Re: [IUG] Negative Encumbrances

[Frances Dodd <fdodd at sfu dot ca>]

Hi Sue,

It is exactly how our library operates:
We use fiscal year closing method 1.  And we do
not cancel items at the end of a fiscal year; we receive and invoice them
whenever they arrive.

But we also carry over encumbrances. We are bringing the previous
encumberances forward into the new fiscal year (also per User Manual 
Page # 106036 step 6).
No more negative encumbrances! :-)

Frances Dodd, Technical Services Librarian
W.A.C. Bennett Library, Simon Fraser University
8888 University Drive, Burnaby, B.C.  V5A 1S6  Canada
Email: fdodd at sfu dot ca / Tel: (604) 268-7325 / Fax: (604) 268-6579

At 01:43 PM 19/12/2006, you wrote:
> Yes, we have experienced negative encumberances both in Millennium silver
> and in the 2005 release.  We use fiscal year closing method 1.  And we do
> not cancel items at the end of a fiscal year; we receive and invoice them
> whenever they arrive.
>
> I contacted the help desk.  Acquisitions support said it is the result of
> ordering an item in a previous fiscal year and then receiving and
> invoicing it in this fiscal year.  I have looked carefully at our data,
> and in our case I find that is the usual reason for the negative
> encumberances.
>
> Since it is already occuring in this fiscal year, your best choice is to
> view the fund activity and then make an adjustment any time you receive
> and expense titles which were ordered in previous years.  But the amount
> to adjust is the estimated price, not the amount you expense.  You have to
> track this closely, or the figures will be wrong.  I generally check the
> funds toward the end of the month, and make any adjustments before
> printing the monthly reports.
>
> The help desk also suggested that when we close out our fiscal year, we
> can look at the reports and put the amount still encumbered into the new
> fiscal year encumberances column.  We are still thinking about whether we
> want to do this.  Our fiscal year runs from July 1 through June 30, so we
> have time to decide whether we will go in this direction.
>
> I would be interested in knowing if other sites are bringing the previous
> encumberances forward into the new fiscal year.  And whether this causes
> other problems...
>
> Sue Whitehead,
> Systems Librarian/Archivist
> Biola University
> sue dot whitehead at biola dot edu
>
>
> IUG INNOPAC List <innopac at innopacusers dot org> on Tuesday, December 19, 2006
> at 10:31 AM -0800 wrote:
> Hello-
>      Have any of you experienced any of your funds showing negative
> encumbrances?  If so, how did you resolve the problem?
>
> Thanks, kathleen
>
> Kathleen Olsen
> Section Supervisor
> Selection & Order Dept.
> King County Library System
> 960 Newport Way NW
> Issaquah, WA  98027
> (425)369-3368
> ksolsen at kcls dot org
> FAX (425)369-3332
> www.kcls.org
>
>
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