FY 2021 Year-End Closing

This page highlights important information about the Fiscal Year 2021 year-end closing process. The left navigation menu provides detailed information by topic.

An abbreviated version of the information found on this page was sent via newsletter to all IU Fiscal Officers on May 26.

Year-End Resources

Additional resources for the year-end closing process are listed below:

Documentation

  • Note that several entries are due by a specific date. If you use Financial Processing (FP) e-docs in KFS, these documents must be in the system and fully approved by 10:00 p.m. for the entries to be processed by the accounting cycle and reflected in the closing reports. Because some KFS e-docs require additional administrative approvals, on the day of each closing, entries should be completed by noon to allow for all necessary routing and approvals. Visit the section below on KFS Financial Processing Documents for more information.
  • If you require access to KFS, please contact your RC Fiscal Officer.
  • Please contact uars@iu.edu if you need to have a document super approved.
  • On Wednesday, 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.

Transaction Processing Deadlines

Information regarding all pertinent year-end closing dates can be found on the UCO Financial Closing Calendar. Below are the operational closing dates for Fiscal Year 2021.

Please note that your department or campus may have earlier deadlines. Check with your fiscal officer.

Important Dates

Pre-Closing


Friday, May 28 Turn on Org Reversion process
Tuesday, June 1 Year-End Campus Business Manager Reports may be accessed via the IUIE by selecting the Master Catalog and then drilling down on the Kuali Financial, General Ledger, Year End Reports folder.
Wednesday, June 30 Last day for billing and encumbrance transactions


First Closing


Monday, July 5 Indiana University recognizes Independence Day
Tuesday, July 6 First Closing at 10:00 PM. Entries submitted to the Controller's Office (UCO) for posting due in by noon.

CAMS Processing of GEC’s for Fiscal 2021 AP invoices

UCO will reverse July BUY.IU invoice transactions posted to the GL, if the invoice was dated June 30 or prior and marked payable. Those entries, which include actual expenses and liabilities, and the associated dis-encumbrances, will then be posted back to June (period 12)and appear on the First Closing Reports.
Wednesday, July 7 Publish the First Closing Standard Reports in the IUIE.

Fiscal Officer Reporting Tools (financial statements, reconciliations, others) can be accessed on the Office of the University Controller’s website at the following link: Controller's Office Reporting Tools.

Year-End Campus Business Manager Reports may be accessed via the IUIE by selecting the Master Catalog and then drilling down on the Kuali Financial, General Ledger, Year End Reports folder.
Thursday, July 8 Run June Depreciation (batch process sets create date for assets created from July 1 through July 8 to June 30, 2021) – Run beginning of batch.


Second Closing

Wednesday, July 14 UCO will reverse July BUY.IU invoice transactions posted to the GL, if the invoice was dated June 30 or prior and marked payable. Those entries, which include actual expenses and liabilities, and the associated dis-encumbrances, will then be posted back to June (period 13) and appear on the Final Closing Reports.
Friday, July 16 Second Closing at 10:00 p.m. Entries submitted to the Controller's Office (UCO) for posting due in by noon.
Last day for 68* Clearing Account entries

All auxiliary vouchers must be entered and approved
Monday, July 19 Fiscal Officer Reporting Tools (financial statements, reconciliations, others) can be accessed on the Office of the University Controller’s website at the following link: Controller's Office Reporting Tools

Year-End Campus Business Manager Reports may be accessed via the IUIE by selecting the Master Catalog and then drilling down on the Kuali Financial, General Ledger, Year End Reports folder.


Final Closing

Thursday, July 22 Final Closing at 10:00 p.m. Entires submitted to the Controller's Office (UCO) for posting due in by noon.
Friday, July 23 Publish the Final Closing Standard Reports in the IUIE

Fiscal Officer Reporting Tools (financial statements, reconciliations, others) can be accessed on the Office of the University Controller’s website at the following link: Controller's Office Reporting Tools

Year-End Campus Business Manager Reports may be accessed via the IUIE by selecting the Master Catalog and then drilling down on the Kuali Financial, General Ledger, Year End Reports folder.

Run June Depreciation again (if needed)

CAMS Final Snapshots – Run end of batch (Saturday 1am)
Monday, July 26 Run Reset Annual Depreciation for CAMS

CAMS process FY 2021 Transactions
Wednesday, July 28 Run July Depreciation – Run beginning of batch