2023 Fiscal Year-End KFS Document Deadline for Contract & Grant Accounts
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 5pm on June 30th, so please be sure any FY23 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 7th this year. All transactions after that date will be booked into Fiscal Year 2024. Please allow enough time for all year-end documents to be fully approved prior to ORA's close of business at 5:00pm on July 7th.
Financial reports and billings for contract and grant accounts are based on expenditures incurred up to and including first close; therefore, ORA may disapprove any year-end correcting documents not fully approved by 5:00pm on July 7th. 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.
Please contact iuprop@iu.edu with any questions.
