Year-End Closing Overview
This page provides important information about the Fiscal Year 2018 year-end closing process at a glance.
- First closing standard reports will be available in the IUIE on Monday, July 9.
- Final closing standard reports will be available Tuesday, July 24.
- 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, 2018.
- The bi-weekly payroll B022071318 ending June 30, paid on July 13, will be accrued 100%.
- The monthly payroll will be paid on Friday, June 29.
- Between Sunday, July 1 and Thursday, 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 Friday, 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)
With the upcoming implementation of Chrome River, there have been some concerns related to the handling of existing KFS-TEM encumbrances. This message is to clarify that these open FY18 encumbrances will NOT be carried forward to FY19. Encumbrances will post normally through the end of FY18 and any travel encumbrance balances in that fiscal year will remain in that fiscal year. Starting on 7/1, open TA documents will be closed and any TEM encumbrances in FY2019 will be cleared after all TAs are closed. Any remaining TEM Travel Reimbursements processed in FY19 will not generate encumbrance entries. Thank you for your patience and attention.
Closing Sub-Accounts and Accounts
Please note the special conditions when cleaning up and closing sub-accounts and accounts…
KFS will allow you to inactivate sub-accounts – even if they contain pending ledger entries and encumbrances. To prevent problems with year-end posting of transactions, please perform the following due diligence before inactivating sub-accounts:
- Look for Encumbrances. Use the Open Encumbrances Lookup in KFS, or the Outstanding Encumbrances report in IUIE, to identify encumbrances that need to be removed. Purchase Orders and Payroll Encumbrances may need to be adjusted in the host system to properly transfer outstanding encumbrance balances off the sub-account that is being inactivated.*
- Look for Pending General Ledger and Pending Labor Ledger Entries. Use the Pending General Ledger Entry Lookup and Pending Labor Ledger Entry Lookup in KFS to identify entries that must be finalized.*
KFS will not allow you to close accounts if they contain any of the following:
- Assets, Liabilities, or Fund Balance. All Cash, Receivables, Payables and other Balance Sheet items need to be transferred off the account in order to close. The system will determine if closing Income and Expense to Fund Balance would net Fund Balance to zero (do not attempt to adjust Fund Balance).*
- Base Budget. During Budget Construction, Base Budget is locked and cannot be edited again until the new fiscal year. If your account has a Base Budget balance, you must wait until FY19 and then complete a Budget Adjustment document.
- Outstanding Encumbrances. Use the Open Encumbrances Lookup in KFS, or the Outstanding Encumbrances report in IUIE, to identify encumbrances that need to be removed.*
- Pending general ledger, nor pending labor ledger entries. Use the Pending General Ledger Entry Lookup and Pending Labor Ledger Entry Lookup in KFS to identify entries that must be finalized before account closure.*
*Important Note: Ledger entries from finalized KFS e-docs post to the General Ledger and Labor Ledger during the nightly accounting cycle. Please wait until the entries post before closing your accounts and sub-accounts.
- Bill Overman in FMS, firstname.lastname@example.org, or (812) 855-2557, will be closing out the clearing accounts for all campuses.
- Note that several entries are due by a specific date. If you use 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.
- KFS super approvers, Sarah Leonard (email@example.com, (812) 856-4574) and Ellie Mason (firstname.lastname@example.org, (812) 855-5551), will be available from 1 P.M.– 6 P.M. on Friday, June 29, if special approvals on financial documents are required. IUPUI users should contact Camy Broeker at email@example.com (317) 278-2269 or Charlie Miller at firstname.lastname@example.org (317) 274-5002. KFS hours have been permanently changed to end at 10 p.m.
- On Saturday, 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 2018, the document must be completely approved by Thursday, June 28.