Finance

After a period closes, any FITS transactions still in “pending” status become “stale” and can no longer be approved. Attempting to approve a stale transaction results in an error. Since submitted transactions cannot be edited, initiators need to resubmit stale transactions using an accounting date within the current open period.

Each year, accounting and financial staff at UC Davis await the release of the new fiscal close calendar. The calendar contains a list of tasks that must be completed, approved, and posted by specific deadlines. Just as important, it helps the university close the fiscal year accurately and on time.

Fund 2000B is reserved for sponsored projects under contracts and grants only. However, some non-sponsored project expenses were posted to Fund 2000B. In this webinar, we explain the impact of this error and walk you through how to identify and clear inappropriate expenses in Fund 2000B.

In this session of the Accounting Fundamentals Series, we look at the concept of accrual-based accounting and how it differs from cash-based accounting. We also examine accrual-adjusting journal entries, discuss why reversing journal entries are used with accrual-adjusting entries, and walk through basic scenarios. This session is designed for learners with little to no accounting background.

In this latest session of the Accounting Fundamentals Series, we look at the Chart of Accounts. This session is designed for learners with little to no accounting background.

In this session, we discuss:

• What a chart of accounts is
• Chart strings and segments
• How to build chart strings and how to translate chart strings using available reports and tools

Watch the recording of the second session of the accounting fundamentals series. presented by UC Davis Central Accounting and Aggie Enterprise Change, Communications and Training. These sessions are designed for staff with little to no accounting experience.

In the first half of the session, we take a look at the basics of journals, the general ledger and subledgers. In the second half, we take a look at reports that help us trace transactions between the General Ledger and a subledger.

Attachment functionality, one of the most requested features since the release of FITS, is scheduled for release on August 20, 2025. With this enhancement, users can attach supporting documentation to their transactions, and approvers will be able to open and review these files. FITS will accept Word, Excel, PDF, and Text files.

The Attachment option becomes available after you save your session. Once you click Save, the option to add attachments will appear.

Approvers can open attachments after the transaction has been submitted.

We are excited to announce that the Finance Internal Transfer System (FITS) is now live. FITS replaces the previous recharge billing submission process for departments that are not currently using a boundary application to manage recharges.