If you are looking to close an account effective for FY23, the following steps 1 – 3 need to be completed before June 30, 2022. To close a grant account (sub-fund = RSTSP, UNRSF, UNRSP), please contact SPS. For all other accounts, please follow the directions below:
- 1. The Account must have no balance sheet amounts remaining, so be sure that all account activity is complete. Then initiate a Transfer of Funds e-doc (TF) to move any remaining available cash (1100 object code) out of the account. Be sure to use the correct transfer object codes 32XX and 33XX on the TF. Once the TF has been completed (prior to June 30th), the account can be closed only after year end processing has occurred (in August). For more information, contact the Accounting Office.
- 2. There should be no open encumbrances in an account, so make sure that all purchase orders are either closed or amended to include a different account. On the Open Encumbrances inquiry, the Outstanding Amounts should all be zero. For more information, contact Purchasing.
- 3. Eliminate any current or base budgets in KFS by initiating a Single Sided Budget Adjustment. For more information, contact your Budget Analyst.
The following step should be completed after the final close of FY22 has been completed, at the end of August:
- 4. After all of these steps are done, and the final close of FY22 has been completed at the end of August, initiate an Account edit eDoc (search for the account, then click edit):
a. Choose an expiration date (today or later than today)
b. Click the “closed” box on the Account Maintenance tab
c. Enter a Continuation Chart of Accounts Code and a Continuation Account Number on the Account Responsibility tab
Annette Pavone, CPA
Lead Accountant, Inventory Control & Capitalization
University of Connecticut
343 Mansfield Road
Storrs, CT 06269-1074
Phone (860) 486-2934