Summary of Fiscal Closing Methods

The steps for each method of fiscal closing are summarized below.

Method 1
Method 2
Method 3

To confirm your method of fiscal closing, choose Help | About from the menu bar. The method of fiscal closing currently set for your library appears at the bottom of the resulting dialog box.

Completing Fiscal Close in More Than One Session

If you cannot or do not want to complete the fiscal closing in one session, you can exit the process and come back at a later time. You will reenter the process at the first step, Posting, but you can choose Next to quickly move to the step where you left off. You will not have to repeat any steps as long as you do not post any more invoices in the interim.

Avoid Overwriting the Archive With Cleared Funds

If you repeat the copying and clearing funds step, clear the check box for the Archive "Current Funds" amounts to "Old Funds", and "Hierarchies" to "Old Hierarchies" option. Copying and clearing funds more than once with the option selected overwrites archived fund values with cleared fund values ('0').

Method 1

The library keeps only one set of funds (i.e., books).

In the Fiscal Close function:

  1. Post - Post all invoice sessions.
  2. Fund Activity Report - Print a final report for the fiscal year and clear the payment history file.
  3. Statistics and Reports (Optional) - Generate management reports, vendor statistics, and fund reports.
  4. Copy and Clear Funds - Copy current funds and hierarchies to old funds and hierarchies. Clear appropriations and expenditures, and roll over encumbrances.
  5. Adjust Funds - Appropriations and expenditures will have been reset to zero, and encumbrances will have the same amounts as when the process began for selected funds. Enter new appropriations.
  6. If you made fund adjustments in the step above, Post now or choose Finish to post at a later time. Otherwise, exit the Fiscal Close function by choosing another function. You can make fund adjustments at a later time using the Funds function.

Method 2

The library keeps one set of funds for the current year and a second set of funds for the previous year.

Note

Before starting this method of fiscal close, make sure your library has already created a set of funds for the new year.

In the Fiscal Close function:

  1. Post - Post all invoice sessions.
  2. Fund Activity Report - Print a final report for the fiscal year and clear the payment history file.
  3. Statistics and Reports - Generate management reports, vendor statistics, and fund reports.
  4. Change Funds in Order Records - Copy current funds and hierarchies to old funds and hierarchies. Change funds in order records. Transfer fund data from "current year" to "previous year."
  5. Clear Funds - Clear appropriations and expenditures, and encumbrances as appropriate for the type of Method 2 fiscal closing you are performing ("Automatic | Copy", "Automatic | Transfer", or "Manual").
  6. Adjust Funds - Enter appropriations, expenditures, and encumbrances as appropriate.
  7. If you made fund adjustments in the step above, Post now or choose Finish to post at a later time. Otherwise, exit the Fiscal Close function by choosing another function. You can make fund adjustments at a later time using the Funds function.

Method 3

The library builds an entirely new set of funds for the new fiscal year.

  1. In the Fiscal Close function:
    1. Post - Post all invoice sessions.
    2. Fund Activity Report - Print a final report for the fiscal year and clear the payment history file.
    3. Statistics and Reports (Optional) - Generate management reports, vendor statistics, and fund reports.
    4. Copy and Clear Funds - Copy the fund balance file to old balance file. Zero the funds that are about to be deleted, and zero the appropriations, expenditures, and encumbrances (and #ORDERS YTD and #PAYMENTS YTD if desired).
  2. In the Delete Records function:
    1. Delete Records - Delete all records that use the funds about to be deleted.
  3. In the Funds function:
    1. Delete Fund Groupings - Delete either fund groupings that use the funds to be deleted, or delete individual funds from the groupings.
    2. Delete Funds - If necessary, delete funds, one at a time. If you have room to add a new set of funds, you do not need to delete the old funds.
    3. Add New Funds - When you add new funds, ensure that part of the fund code represents the fiscal year, e.g., "fic05" for "Fiction - 2005".
    4. Create New Fund Groupings - Group funds for financial reports.
  4. In the Fiscal Close function:
    1. Adjust Funds - Enter new appropriations.
    2. If you made fund adjustments in the step above, Post now or choose Finish to post at a later time. Otherwise, exit the Fiscal Close function by choosing another function. You can make fund adjustments at a later time using the Funds function.
See also:
Fiscal Closing