Accounting & Financial Reporting

Continuation Accounts

Continuation accounts are required for most expired accounts in KFS.

The Challenge

In the past, financial and payroll transactions sometimes posted to an expired account. This caused a workload for departments as they attempted to track down an appropriate account for which the expense(s) should have posted. Expenses posting to expired accounts could also be seen as a symptom of record keeping that was not as effective as it could be.

The Solution

With the exception of Unexpended Balance (UB) and Income (IN) type accounts, a Continuation account is required when an Account Expiration Date is entered on the Account or Account Global document:

  • Continuation Chart of Accounts Code
  • Continuation Account Number

Please note that the Continuation Account Number will NOT be required if an Account Expiration Date is NOT entered.

Payroll Continuation Accounts
As of 12/06/12, continuation accounts are used for payroll expenses. NOTE: If the continuation account is also expired, the payroll will post to the original expired account.
Additional Rules
  • If the Sub Account is active in the continuation account, it will be used. If it is not, the expense will post to the default (or no) sub account.
  • If the ORIGINAL salary line used a Project code; that Project code will also be used with the CONTINUATION account (since Project is not assigned to a specific account).

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