General Information and Funds Carried Forward

Please carefully review the closing dates on this website. Questions can be directed to your department financial manager or KFS Support. Additionally, please keep in mind the following:

  • Action List Reminders: During the final weeks of June, KFS users will receive a daily Action List Reminder to help ensure a timely closing process.
  • Decision Support will be updated six nights per week, Sunday through Friday, from June 29 through July 27.
  • June "Final" Ledgers are anticipated to be available by mid-August.
  • Potential Accruals: Special attention should be devoted to the review of transactions processed in July for potential accruals. Contact the KFS Support at kfs@uci.edu as soon as possible if a material transaction should be evaluated for accrual consideration.
  • Review balances and financial responsibilities for your department to ensure a complete and successful fiscal close.

Transaction Accrual/Deferral Criteria

Material transactions that are not recorded by the period 12 deadline related to FY2024-25 business must be accrued. To determine whether a transaction should be accrued or deferred for reporting purposes, the University has established the following criteria:

  • Services are performed in FY2024-25 but not billed (revenue accrual).
  • Revenue is received in FY2024-25 for services to be conducted in FY2025-26 and future fiscal years (revenue deferral).
  • The goods and/or services are received in FY2024-25, but the expense is not reflected in FY2024-25 campus ledger (expense accrual).
  • Expenses that are recorded in FY2024-25 for goods and/or services that will be received and/or performed in FY2025-26 and future fiscal years (expense deferral).
  • The transaction value is greater than or equal to the University’s accrual/deferral threshold, which is $10,000 for FY2024-25, with two exceptions:
    • For equipment, anything greater than or equal to $5,000 must be accrued.
    • For plant construction costs, anything greater than or equal to $35,000 must be accrued. Year-End Department Accrual (YEDA) documents cannot be accrued for plant construction costs. Departments must inform Accounts Payable (AP) about anything greater than or equal to $35,000.

C&G Accruals

If departments have any accruals for C&G funds, provide the information to Contracts and Grants Accounting (Griselda Duran at griseld@uci.edu) by Friday, July 11. Emails requesting expense accruals on C&G funds must include the following: fund number, Purchase Order (PO) number, a brief explanation, and a copy of the invoice. Departments should not process any accruals for C&G funds.

In order to close in a timely manner, it is important that departments adhere to the cutoff dates outlined in this letter. In addition to meeting the cutoff dates, it is recommended that the following actions be taken in each campus department:

Ledger Reconciliation

Continue to reconcile monthly ledgers promptly.

KFS Suspense Account

Review the KFS Suspense Account Audit Report (RUCI158) to ensure that department salary and benefit expenses are not recorded against the KFS Suspense account (BF10002). Analyze transactions posted against the KFS suspense account and transfer them to the proper KFS accounts to appropriately reflect the transactions in the department’s financials for the current fiscal year. Salary expenses hitting the KFS suspense account will need to be transferred via the Direct Retro or Salary Cost Transfer process by 5 p.m. on June 27, 2025. Any transactions still in the suspense accounts after this date will be transferred to the department default account.

Object Codes 9995 & 9999

Expenses recorded in object codes 9995 and 9999 must be transferred to the correct object code prior to fiscal close. OP does not allow any expenses to be recorded under these object codes. Using the Fund Summary Report (FS0150D), check both the asset and liability boxes to see transactions posted to 9995 and 9999.

Unclaimed Payments

Review the Unclaimed Electronic Payments Report and  under the “General Ledger - Campus Reports” section of KFS Decision Support to identify any unclaimed electronic payments. Use the KFS General Error Correction (GEC) to move an unclaimed payment to the appropriate object code and account and attach all supporting documents before submitting for approval. Departments should regularly review the Unclaimed Electronic Payments Report to ensure all payments are recorded properly and in a timely manner.

Undistributed Check Payments

Review the Undistributed Check Payment Report under the “General Ledger – Campus Reports” section of the KFS Decision Report to identify any unclaimed check payments. Departments should submit a claim form including the supporting documents to the Central Cashier to claim an undistributed check. Financial Services will process a GEC to move the unclaimed check payment to the appropriate department object code and account. Departments should regularly review the Undistributed Check Payment Report to ensure all payments are recorded properly and in a timely manner.

May Ledgers

Thoroughly review the May 2025 (period 11) ledger and make all necessary corrections and adjustments. Ensure all transactions are processed in time to reflect in the June 2025 (period 12) ledger. Departments cannot process adjustments after the period 12 ledger closes.

Accounts Open

Ensure that all accounts and sub-accounts with balances are open in order to carry forward budgets into the new fiscal year.

Income in Control Accounts

Income in control accounts must be budgeted and aligned for fiscal close. Departments have the option of budgeting and aligning income and consolidation codes in operating accounts if they want to see aligned balances on various reports.

Accounting Lines

Review full accounting units (FAUs) provided to campus recharge units for recurring charges to ensure accuracy and to minimize corrections. Ensure that KFS accounts submitted to recharge units are not closed to avoid transactions being rejected or posted to the continuation accounts.

Recharge Units

Recharges should be processed in a timely manner. Recharge units must ensure that all recharges are completed for the same fiscal year at fiscal close.

Ensure Your Unit has Back-Up Delegate Approvers

Fiscal Officer Delegates – sometimes called Account Delegates – are KFS users that are authorized under certain circumstances to take workflow actions on a document in the place of an account's fiscal officer. An authorized delegate can take any action that is available to a fiscal officer, including the power to approve and disapprove transactions at the Fiscal Officer node.

Departments should set up delegates as backups for all accounts to avoid delays in the approval of documents when the fiscal officer is unable to take action.

Funds Carried Forward

Unrestricted Funds

  • Unrestricted funds can only be carried forward if they are in a positive Funds will be carried forward and re-appropriated in July 2025, in each departmental account/sub-account.
  • Campus departments are not required to take any action during fiscal close to carry forward these funds.
  • All unrestricted funds are required to be in a solvent condition at fiscal year-end. If you are unable to resolve this occurrence, contact the Budget Office at budgetoffice@uci.edu.

Restricted Funds

  • Contracts and Grants balances will be carried forward and re-appropriated in July 2025.
  • Gift Fund accounts without current activities and small balances should be reviewed by departments and closed out.
  • Endowment Fund balances will be carried forward and re-appropriated in July 2025. Funds are required to be in a solvent condition at fiscal year-end.