RE: [IUG] Negative Encumbrances

["Peggy Sisselman" <psisselman at poklib dot org>]

What we do is create a new fund, for example next week we'll create "res07".
Before we do the fiscal close, all encumbered order records get their fund
codes changed to "rese07."  Anything received and invoiced in 2007 (ordered,
encumbered in 2006) will come out of that fund.

The two problems are 1) The reserve fund shows up as a fund in the current
year's financial reports, so the totals don't completely reflect the current
year, and 2) If I remember correctly, I don't think fund codes can be
changed by our consortium from a created list, but the fund code in each
record has to be changed individually.

Does anyone have any other ideas?  I'm going to go back and scour the manual
again, but just wondering what other people are doing.

Thanks.

Peggy
-----Original Message-----
From: innopac-bounces at innopacusers dot org
[mailto:innopac-bounces at innopacusers dot org]On Behalf Of Frances Dodd
Sent: Wednesday, December 20, 2006 8:31 PM
To: IUG INNOPAC List
Subject: Re: [IUG] Negative Encumbrances


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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