This is a fiscal year reminder that certain KFS Financial Processing Documents that are not fully approved by 10pm, June 30th will be automatically disapproved by KFS as part of the year-end closing process, including General Accounting Adjustments (GEC) and Distribution of Income and Expense (DI) documents
Please note that ORA staff will not be available to approve KFS documents after at 5pm on June 30th, so please be sure any FY22 documents arrive at ORA with sufficient time for review and approval and have a sufficient justification.
The year-end process for contract and grant accounts follows first close, which is July 5th this year. Year-end correcting documents will be available starting July 1st. Please allow enough time for all year-end documents to be fully approved prior to ORA’s close of business at 5pm on July 5th.
Financial reports and billings for contract and grants accounts are based on expenditures incurred up to and including first close; therefore, ORA will disapprove any year-end correcting documents not fully approved by 5pm on July 5th. After first close, a regular correcting document should be used if a contract and grant account is involved.
Please see the Office of the University Controller’s website on closing procedures and dates and KFS Financial Process Documents for more information.
