Setting Up the Acquisitions Budget
When you set up the acquisitions budget in Polaris, you create fiscal years, funds, and subfunds, and then manage the money in these funds. Once you set up the fund structure and allocate money, Polaris automatically tracks all encumbrances and expenditures in the Fund Record.
First, you create a fiscal year record to represent your organization’s total budget for the financial year. You can set up multiple fiscal years that can be more or less than a calendar year, and the time periods can overlap. Next, you set up fund records linked to the fiscal year to represent the money allocated for specific collections or types of materials. You can also set up fund records to track items purchased with donated funds.
After setting up your funds at the first (parent) level under the fiscal year, you can create additional subfunds that are linked to the first level. Then, under the second level subfund, you can set a third level of subfunds and so on.
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