KFS is now open for Fiscal Year 2021 Processing. Happy New Fiscal Year!
As you begin to look at balances on your accounts in KFS, please note the following:
- Although Fiscal Year 2021 is the default on balance inquiries, you have the option to change the date to Fiscal Year 2020 by typing over 2021.
- When looking at Fiscal Year 2020 balances on the “General Ledger Balance” inquiry, there is an additional period called “Year End.” This is where you will see any activity posted after June 30, 2020 that relates to Fiscal Year 2020. On the General Ledger Entry inquiry, you will see these transactions in Fiscal Period “13.”
- 3. Fiscal Year 2021 Budgets are loaded for all 2-ledger, 3-ledger, and Fiscal 4-ledger/6-ledger accounts. (Sub-funds OPTUI, OPOTF, OPAUX, RFNDO, RFNDA). Budgets for project accounts are scheduled to be updated overnight on July 1st as pending entries (see #4 below). Processing for all accounts should continue as necessary.
- KFS has the ability to show the prior year balances carried over into the new fiscal year. Ending balances from Fiscal Year 2020, which are scheduled to be loaded overnight on July 1st as pending entries, will be regularly updated into Fiscal Year 2021 until the final close in August.
- Encumbrances:
- New Fiscal Year 2021 external encumbrances (Purchase Orders) are in KFS
- Prior Year external encumbrances that are carried forward into Fiscal Year 2021 are also in KFS.
- Fiscal Year 2021 payroll encumbrances will be posted the night of July 8, 2020.
If you have any questions, please contact Annette Pavone at Annette.pavone@uconn.edu.
Annette Pavone, CPA
Accounting Manager, Inventory Control & Capitalization
Accounting Office
University of Connecticut
343 Mansfield Road
Storrs, CT 06269-1074
Phone (860) 486-2934