KFS Brown Bag What’s New With JV’s Wednesday – April 24, 2013 12:00 – 1:00 pm McKeldin Library

KFS Brown BagWhat’s New With JV’s

Wednesday – April 24, 201312:00 – 1:00 pmMcKeldin Library

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Welcome and Introductions

Please welcome some of our KFS COA/JV Team Members- • Trina Tanner COA

Lead, UMCP

• Cynthia Barnes

• Narmada Eriki

• Helena Moynahan

• Leon Needle

• Janice Oakley

• Muddu Salem

• Marcelo Casello COA Partner Lead, Navigator

• Sarah Chastain

• Dan Lemus

• Kathi Ruffin

• Steve Stein

Contact us at [email protected]

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Objectives

We have three main objectives for today:

1. Provide a general overview on Journal Entries.

2. Provide a crosswalk of what KFS docs will replace FRS docs.

3. Present an overview of the main Journal Entry types in KFS and their related Workflow.


Contact us at [email protected] 4

KFS Journal Entry Overview

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JOURNAL ENTRY USE/DEFINITION


A journal entry is a non-cash transfer of dollars between two or more accounts. It can be used to allocate charges, transfer

funds, or correct account number or object code errors.

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JOURNAL ENTRY FRS DESCRIPTIONS


FRS/ELF Doc FRS Description

Intercampus JV Used for affecting accounts on different campuses, an on-campus account, and an off-campus account. The total debits must equal the total credits for the entire form.

JV Compound Used for entries where multiple account transactions are taking place. The total debits must equal the total credits for the entire form.

JV Other Than Compound

Used for two sided entries where each line is self-balancing (where Debit=Credit).

Non-Payroll Transfer

Used for two sided entries where each line is self-balancing (where Debit=Credit). Initially created for adjustments affecting restricted ledger 4 & 5 accounts. This form includes the original posting period where the other JV’s do not.

Payroll JV/ Transfer

*To be discussed at a later date.*

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JOURNAL ENTRY KFS DESCRIPTIONS


KFS Doc KFS Description

Distribution of Income or Expense (DI)

Used for income to income or expense to expense transactions only. Can be used between campuses (charts). Can be used for a self balancing line or where multiple account transactions are taking place. The total debits must equal the total credits for the entire form. Can only be used for non contract & grant transactions.

General Error Correction (GEC)

Used for income to income or expense to expense transactions only where the original posting data is needed. Must be used for contract & grant transactions, but can be used by others. Can be used between campuses (charts). Can be used for a self balancing line or where multiple account transactions are taking place. The total debits must equal the total credits for the entire form.

Auxiliary Voucher (AV)

Used for making all other entries that are not income to income, expense to expense, or transfer transactions. This would include entries between income and expense, or those affecting any of your balance sheet accounts. Can be used for a self balancing line or where multiple account transactions are taking place. The total debits must equal the total credits for the entire form.

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Crosswalk FRS/ELF to KFS


Intercampus JV

KFSFRS/ELF

JV Compound

Distribution of Income & Expense

Auxiliary Voucher

General Error Correction

JV Other than Compound

General Error CorrectionNon-Payroll Transfer

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Journal Entry Business Process Flow


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Financial Processing Documents

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QUESTIONS?


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February 27, 2013 – Welcome to KFS!

March 13, 2013 – KFS Chart of Accounts and Workflow March 27, 2013 – KFS Vendor Maintenance April 10, 2013 – KFS Requisitions April 24, 2013 – What’s New With JVs in KFS? May 1, 2013 – KFS Requisitions (repeat) May 8, 2013 – KFS Contracts and Grants May 22, 2013 – KFS Capital Assets June 5, 2013 – KFS Receiving and Invoices June 19, 2013 – KFS Reporting


KFS Brown Bag Series

All meetings are scheduled from 12 – 1 pm in 6137 McKeldin Library*

* Dates, locations and topics subject to change

Introducing … the KFS Brown Bag Series!

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We are working on a KFS website. In the meantime …


… Check out updates to the VPAF KFS page …

http://vpaf.umd.edu/kuali/index.html

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For additional information regarding this presentation, please contact:

Trina Tanner

(301) – 405-2633

[email protected]


Contact Us

Brenda Sprite

(301) – 405-3020

[email protected]

THANK YOU FOR ATTENDING TODAY!