Annual Year-End Deadlines

The annual notice of financial year-end deadlines for contracts, commitments, expenditures and other transactions is located at the following link: https://controller.uconn.edu/wp-content/uploads/sites/1123/2018/04/EYD2018.pdf .  Your attention to and assistance in meeting these deadlines is necessary to ensure an orderly closing of University financial records and the audit of the financial statements that ensues following the close.  As with any close of a fiscal year, the Finance team members are committed to assisting you with your procurement and reimbursement needs.  We will continue to process all documents in accordance with Federal, State and University requirements, in support of operational, educational and research activities during this period.

For more information, contact: Charles H. Eaton, CPA, Controller, University of Connecticut, 343 Mansfield Road, Unit 1074, Storrs, at 860-486-0865. Please see link above for additional contacts.

Annette Pavone, CPA
Accounting Manager, Inventory Control & Capitalization
Accounting Office
University of Connecticut
343 Mansfield Road
Storrs, CT 06269-1074
Phone (860) 486-2934

Sent on behalf of the Office of Budget and Planning 

To all KFS Users:

Some of the furlough payroll reductions have doubled or tripled in KFS. This impacts accounts for about 400 employees who had multiple types of pay (regular, overtime, shift differential, moving expenses, etc).  The KFS furlough reduction was taken from each object code, instead of just once out of the regular salary object code.

This is only a KFS issue – there is no impact on the employee paycheck.

The fix should be in for the next cycle and the corrections for the previous cycles are currently being processed. 

Please contact Kelly Wihbey at 486-0532 if you have any questions or concerns.

 

Annette Pavone, CPA
KFS Functional Coordinator & Accounting Manager
Accounting Office
University of Connecticut
343 Mansfield Road
Storrs, CT 06269-1074
Phone: (860) 486-2934
Fax: (860) 486-0570

 

KFS UPDATE – Related to Payroll Encumbrances

The new fiscal year payroll encumbrances have now been established in FY18 for the following pay groups:

5110     Classified

5111     Faculty

5112     Other Professional

5260     Post Docs

5230     Temporary seasonal employees.

 

The encumbrances for the temporary groups of Special Payroll (5231/5232), Students (5240), and Work Study (5245), will be set up as soon as some coding issues are addressed. This may take another cycle or two.

We will continue to keep you updated as new information becomes available.

If you have any questions please contact our main office at 486-6288/budget@uconn.edu or your assigned budget analyst.

 

Thank you,

Office of Budget & Financial Planning

KFS is now open for Fiscal Year 2018 Processing. Happy New Fiscal Year!

As you begin to look at balances on your accounts in KFS, please note the following:

 

1. Although Fiscal Year 2018 is the default on balance inquiries, you have the option to change the date to Fiscal Year 2017 by typing over 2018.

 

2. When looking at Fiscal Year 2017 balances on the “General Ledger Balance” inquiry, there is an additional period called “Year End.” This is where you will see any activity posted after June 30, 2017 that relates to Fiscal Year 2017. On the General Ledger Entry inquiry, you will see these transactions in Fiscal Period “13.”

 

3. Fiscal Year 2018 Budget Balances are loaded for all 2-ledger, 3-ledger, and Fiscal 4-ledger accounts. (Sub-funds OPTUI, OPOTF, and OPAUX). Budgets for project accounts are scheduled to be updated overnight on July 3rd as pending entries (see #4 below). Processing for all accounts should continue as necessary.

 

4. KFS has the ability to show the prior year balances carried over into the new fiscal year. Ending balances from Fiscal Year 2017, which are scheduled to be loaded overnight on July 3rd as pending entries, will be regularly updated into Fiscal Year 2018 until the final close in August.

 

5. Encumbrances:
   1. New Fiscal Year 2018 external encumbrances (Purchase Orders) are in KFS.
   2. Prior Year external encumbrances that are carried forward into Fiscal Year 2018 are also in KFS.
   3. Fiscal Year 2018 payroll encumbrances are scheduled to be loaded within the next couple of days.

 

If you have any questions, please contact Annette Pavone at 486-2934.

 

Annette Pavone, CPA
KFS Functional Coordinator & Accounting Manager
Accounting Office
University of Connecticut
343 Mansfield Road
Storrs, CT 06269-1074
Phone: (860) 486-2934
Fax: (860) 486-0570

To all KFS Users:

One of the KFS Chart of Accounts attributes, most often seen as a field on the Accounting Lines is “Chart.”  Since the implementation of KFS in 2012, UConn has always had only the one “UC” Chart.  Beginning June 27, 2017, there will be two additional charts in KFS: AA (Accounting Adjustments) and FR (Financial Reporting). The addition of these two charts will not change how you enter Accounting Lines; they will only be used by Central Accounting. You will continue to see “UC” as the default chart on KFS eDocs, and the additional charts will not change any of the KFDM Standard Reports.

Since object codes are specific to each chart, you may notice the same object code in more than one chart when doing an object code lookup from the Main Menu. When doing an object code lookup from within an eDoc, and the UC account has already been entered, only the UC version of the object code will appear in the lookup.

In summary, you should not notice any change in your business processes relating the new charts. If you have any questions or concerns, feel free to contact me.

Thank you,

Annette

 

Annette Pavone, CPA
KFS Functional Coordinator & Accounting Manager
Accounting Office
University of Connecticut
343 Mansfield Road
Storrs, CT 06269-1074
Phone: (860) 486-2934
Fax: (860) 486-0570