RE: Encumbrances (Chooising the right method of fiscal close)

["Seeman, Corey Glenn" <CSeeman at UTNet dot UToledo dot Edu>]

Peggy (et al) --

The driving factor in selecting a method of fiscal close is the
accounting system used by the governing body.  For us, we go with the
established rules at the University of Toledo.  For many libraries, the
governing rules of the community or municipality would dictate how they
close their books.  

The method that you outlined makes sense, but it could be done under
Method two or three as part of the regular close (see users manual page
# 106022).  Method one is a use it or lose it method that many people
employ, but it looks like it would not work for your situation.

The main differences between Method two and three are as follows:

Method two assumes that all previous year's orders get moved to previous
year's funds (so you have essentially two sets of funds...this year and
previous years).  I do not call them last year's funds because it is
possible that a book is long overdue (like pretty much anything I am
working on these days) and it might be two or more years.

Method three means that each year has a separate set of funds.  With
this method, you do not have to transfer or update records, but you need
to recreate your funds and fund structures every year.  

It sounds like you have either two or three and you might want to go
that route.  Then, the basic directions in the manual will do the trick
and get you where you need to be insofar as the fiscal close is
concerned.  If you are using Method two, please see the announcement on
CSDirect (http://csdirect.iii.com/announcements/15june05.shtml) -- use
your CSDirect password.  

Hope this helps -- 

Best -- Corey

Corey Seeman
Assistant Dean for Resource and Systems Management
Assistant Professor, University Libraries
Carlson Library
Mailstop #509 
University of Toledo
2801 W. Bancroft
Toledo, OH 43606

---------------
corey dot seeman at utoledo dot edu 
419.530.2333 (phone)
419.520-2726 (fax)
http://library.utoledo.edu/userhomes/cseeman (my home page)
http://library.utoledo.edu (main library page)

Nothing in life is to be feared, it is only to be understood. Now is the
time to understand more, so that we may fear less.
--Marie Curie

-----Original Message-----
From: innopac-bounces at innopacusers dot org
[mailto:innopac-bounces at innopacusers dot org] On Behalf Of Peggy Sisselman
Sent: Tuesday, July 05, 2005 10:49 AM
To: IUG INNOPAC List
Subject: RE: Encumbrances

The problem is always with things that still have not been received and
have
to be paid for out of the previous year's money.  This year I think we
will
create a list of all things at the end of the year with an order stauts
of
"o" (on order), change the fund to "reserve"  globally and then do a
fiscal
close. Before we do the fiscal close, we would have to move the money
from
that list into the new "reserve" fund.  Otherwise, we wind up with
negative
encumbrances when last year's orders come in after the new fiscal year
starts.  Does anyone think that sound like a good plan?  I'm hoping it
will
help us next time.  Thanks for this thread, it's very helpful.

Peggy

Peggy Sisselman
Acquisitions/Technical Services
Poughkeepsie Public Library District
psisselman at poklib dot org
845.485.3445 x 3337


-----Original Message-----
From: innopac-bounces at innopacusers dot org
[mailto:innopac-bounces at innopacusers dot org]On Behalf Of Stefanie
Wittenbach
Sent: Tuesday, July 05, 2005 10:36 AM
To: cr22 at soas dot ac dot uk; 'IUG INNOPAC List'
Subject: RE: Encumbrances


Why wouldn't you just use Method 1 for fiscal close and retain the
encumberances as is?  If you're not using a different group of funds and
carrying over to them (method 2), then you don't need to clear
encumberances
and re-enter them.

Stefanie
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Stefanie Wittenbach
Interim Assistant University Librarian for Technical
Services and Budget Analysis and Head of Acquisitions
University Libraries
University of California, Riverside
P.O. Box 5900
Riverside, CA  92517
(951) 827-2805
(951) 827-3720 fax
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~


> -----Original Message-----
> From: innopac-bounces at innopacusers dot org
> [mailto:innopac-bounces at innopacusers dot org] On Behalf Of Colin Rennie
> Sent: Monday, July 04, 2005 3:43 AM
> To: innopac at innopacusers dot org
> Subject: Encumbrances
>
> Dear All,
>
> Acquisitions has never been a forte on mine. I wonder if
> anyone would have any suggestions to the enquiry set by our
> Acquisitions Librarian here at SOAS.
>
> Many thanks
> Colin
>
> ------- Forwarded message follows -------
> From:           	"Peter McCormack" <pm21 at soas dot ac dot uk>
> To:             	cr22 at soas dot ac dot uk
> Date sent:      	Thu, 30 Jun 2005 10:01:30 +0100
> Subject:        	Encumbrances
> Send reply to:  	pm21 at soas dot ac dot uk
> Priority:       	normal
>
> Colin
> At the end of this Financial Year I want to clear all
> encumbrances and start again. That is, I want to set
> encumbrances at zero at then re- instate every valid order
> (status = o) with its encumbrances based on the estimated
> price (eprice).  I know how to strip out all encumbrances and
> set them at zero.  But is there a global way of re-instating
> the orders?
> A tough one, I realize, but any suggestions appreciated.
> Peter
>
> Regards
>
> Peter McCormack
> Acquisitions Librarian
> ==============================
> Acquisitions Dept.SOAS Library, Room E3, Thornhaugh Street
> Russell Square London WC1H 0XG
>
> Tel: 020 7898 4166
> Fax: 020 7898 4159
>
>
> ------- End of forwarded message -------
>
> Colin Rennie
> Systems Librarian
> School of Oriental and African Studies
> Thornhaugh Street
> London
> WC1H 0XG
>
> 020 7898 4191
> cr22 at soas dot ac dot uk
>
>
>
>
>
> --
> This message was distributed through the Innovative Users
> Group INNOPAC list Public replies:  INNOPAC at innopacusers dot org
> Update your subscription options:
> http://innopacusers.org/mailman/listinfo/innopac
>

--
This message was distributed through the Innovative Users Group INNOPAC
list
Public replies:  INNOPAC at innopacusers dot org
Update your subscription options:
http://innopacusers.org/mailman/listinfo/innopac

--
This message was distributed through the Innovative Users Group INNOPAC
list
Public replies:  INNOPAC at innopacusers dot org
Update your subscription options:
http://innopacusers.org/mailman/listinfo/innopac