Year-End Closing Overview

This page highlights important information about the Fiscal Year 2020 year-end closing process at a glance. Please view the breakout pages in the left navigation bar for additional information.

Reports

  • First closing standard reports will be available in the IUIE on Tuesday, July 7.
  • Final closing standard reports will be available Friday, July 24.
  • Find more information on our Production Reports page of this newsletter.

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 B022071020 ending June 27, paid on July 10, will be accrued 100%.
  • The subsequent bi-weekly payroll, B023072420, ending July 11, paid on July 24, will be accrued 20%.
  • The monthly payroll will be paid on Tuesday, June 30.

Accounts Payable

  • There will not be an invoice postback period this year. Rather, a 9045 liability accrual will take its place. Invoices dated June 30 or prior should reach Accounts Payable by July 10.

  • For additional notes from AP, visit the Accounts Payable page of the newsletter.

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 7/01/2019–6/08/2020 require reconciliation and approval by June 30, 2020 to be booked to Fiscal Year 2020.

Closing Sub-Accounts and Accounts

Unless contract and grant reporting guidelines require you to close sub-accounts and accounts by a specific time, please consider waiting until after Final Closing in order to avoid general ledger transaction posting errors during year-end processing.

If you must proceed now, please note the following 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 FY21 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.*

Alternatively, you may use the Account Closing Error Report in IUIE to help you identify the errors on a given account that will prevent its 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

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.Visit the section on KFS Financial Processing Documents for more information.
  • 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 Tuesday, June 30, 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 Tuesday, 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.

Document/Transaction Processing Deadlines

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

 

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

Wednesday, May 27 Purchasing-Assisted Orders, per the Procurement Y-E Newsletter.
Wednesday, June 17

Catalog Orders and P-Card Transactions, per the Procurement YE Newsletter.

Monday, June 29

BUY.IU Check Request Approvals at 5:00 PM.

Check Requests must reach FINAL status in order for expenses to post in FY20.
Tuesday, 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.

Wednesday, July 1 Year-End documents become available.
Friday, July 3
IU observes Independence Day: University is CLOSED
Monday, July 6

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.

Friday, July 10

Accounts Payable invoices dated June 30 or prior should be submitted for processing so they are included in the second AP Accrual prior to Second Close.

Friday, July 17

Second Closing at 5:00 PM.

68* Clearing Account Transactions

All clearing account activity must reach FINAL status by 5:00 PM in order to post to Fiscal Year 2020.

Thursday, July 23

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 2020 (Period 13). All ENROUTE YE docs will be auto-disapproved.