Closing an Account

Staff can close an account in the Account section of the Chart of Accounts page in Kuali Financials (KFS).

• A closed account is more permanent than an expiring account. This is because no transactions can use a closed account, and a closed account can only be re-opened by the Enterprise Applications department. 

• Note that accounts cannot be closed from July 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

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

   1. Ensure that all account activity is complete. 

   2. Initiate a Transfer of Funds eDoc (TF) to move any remaining available cash (1100 object code) out of the account. The correct transfer object codes to use on the TF are 32XX and 33XX. 
      Note: Once the TF has been completed (prior to June 30th), you can only 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 that all purchase orders are either closed or amended to include a different account.  

   2. On the Open Encumbrances 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 3, initiate an Account edit eDoc.  

   1. Search for the account.  

   2. Click Edit.  

   3. Choose an expiration date. The date can either be today later than today.  

   4. Click the 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.

Related Articles