Managing Fiscal Year Rollovers

Polaris provides a utility with the following options for handling fiscal year rollovers:

Run fiscal year utility - Create a new fiscal year record that replaces the old fiscal year and re-links the old fiscal year’s funds to the new fiscal year, replicating the fund structure. Any amount left in the funds can be carried over into the next fiscal year, or the amount can be zeroed out.
Replicate fiscal year hierarchy - Replicate the fund structure in the new fiscal year, but keep the old fiscal year open for a time until all money in the linked funds is expended. With this option, funds can be expended in the old fiscal year’s funds, but not encumbered. The library can continue to receive, cancel, and invoice in the current fiscal year using the old funds, while ordering, receiving, and invoicing in the new fiscal year using the new funds.
Close fiscal year -This closes the current fiscal year and all linked funds.

Important:
If you are changing your fund structure significantly and want to create a new fund hierarchy, first check to make sure no pending purchase orders are linked to these funds, and select Replicate fiscal year hierarchy. Once the hierarchy has been replicated, delete the newly-generated (Open) fiscal year hierarchy and close the old (Encumbrances closed) hierarchy. When you delete the new fiscal year before closing the old fiscal year, you can deal with any open invoices that are still linked to the closed fund. If you need assistance with the fiscal year rollover workflow, contact your Polaris site manager.

Users who have the permission for at least one Organization linked to at least one Fiscal Year record with a status other than Closed can access the Fiscal Year utility dialog. Additionally, users meeting these requirements can see one or more branch Organizations displayed in the Owner drop-down list box on the Fiscal Year Utility dialog.

Note:
The utility is governed by the Acquisitions permission, Run Fiscal Year
Utility: Allow available at the Branch level only and unassigned by default.

Users without the permission for at least one Organization will be blocked when trying to open the Run Fiscal Year Utility dialog. If a user does not have the permission, no supervisor override is allowed.

Note:
If your library uses foreign currencies, the amounts disencumbered and re-encumbered in the new fiscal year will use the exchange rate recorded at the time the purchase order was released.