Setting Up Fiscal Years

A fiscal year is the period of time for which an organization budgets the money it has for acquiring materials. In Polaris Acquisitions, you create fiscal year records to manage and track multiple fund records linked to the fiscal year record.

When you set up a fiscal year record, you specify the fiscal year’s start and end dates. Multiple fiscal years of varying lengths may overlap and be active at the same time. For example, a fiscal year beginning July 1, 2016 and ending June 30, 2017 can overlap a fiscal year starting January 1, 2016 and ending December 31, 2016. You can track and report on separate statistics for each fiscal year.

Note:
At the end of a fiscal year, you can roll over funds to the next fiscal year, keep expending from the previous year’s funds while encumbering in the new fiscal year’s funds, or close the previous fiscal year and start with a new fund structure. See Managing Fiscal Year Rollovers.

To create a new fiscal year record:

1. Select File > New from the Polaris Shortcut Bar.

   The New dialog box appears.

2. Select Fiscal Year in the Objects box, and click OK.

   The Fiscal Year workform opens.

3. Type the name for the fiscal year in the Name box.

   Tip:
   See Using Date Pickers.

4. Enter the dates for the fiscal year in the Start date and End date boxes.
5. Select the library that uses the fiscal year in the Owner box.
6. (Optional) Type a description of the fiscal year in the Note box.
7. Select File > Save to save the Fiscal Year record.