2006–2007 Year-End Closing

Kuali Financial System (KFS)

About seven years ago, Indiana University administrators were considering alternatives for replacing the existing financial information system. The emerging Kuali Financial System (KFS) is essentially a rewrite of IU’s current Financial Information System (FIS) developed in the early 1990’s and eventually will be the system deployed at IU. Since it is based on the FIS functionality and business rules it should prove easier to deploy on all of IU’s seven campuses.

What does this mean for fiscal officers and delegates of Indiana University? The Kuali Financial System is modeled after IU’s FIS. The data elements in the e-docs, the to and from friendliness of the financial transactions, the built in business rules and automatic validation of data will all be the same. This will allow staff to easily transition from the current FIS to the new and better java web based version of Kuali. Implementation of the system will initially start with the conversion of the general ledger and the chart of accounts sometime in 2008.

Full story

YEC Newsletter Contents

Year-End Closing
Important facts about year-end closing.

Year-End Closing Schedule
Print off a copy of the year-end closing schedule and keep important dates close at hand.

Year-End Production Reports
Available reports during the year-end closing process.

CAMS Closing
Year-end closing notes for Capital Asset Management.

Contract and Grant Closing
Year-end closing information for Contract and Grant accounts.

Auxiliary Accounting
Year-end closing information for Auxiliary and Service accounts.

Accounts Receivable
Changes with Write-Off Receivables and other Accounts Receivable news.

Accounts Payable
Year-end closing information for Accounts Payable.

FIS/TP Documents
A number of documents are designed specifically for processing financial transactions after June 30.

Clearing Accounts
Emerging policy on the use of Clearing Accounts.

At a glance . . .

With this issue of the FMS Newsletter, we hope to provide our readers with information that will be helpful throughout the year-end closing process.

Checklist

Specific items that you should be aware of are discussed in the Year-End Closing.

Schedule

Included in this newsletter is a Year-End Closing Schedule. You may want to print out a copy so you can access it more easily.

Documentation

You can access and download a number of current FIS Support Documents in both HTML and Microsoft Word versions.

FIS Training

For information on FIS training, or to view class schedules, go to the FMS Training page.

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Feedback

If you have any questions about what you have read in this newsletter, or if you have any suggestions for changes or improvements, please fill out the feedback form.

The FMS Newsletter Online serves the Indiana University community by keeping faculty, staff, and students informed about university financial policies, initiatives and changes in business practices, and updates and enhancements to the Financial Information System (the university-wide electronic financial transaction processing environment).

Last updated: 05/17/2007
Comments: FMS Support
Copyright 2007, The Trustees of Indiana University