Year-End Closing Overview

This page provides important information about the FY2014 year-end closing process at a glance.

Reports

  • First closing standard reports will be available in the IUIE on Wednesday, July 9.
  • Final closing standard reports will be available Monday, July 28.

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, 2014.
  • The bi-weekly payroll B022070314 ending June 21, Paid on July 3, will be accrued 100%. Bi-weekly payroll B023071814 ending July 5, paid July 18 will be accrued 6 days.
  • The monthly payroll will be paid on Monday, June 30.

Accounts Payable

  • Between Tuesday, July 1 and Thursday, July 3, 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 Tuesday, July 8, 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 30th approaches, Travel Management Services (TMS) wishes to remind all travelers, arrangers and fiscal officers of the following key dates:

  1. Request to Disencumber Funds for Cancelled Trips before June 20
    When an authorization is created in Travel@IU, its estimated expenses encumber against the specified account(s). If an authorized trip for FY13-14 was never taken, the trip must be cancelled to free up the encumbered amount. Submit cancelation requests to travelbl@indiana.edu by June 20, 2014 to ensure processing by the end of this fiscal year.

  2. Approve this Year’s Trips before June 27
    In order for trip expenses to charge against this year’s budget, prepayment and reimbursement requests must be initiated and approved before June 27. Approvers; be sure to check your Action List regularly as this date approaches.

  3. Prepayment Requests Processed on or Prior to June 27 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 (for a conference registration fee for example) is received and approved on or prior to June 27, 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 1:00 p.m.– 6:00 p.m. on Monday, 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. KFS hours have been permanently changed to end at 10 p.m.
  • On Monday, 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 FY13-14, the document must be completely approved by Friday, June 27.

Questions or concerns about the closing process may be addressed to Joan Hagen, University Controller. She can be reached by telephone at (812) 856-2548 or via e-mail at jhagen@indiana.edu.