Year-End Closing Overview

This page provides important information about the Fiscal Year 2016 year-end closing process at a glance.

Reports

  • First closing standard reports will be available in the IUIE on Thursday, July 7.
  • Final closing standard reports will be available Tuesday, July 26.

Payroll

  • The accrued vacation and sick liability for appointed positions (PA, PAE, PAU, PAO, and PB) in general fund and auxiliary accounts is calculated based on the liability at May 31, 2016.
  • The bi-weekly payroll B021070116 ending June 18, Paid on July 1, will be accrued 100%. Bi-weekly payroll B022071516 ending July 2, paid July 15 will be accrued 9 days.
  • The monthly payroll will be paid on Thursday, June 30.

Accounts Payable

  • Between Friday, July 1 and Tuesday, July 5, all invoices dated prior to July 1 that are entered and approved by Accounts Payable will have their associated General Ledger entries posted into period 12. Beginning Wednesday, July 6, the General Ledger entries for all invoices will be posted to the new fiscal year the day the invoice is entered into KFS.

Travel Management Services (TMS)

As June 30 approaches, Travel Management Services (TMS) wishes to remind all travelers, arrangers and fiscal officers of the following key dates:

  1. Request to Disencumber Funds Must be Received by June 20
    When an authorization is created in Travel@IU, its estimated expenses encumber against the specified account(s).

    Submit disencumbrance and trip cancellation requests to travelbl@indiana.edu by June 20, 2016, to ensure processing by the end of this fiscal year.

  2. Approve this Year’s Trips By June 29
    In order for trip expenses to charge against this year’s budget, prepayment and reimbursement requests must be initiated and approved by June 29. Approvers; be sure to check your Action List regularly as this date approaches.

  3. Prepayment Requests Final Approved on or before June 29 will be Paid from this Year's Budget
    Trips typically encumber against the fiscal year in which they are scheduled to occur. However, if a prepayment request is final approved in Travel@IU on or before June 29, 2016, the amount of that prepayment will be charged to this fiscal year’s budget.

Clearing Accounts

  • Bill Overman in FMS, woverman@indiana.edu, or (812) 855-2557, will be closing out the clearing accounts for all campuses.

Documents/Documentation

  • Note that several entries are due by a specific date. If you are utilizing Financial Processing (FP) in KFS, these documents must be in the system and fully approved by 5:00 p.m. for the entries to be reflected in the closing reports. Budget Administration and FMS accounting staff will review these entries. Therefore, on the day of each closing, entries should be completed by noon to allow for routing and approval by these areas.
  • If you do not have access to Financial Processing (FP) in KFS, please contact your RC Fiscal Officer.
  • In order to maintain integrity of data and to eliminate the possibility of duplicate data entry, we will not accept fax copies of documents.
  • KFS super approver, Tracey Mui, will be available from 1 P.M.– 6 P.M. on Thursday, June 30, if special approvals on financial documents are required. She can be contacted by calling (812) 856-4574 or by sending a message to tozogar@indiana.edu. IUPUI users should contact Camy Broeker at cbroeker@iupui.edu (317) 278-2269 or Charlie Miller at chmiller@iupui.edu (317) 274-5002. KFS hours have been permanently changed to end at 10 p.m.
  • On Thursday, June 30, the automatic disapproval process will be initiated during the accounting batch cycle. If there are documents that need special approvals those will need to be fully approved by the times mentioned above.
  • Please remember that the Disbursement Voucher is not part of the automatic disapproval process; however, if the transaction is to be posted to Fiscal Year 2016, the document must be completely approved by Wednesday, June 29.