Year-End Closing Overview

This page provides important information about the Fiscal Year 2019 year-end closing process at a glance.

Reports

  • First closing standard reports will be available in the IUIE on Tuesday, July 9.
  • Final closing standard reports will be available Friday, July 26.

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, 2019.
  • The bi-weekly payroll B022071219 ending June 29, paid on July 12, will be accrued 100%.
  • The monthly payroll will be paid on Friday, June 28.

Accounts Payable

  • Between Monday, July 1 and Friday, 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 Saturday, 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.

Procurement Services / Travel Management Services (TMS)

P-Card, Meeting Card, and Ghost Card (Travel Prepaid) expense items are booked to the fiscal year in which the associated Chrome River Expense Report is approved by the transaction approver. P-Card and Meeting Card expense items in Chrome River ewallets with Statement Dates of 7/11/2018–6/10/2019 require reconciliation and approval by June 30, 2019 to be booked to Fiscal Year 2019.

Closing Sub-Accounts and Accounts

Please note the special conditions when cleaning up and closing sub-accounts and accounts…

Closing/Inactivating Sub-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.*

Closing Accounts

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 FY20 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.

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 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 Chavez (schavez2@iu.edu, (812) 856-4574) and Juliet Roberts (julcrobe@iu.edu, (812) 855-5551), will be available from 1 P.M.– 6 P.M. on Friday, June 28, if special approvals on financial documents are required. IUPUI users should contact Charlie Miller at chmiller@iupui.edu (317) 274-5002. KFS hours have been permanently changed to end at 10 p.m.
  • On Sunday, 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 2019, the document must be completely approved by Thursday, June 27.

Document/Transaction Processing Deadlines

Please note that your department or campus may have earlier deadlines. Check with your fiscal officer.

For additional Auxiliary and Service account deadlines, please visit the Auxiliary Accounting page.

For additional Accounts Receivable deadlines, please visit the Accounts Receivable page.

Thursday, June 27

Disbursement Voucher Approvals at 5:00 PM.

DVs must reach FINAL status in order for expenses to post in FY19.
Sunday, June 30

Financial Processing Document Approvals at 5:00 PM.

Documents must reach FINAL status to avoid auto-disapproval. See KFS Financial Processing (FP) Documents for more details and exceptions to auto-disapproval.

Thursday, July 1 Year-End documents become available.
Thursday, July 4 Independence Day: University is CLOSED
Friday, July 5

AP Invoice Post-back Period Ends.

Cut-off for Fiscal 2019 AP invoices that were received and processed on or before July 5 and dated on or before June 30.
Monday, July 8

First Closing at 5:00 PM.

Final entries should be submitted by 12:00 PM.

Year-End documents: Contract and Grant Accounts and Period 12 Deadline.

YE documents must reach FINAL status by 5:00 PM in order to post to Fiscal Period 12. Otherwise, non-C&G transactions will post to Fiscal Period 13.

All Contract and Grant account deadline: No transactions will be processed against C&G accounts past this date.

Monday, July 15

Second Closing at 5:00 PM.

Excludes auxiliaries.

68* Clearing Account Transactions

All clearing account activity must reach FINAL status by 5:00 PM in order to post to Fiscal Year 2019.

Thursday, July 25

Final Closing at 5:00 PM.

Final entries should be submitted by 12:00 PM.

Year-End documents: Final Day for processing.

YE documents must reach Final status by 5:00 PM in order to post to Fiscal Year 2019 (Period 13). All ENROUTE YE docs will be auto-disapproved.