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.
Reviewing Account Reversions
To review account reversions, use either the KFS application or the Year-End Dashboard (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.
Top
Rules and Restrictions
- There are fund restrictions for the account reversion process:
- "From" account: funds General Funds (GN) and Government Appropriations (AP)
- "To" account: funds GN, AP, and Reserves (RV)
- The only valid account reversion object code is 3059, Tfer from - Year End Closing
- Sub-accounts of the FROM account will revert to the TO account as separate transactions, to the main account
- Each time the reversion is run, the doc number will change. When it is run for the first time, the first four characters of the doc number will be AC1-, the second AC2-, and the final (multiple) runs will be ACF-
- Each time reversion is run, all the reversions occur simultaneously. The current cash balance in the FROM account reverts to the TO account
Top
KFS Account Reversion e-docs
The Account Reversion and Account Reversion Global e-docs are available on the KFS Maintenance tab in the Chart of Accounts section.
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.
Top
Account Reversion Lookup
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.
Click image to enlarge
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.
To create a new reversion rule click the create new button in the upper-right hand corner of the screen.
Top
Account Reversion Edit
You can edit the information on the Account Reversion Edit tab of the e-doc. The following fields will be populated on existing reversions and are required on new reversions:
- University Fiscal Year: The current fiscal year.
- Chart Code: The chart of the FROM account.
- Account Number: The account number of the FROM account.
- Budget Reversion Chart: This should be the same as the Cash Reversion Chart. We are currently not reverting budget balances, but this is a required field.
- Budget Reversion Account: This should be the same as the Cash Reversion Account. We are currently not reverting budget balances, but this is a required field.
- Cash Reversion Chart: The chart of the account that the cash balance will revert TO.
- Cash Reversion Account: The account the cash balance will revert TO.
- Carry Forward by Object Code Indicator: This field should be left unchecked. This is for budget carry forward only (moving budget balance from this year to next) and is currently not used.
- Active Indicator: Should be active. If a reversion is not needed, it can’t be deleted. Instead, the reversion needs to be inactivated.
On the Edit Account Reversion Details tab of the e-doc, the following fields will be populated on existing reversions and are required on new reversions:
- Object Code: Must be 3059, Tfer from - Year End Closing
- Acct Reversion Code: Must be CA – Revert cash balance. The cash balance is calculated as cash (object 1000), plus assets (objects beginning with 1), minus liabilities (objects beginning with 2).
When you are finished editing the e-doc, click submit.
Click image to enlarge
Top
Account Reversion Global
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 tab, Edit Global Account Reversion Accounts, 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 tab, 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:
- University Fiscal Year: The current fiscal year.
- Budget Reversion Chart: This should be the same as the Cash Reversion Chart. We are currently not reverting budget balances, but this is a required field.
- Budget Reversion Account: This should be the same as the Cash Reversion Account. We are currently not reverting budget balances, but this is a required field.
- Cash Reversion Chart: The chart of the account that the cash balance will revert TO.
- Cash Reversion Account: The account the cash balance will revert TO.
- Carry Forward by Object Code Indicator: This field should be No. This is for budget carry forward only (moving budget balance from this year to next) and is currently not used.
- Active Indicator: Should be active. If a reversion is not needed, it can’t be deleted. Instead, the reversion needs to be inactivated. Select No if you wish to inactivate multiple existing reversion rules.
On the Edit Global Account Reversion Details tab, the following fields are required:
- Object Code: Must be 3059, Tfer from - Year End Closing
- Acct Reversion Code: Must be CA – Revert cash balance. The cash balance is calculated as cash (object 1000), plus assets (objects beginning with 1), minus liabilities (objects beginning with 2).
When you are finished editing the e-doc, click submit.
Top
