July 25.

Payroll

  • The accrued vacation and sick liability for appointed positions (PA, PAE, PAU, PAO, and PB) in general fund and auxiliary accounts is calculated based on the liability at May 31, 2017.
  • The bi-weekly payroll B022071417 ending July 1, paid on July 14, will be accrued 100%.
  • The monthly payroll will be paid on Friday, June 30.

Accounts Payable

  • Between Saturday, July 1 and Wednesday, July 5, all invoices dated prior to July 1 that are entered and approved by Accounts Payable will have their associated General Ledger entries posted into period 12. Beginning Thursday, July 6, the General Ledger entries for all invoices will be posted to the new fiscal year the day the invoice is entered into KFS.

Travel Management Services (TMS)

As June 30 approaches, Travel Management Services (TMS) wishes to remind all travelers, arrangers and fiscal officers of the following key dates:

  • Disencumbrance of Travel@IU Trips
    With the upcoming retirement of Travel@IU in July, any remaining encumbrances from Fiscal Year 2017 related to Travel@IU trips will be relieved once the open encumbrances roll forward to 2018 (end of July).
  • Disencumbrance of TEM Trips
    Any remaining encumbrances from TEM trips that ended prior to July 1 and will have no further reimbursements processed should be relieved using the “Close TA” button on the trip’s Travel Authorization or the “Cancel TA” (if no reimbursement is expected).  Any remaining encumbrances not relieved will roll forward to 2018.  All open encumbrances are automatically relieved 120 days following the end date of the trip.
  • Approve this Year’s Trips By June 29
    In order for trip expenses to charge against this year’s budget, prepayment and reimbursement requests must be initiated and approved by June 29. Approvers; be sure to check your Action List regularly as this date approaches.
  • Prepayment Requests Final Approved on or before June 29 will be Paid from this Year's Budget
    Trips typically encumber against the fiscal year in which the trip is scheduled to end. However, if a prepayment request is final approved on or before June 29, 2017, the amount of that prepayment will be charged to this fiscal year’s budget.

Clearing Accounts

  • Bill Overman in FMS, woverman@indiana.edu, or (812) 855-2557, will be closing out the clearing accounts for all campuses.

Documents/Documentation

  • Note that several entries are due by a specific date. If you are utilizing Financial Processing (FP) in KFS, these documents must be in the system and fully approved by 5:00 p.m. for the entries to be reflected in the closing reports. Budget Administration and FMS accounting staff will review these entries. Therefore, on the day of each closing, entries should be completed by noon to allow for routing and approval by these areas.
  • If you do not have access to Financial Processing (FP) in KFS, please contact your RC Fiscal Officer.
  • In order to maintain integrity of data and to eliminate the possibility of duplicate data entry, we will not accept fax copies of documents.
  • KFS super approvers, Sarah Leonard (sjleonar@iu.edu, (812) 856-4574) and Ellie Mason (elimason@iu.edu, (812) 855-5551), will be available from 1 P.M.– 6 P.M. on Friday, June 30, if special approvals on financial documents are required. IUPUI users should contact Camy Broeker at cbroeker@iupui.edu (317) 278-2269 or Charlie Miller at chmiller@iupui.edu (317) 274-5002. KFS hours have been permanently changed to end at 10 p.m.
  • On Friday, June 30, the automatic disapproval process will be initiated during the accounting batch cycle. If there are documents that need special approvals those will need to be fully approved by the times mentioned above.
  • Please remember that the Disbursement Voucher is not part of the automatic disapproval process; however, if the disbursement is to be posted to Fiscal Year 2017, the document must be completely approved by Thursday, June 29.