SMART Finance News You Can Use

SMART Finance Related News

01 December 2016

FY17 UFARS Cleanup

FY17 UFARS Cleanup
Now that we have FY16 swept under the rug, it’s time to turn our attention to UFARS changes and corrections needed for FY17. We are currently in the process of running UFARS Chapter X edits for all districts. If you have errors, we will be contacting you with recommended corrections. Here is a list of the major corrections that are needed:

  • Finance dimension 385 (Deferred Maintenance) is gone. All accounts will need to be converted to program 865 and the appropriate finance dimension from your 10 year Long Term Facilities Maintenance (LTFM) plan.
  • Fund balance 405 is gone. We will move any balance in this account to 467. 467 is the new closing account for all LTFM accounts.
  • All Health and Safety Accounts will need to be converted from program 850 to 865 and closed to 467.
  • LTFM levy and aid accounts need to be built. For the levy account use R01-005-865-000-001-000. For the aid account use R01-005-865-000-317-000. Both should close to 467.
  • Finance 319 is gone unless there is a fund balance in account 440. These accounts will be shut off.

Related

Not any article

Post a Comment

SMART Systems is owned, developed and supported by Regions I, II, III, IV and V, serving Minnesota school districts and other education related service agencies for more than 35 years