Accounts in KFS are required to have a continuation account when they have an expiration date, or as the account is closed. For contract and grant accounts, which are based on a specific period of performance and therefore incorporate an expiration date, a continuation account is required at the creation of the account.
It can be difficult at the project’s inception to determine where activity should be directed after it is complete. Therefore, we recommend the use of a default continuation account based on college, department or section.
As the account is closed, the continuation account can be updated as necessary. Please note that all activity referencing the project’s account number should be updated at the close of the project and, if that occurs, posting to a continuation account (and subsequent reconciliation) will be minimized.
KFS Contracts and Grants Module Lead