KFS is now open for Fiscal Year 2016 Processing. Happy New Fiscal Year!
As you begin to look at balances on your accounts in KFS, please note the following:
1. Although Fiscal Year 2016 is the default on balance inquiries, you have the option to change the date to Fiscal Year 2015 by typing over 2016.
2. When looking at Fiscal Year 2015 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, 2015 that relates to Fiscal Year 2015. On the General Ledger Entry inquiry, you will see these transactions in Fiscal Period “13.”
3. Fiscal Year 2016 Budget Balances are loaded for all 2-ledger, 3-ledger, and Fiscal 4-ledger accounts. (Sub-funds OPTUI, OPOTF, and OPAUX). Budgets for project accounts are scheduled to be updated tonight as pending entries (see #4 below). Processing for all accounts should continue as necessary.
4. KFS has the ability to show the prior year balances carried over into the new fiscal year. Ending balances from Fiscal Year 2015, which are scheduled to be loaded tonight as pending entries, will be regularly updated into Fiscal Year 2016 until the final close in August.
a. New Fiscal Year 2016 external encumbrances (Purchase Orders) are in KFS.
b. Prior Year external encumbrances that will be carried forward into Fiscal Year 2016 will be loaded the week of July 13, 2015.
c. Fiscal Year 2016 payroll encumbrances are scheduled to be loaded within the next couple of days.
If you have any questions, please contact Annette Pavone at 486-2934.
Annette Pavone, CPA