Fiscal Close

Fund Set-up:

Fund Propagation and Rollover Settings: Each fund can be individually set, allowing you to pick and choose which funds you carry over into the new fiscal year. Configuration is done in the individual funds.

  • Propagate: If set to true in the fund, a new fund will be created for the new fiscal year based on the old fund. This does not bring over any money, just the fund itself.
  • Rollover (If this is set to True, Propagate must also be set to True): If set to true in the fund, any encumbrances (including those associated with cancelled items that keep debits, such as backordered items), and any money remaining in the fund (unless you have limited the close-out operation to encumbrances), will be brought forward into the new fiscal year. For any items that are in an “on-order” state, the fund will automatically be updated to the fund for the new fiscal year. Pending POs are currently not affected and will continue to be associated with the fund for the old fiscal year. The funds will need to be updated manually for any POs that are pending.

See Managing Funds for more information on Funds.

Fiscal Close Procedure:

  1. Go to Admin/Acquisitions Administration/Funds
  2. Select the Context Org Unit you want to perform the fiscal close on. Notice that the org unit you select in the drop down on the left, appears in the Context Org Unit field in the Propagate and Rollover box. (See examples below)
  3. Select the Year you want to perform the fiscal close on. Usually this would be the fiscal year that just ended.
  4. Click on the Fund Propagation and Rollover button.
  5. Check off the options you want. Notice that Dry Run is checked by default. It is always a good idea to do a dry run before you do the real thing.
  6. Click Process
  7. After you have done the Dry Run and you are satisfied with the totals it gives you, un-check it and check Perform Fiscal Year Close-out Operation
  8. Click Process

    9. Box Options Explained:

    • Perform Fiscal Year Close-out Operation: If you are ready to do the actual fiscal close, this box should be checked and the Dry Run box un-checked.
    • Limit Fiscal Close-out Operation to Encumbrances: If you do not want the unspent money in the fund to be carried over into the new fiscal year you will need to check this off. Unspent money = Allocated amount – Expenditures. If you use this option, be aware that if you have any Balance Percentage Stops set on any of your funds, you will not be able to use those funds until money has been allocated to them. The unspent amount does not go back into the Funding Source. The Funding Source is not affected in any way.
    • Context Org Unit: The library or branch for which you are performing the fiscal close.
    • Include Funds for Descendant Org Units: Select this if you have chosen your library system, eg. BEVERLY, and want to do the fiscal close for all your branches, eg. BEV, BEB, and BEF.
    • Dry Run: The Dry Run option is selected by default. It is a good idea to do a dry run, just to see if the totals are what you expect. To do a dry run, set the options you will use for the actual close-out operation, but don’t check off “Perform Fiscal Year Close-out Operation.”

    Options for Selecting the Context Org Unit:

    • If your funds are associated with a single location, you can select that location (LFD, for example), and leave “Include Funds for Descendant Org Units” unchecked.
    • If your funds are associated with multiple branches, you can choose your library system (EVERETT, for example), and check off “Include Funds for Descendant Org Units” which will perform fiscal close on all branches associated with that system, at the same time.
    • Optionally, if you have funds associated with multiple branches, you can perform fiscal close on each branch separately, closing one branch and then, later on, the other branch, leaving “Include Funds for Descendant Org Units” unchecked.