[IUG] Fiscal Close and changing fund code sets
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This message is being cross-posted to both the Innovative User's Group and to the Innovative Law User's Group listservs.
I'm planning to run FY08 fiscal close in Millennium for our law school library's accounting unit. Our campus is instituting a new purchase order system, and in order to make it easier to reconcile the university's financial reports with those from Millennium, we've decided to alter our fund code sets for the first time in several years. I've done something similar in a previous position, but some of the variables are different this time, and I need assistance before proceeding.
The fund codes are currently set up as abbreviations for material types (ex: "elec" for electronic resources; "mono" for books; "ser" for serials; "serup" for serials continuations, "tech" for technology purchases, etc.). We're changing to 5-character numeric object codes identical to those used in our campus financial reports (ex: 63005 for telecommunications, 63405 for purchase of library books, etc.). The old alphabetic fund codes will be abandoned and not reused.
Outstanding orders will be cancelled prior to fiscal close, then re-opened after fiscal close has been run. This will ensure that the outstanding orders will be paid out of FY09 funds rather than FY08 funds.
If possible, we'd like to update all the old fund codes in our system to the new set. (For instance, all instances of old code "mono" would become object code 63405.) Can this be done? There are around 9,000 existing order records in our law school's accounting unit and I'm hoping to avoid manually changing old codes to the new ones!
What fiscal close method should be used - Method 2 or 3? We've always used Method One in the past, but that may not work for us this year.
Your advice is most appreciated! Thanks!
Head of Technical Services
Dwayne O. Andreas School of Law
6441 East Colonial Drive
Orlando, FL 32807
Phone - (321) 206-5704 Fax - (321) 206-5720
E-Mail - dwiesinger at mail dot barry dot edu
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