Account reversion is a process that is run at the end of the fiscal year to take the operating balances of certain accounts and move them to other accounts. The balance reverted is equal to the beginning-of-year fund balance, plus revenue less expenses. The "from" account is reverted to the "to" account.
It is important to note that assets (object code beginning with 1xxx) and liabilities (object codes beginning with 2xxx) are not reverted.
To review account reversions, use either the KFS application or the (navigate to University Fiscal Year End dashboard under Dashboards).
Prior-year account reversions are automatically populated for the current year. Review the reversion rules to see if changes are required. The Account Reversion e-doc allows you to make new reversions and edit existing reversions.
Year-end reversion dates are available on the Year-End Deadlines page.
- "From" account: funds General Funds (GN) and Government Appropriations (AP)
- "To" account: funds GN, AP, and Reserves (RV)
The Account Reversion and Account Reversion Global e-docs are available in the Administratoin section of Chart of Accounts.
The Global Account Reversion e-doc allows you to make the same change to multiple, existing reversions At this time, this document may not be practical to use unless you are changing the TO account on a large number of reversions.
On the the first screen of the e-doc, Account Reversion Lookup, you can search for an existing reversion using any of the criteria available.
To create a new reversion rule click the create new button in the upper-right hand corner of the screen.
In the search results, clicking on edit allows you to make changes to an existing reversion. Click copy to create a new reversion using the information from an existing reversion.
You can edit the information on the Edit Account Reversion section of the e-doc. The following fields will be populated on existing reversions and are required on new reversions:
In the Edit Account Reversion Details section of the e-doc, the following fields will be populated on existing reversions and are required on new reversions:
When you are finished editing the e-doc, click Submit.
You can add multiple accounts in one e-doc using the Account Reversion Global e-doc. However, only one “To” account can be selected.
The first section, Edit Global Account Reversion Accounts (see image below), allows you select multiple accounts to revert or select one at a time. To select multiple accounts, use the Look Up/Add Multiple Account Lines (click the spyglass icon ). Search for the accounts you want to revert based on search criteria. Select the accounts and return selected.
The second section, Edit Global Account Reversion, allows you to select the account that you want the balance to revert to.
The following fields are required on the e-doc:
On the Edit Global Account Reversion Details section, the following fields are required: