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Staff can close an

...

account in the Account section of the Chart of Accounts page in Kuali

...

Financials (KFS)

...

.

...

• A

  closed account

  closed account is more permanent

  than an expiring account

  than an expiring account. This is

  because no

  because no transactions can use a closed account,

  and a closed account can

  and a closed account can only be re-opened by

  the Enterprise Applications department

  the Enterprise Applications department. 

• Note that accounts cannot be closed from July

  1st

  1 through the hard close of the UC Chart in August. After the hard close in August, accounts can be closed through the following June 30th. 

• To close a grant account (sub-fund = RSTSP), please contact SPS.

    

    

Closing an Account

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1. The Account must have no balance sheet amounts remaining.  

   1. Ensure that all account activity is complete. 

   2. Initiate a Transfer of Funds

      e-doc

      eDoc (TF) to move any remaining available cash (1100 object code) out of the account. 

      InfoThe correct

      The correct transfer object

      codes to use on the TF are ‘32XX’ and ‘33XX’.  
      

      codes to use on the TF are 32XX and 33XX. 
      Note: Once the TF has been completed (prior to June

      30th

      30th),

       you

       you can only

      close the account after year

      close the account after year-end processing has occurred (in August).

        

        

   3. For more information, contact the Accounting Office. 

2. There should be no open encumbrances in an account.

     

     

   1. Ensure

      Ensure that all purchase orders are either closed or amended to include a different account.

        

        

   2. On

      the ‘

      the Open Encumbrances

      ’ inquiry

       inquiry, the Outstanding Amounts should all be zero.

        

        

   3. For more information, contact Purchasing.

3. Eliminate any current or base budgets in KFS by initiating a Single-Sided Budget Adjustment.

    

    

   1. For more information, contact your Budget Analyst. 

4. Once you

   complete Steps 1 through 

   complete Steps 1 through 3,

    initiate

    initiate an Account

   edit eDoc. To do so,  Search

   edit eDoc.  

   1. Search for the account.

        Click edit.  

        

   2. Click Edit.  

   3. Choose an expiration date. The date can either

      be today later

      be today later than today.

        

        

   4. Click the

      “closed”

      Closed box on the Account Maintenance tab.

        

        

   5. Enter a Continuation Chart of Accounts Code and a Continuation Account Number on the Account Responsibility tab.

       

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