If you missed the year end presentation meetings or attended and wish to review the materials covered, please click on the link below. The key dates and processing deadlines for the next few months are accessible below as well. Please contact firstname.lastname@example.org or call 201-216-8000 with any questions. Thank you.
June 2015 Key Dates and Processing Deadlines
July 2015 Key Dates and Processing Deadlines
Year End 2015 Presentation
KFS User Announcements
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 be paid in next fiscal year (ex. FY16) for goods or services that were received or performed in the current fiscal year (ex. FY15). Central staff process the e-docs for accruing expenses.
Expenses paid for in this fiscal year (ex. FY15) for goods or services that will received or performed in the next fiscal year (ex. FY16). A specific object code is used, 1320. Prepaid expenses are reclassified from object code 1320 to the appropriate exense object code after the new year starts using a DI e-doc (Distribution of Income and Expense).
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".