This page contains resources and information pertaining to the closing of the current fiscal year and the opening of the next.
Glossary of terms used during year end:
Accounting Period 13
The fiscal year is divided into 13 accounting periods. The first 12 periods approximate the months in the year (Period 1 starts July1st; Period 2 August 1st and so on through Period 12 starting June 1st). The 13th period is for the Fiscal Year-End Closing process. In KFS, every financial transaction belongs to an Accounting Period. Several accounting periods can be open at the same time. Certain financial transaction e-docs have an Account Period tab where there is a drop down to select the accounting period in which you would like the transaction included. Typical e-docs that would be included in accounting period 13 might be:
- General Error Correction (GEC)
- Distribution of Income and Expense (DI)
- Internal Bill (IB)
Expenses paid for in one fiscal year (ex. FY14) for goods or services that will received or performed in the next fiscal year (ex. FY15).
Year End Salary Transfers
Salary transfers processed during accounting period 13 for salary expenses incurred in accounting period 12 or prior periods where salary transfers ae still permitted. Find the YEST e-doc on the central menu of KFS in the lower right under the heading "Year End Transactions".
At the end of the fiscal year there will be ample opportunity to learn what happens in the process. You can view last year's materials at the links below as an introduction. As the close of FY15 approaches this information will be updated. Questions? Contact firstname.lastname@example.org. Thank you!
FY14 Year End Presentation Slides
FY14 Year End Presentation Invitation
June 2014 Key Dates and Processing Deadlines
July 2014 Key Dates and Processing Deadlines
KFS User Announcements