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Revision History

• * Revised 7/2/2009 by Michael O'Brien
• Revised 6/29/2010 by Loren Stamper
• Revised 6/29/2011 by Loren Stamper
• Revised 6/29/2012 by Loren Stamper
• Revised 6/25/2013 by Derek Antler
• Revised 6/9/2014 (formatting changes only) by Derek Antler
• Revised 6/23/2015 by Derek Antler
• Revised 4/29/2016 (checklist added) by Derek Antler
• Revised 6/22/2016, 6/23/2016 & 6/24/2016 by Derek Antler

NOTE: You do not need to manually change fund codes from "c" to "p" before performing fiscal close procedures! They will be changed automatically as part of the fiscal close process.
Fiscal Closing is the process of closing one set of financial books at the end of the current fiscal year and opening a new set of books for the coming fiscal year.
Starting in July 2007, two separate accounting units were created: Unit 1 = Copley, and Unit 2 = LRC. Each location (or unit) can determine when to do their fiscal close.
There are several methods to close the fiscal year. Starting in July 2008, both Libraries are now using "Method 2 (Two) Manual." This allows the libraries to work in two fiscal years simultaneously by using two sets of fund codes: current year and previous year. The fund code in the order record will designate to which fiscal year the invoice will be posted. Note that several years of funds can be combined into one previous year fund.
NOTE: Annually, the library will remove old order records from the system, either by copying the order information to a corresponding item record and then deleting the order record, or by simply deleting the order record if it is no longer needed.
Method 2 Manual allows the libraries to

1. Post any outstanding invoices from the Invoice Session files (1-4) and any encumbrances
2. Run and print the Fund Activity Report, and clear the payment history file
3. Generate and print fund reports, vendor statistics, and other management reports
4. Copy the current funds and hierarchies to the old funds and old hierarchies area
5. Move the current fund appropriations and expenditures into the previous year funds, or clear the appropriations, expenditures and encumbrances allowing you to enter them manually.
6. Set up the new fiscal year's appropriations, and encumbrances
7. Update order records with the appropriate fund code
8. Reset the number of orders YTD and the number of payments YTD
9. Adjust the appropriation, expenditure and encumbrance amounts for the current and previous fiscal years
10. Post all the changes to the system

Checklist to Complete before Fiscal Close

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NOTE: You do not need to manually change fund codes from "c" to "p" before performing fiscal close procedures! They will be changed automatically as part of the fiscal close process.
Fiscal Closing is the process of closing one set of financial books at the end of the current fiscal year and opening a new set of books for the coming fiscal year.
Starting in July 2007, two separate accounting units were created: Unit 1 = Copley, and Unit 2 = LRC. Each location (or unit) can determine when to do their fiscal close.
There are several methods to close the fiscal year. Starting in July 2008, both Libraries are now using "Method 2 (Two) Manual." This allows the libraries to work in two fiscal years simultaneously by using two sets of fund codes: current year and previous year. The fund code in the order record will designate to which fiscal year the invoice will be posted. Note that several years of funds can be combined into one previous year fund.
NOTE: Annually, the library will remove old order records from the system, either by copying the order information to a corresponding item record and then deleting the order record, or by simply deleting the order record if it is no longer needed.
Method 2 Manual allows the libraries to

1. Post any outstanding invoices from the Invoice Session files (1-4) and any encumbrances
2. Run and print the Fund Activity Report, and clear the payment history file
3. Generate and print fund reports, vendor statistics, and other management reports
4. Copy the current funds and hierarchies to the old funds and old hierarchies area
5. Move the current fund appropriations and expenditures into the previous year funds, or clear the appropriations, expenditures and encumbrances allowing you to enter them manually.
6. Set up the new fiscal year's appropriations, and encumbrances
7. Update order records with the appropriate fund code
8. Reset the number of orders YTD and the number of payments YTD
9. Adjust the appropriation, expenditure and encumbrance amounts for the current and previous fiscal years
10. Post all the changes to the system

Checklist to Complete before Fiscal Close

• A month or two prior to the end of the fiscal year, find a date that is convenient to run the Fiscal Close procedure (for example, the following dates were chosen in the past: June 25, 2013; June 17, 2014; June 23, 2015)
• If possible, schedule fiscal close in the morning, and set aside at least 2 hours
• Make sure there is a matching "previous year" fund for every "current year" fund (for example, pbind & cbind, pboka & cboka, pbokc & cbokc, etc.)
• Make sure that most of the bills for the current year have been paid
• Verify that fiscal close method is set to Method 2 "Two" Manual
• Verify that for each "previous year" fund, there is a matching "current year" fund
• Delete any old, unused fund codes that were not used in the current or previous fiscal year
• Optionally, create a list of every order record and export the following to Excel: order record number, fund code, status
• Review order records in the above Excel file for data clean-up as desired
• Be sure that the Technical Services laser printer is selected, and that the printer paper tray is full

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1. Survey all the order records you have on the system using Create Lists. Determine what statuses you have in your order records.
   1. Determine all the statuses that you use by using Create List of every order record for your library and running a statistical report on the review file or by exporting the order record number, fund code, and status to Excel.
   2. NOTE: Do not manually change the fund codes in the review files before continuing with this procedure! They will be changed automatically as part of the fiscal close process.
      From this overall list, create sub-review files for each status and fund that you have on the system using the chart below. If there is "No Change" in the "LRC Change Fund To" column, you don't have to create the list. There are Saved Searches in the Create Lists program in Sierra to use in creating these review files. The query names begin with "LRC Fiscal Close …"

1. Make sure that a system backup completed the previous night. You can contact your Library Systems Manager to confirm that the backup completed, or go to the text-based system: *MIF* and check the dates on the "Time of last verified full backup" or "Time of last enterprise backup". If either has today's date, proceed.
2. Set aside at least 2 hours to complete the fiscal close. It is recommended that you run fiscal close early in the morning before any acquisitions work has begun.
3. Make sure no one else is working the Acquisitions module or modifying any order records.
4. Make sure there is paper in the printer. Otherwise you can send all reports to your email account by doing the following on your Acquisitions module: (FileSelect PrinterStandard Printeremail printerOKEnter the email address that you want to send all subsequent print jobsOK)
5. Close any miscellaneous applications on your system except for Sierra Acquisitions
6. Make sure that fund codes are displaying instead of fund names. Verify this in the Sierra Funds Function. To change this option, contact the Library Systems Administrator.
7. Make sure all your report options are checked "on" so that they are available during fiscal close. Go to AdminSettingsFunds and check the boxes next to: Statistics, Management (Fund) Reports, and Vendor Statistics.

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1. Open Sierra Acquisitions module.
2. Click on the Fiscal Close Mode in the left-hand navigation bar.
3. The system checks to see if there are any outstanding invoices to post from Invoice Sessions 1-4 or if there are any encumbrances that need to be posted.
4. One of the following messages will display. Take the appropriate action:

Example message:

Example Posting Screen:

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1. Return to step 2 above and repeat this process of each Review File that you generated.
2. After you have processed all your review files, click on Next and go to the Clear Funds section.

Clear Funds

1. OR, if the new year's appropriations are the same as the previous year's or there are only minor adjustments, DO NOT check the appropri

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   ations box so that the appropriations for both the current and previous funds will not be changed. You can Adjust both current and previous fund appropriations in the next step. Be sure to zero-out expenditures and encumbrances.Check all the boxes in the Appropriations for all funds, Expenditures for all funds, and Encumbrances for all funds.
   1. NOTE: You will be manually entering all the amounts for the current year's funds in the Adjust Funds section below.
2. Check the # Orders Year-to-Date for all funds box to reset the year-to-date number of orders to zero for the new year's funds.
3. Check the # Payments Year-to-Date for all funds box to reset the year-to-date number of payments to zero for the new year's funds.
4. Click Process. The amounts and fields on the fund records are reset to zero.
   1. NOTE: After a fund has been processed, its original amounts cannot be restored.
5. Click on Next and go to the Adjust Funds section.

Adjust Funds

1. Using the Fund Report you printed in the Creating Fund and Statistical Report section, enter the appropriate values for each of the funds.
   1. For the current year fund codes – starting with "c", enter the APPROPRIATIONS that you have received from your director for the next fiscal year. Also, enter the ENCUMBRANCES that you want to keep in the current year for open monographic and serial orders, and standing orders. You can find these amounts on the Fund Report under the Encumbrances column for the current year funds.

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NOTE: If you DO NOT Clear Out the appropriations in the previous step, simply make sure that they match the "c" funds appropriations.
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1. After you have proofed your amounts, click on Post on the toolbar to apply your changes to the funds.

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1. After you have proofed your amounts, click on Post on the toolbar to apply your changes to the funds.
2. Click on Quit at the bottom of the box to complete the fiscal closing process.
3. The system displays the following message: Fiscal Close Complete!
4. Once you have successfully completed fiscal close, you may delete the review files you created earlier in this procedure.

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2. Click on Quit at the bottom of the box to complete the fiscal closing process.
3. The system displays the following message: Fiscal Close Complete!
4. Once you have successfully completed fiscal close, you may delete the review files you created earlier in this procedure.

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• * Revised 7/2/2009 by Michael O'Brien
• Revised 6/29/2010 by Loren Stamper
• Revised 6/29/2011 by Loren Stamper
• Revised 6/29/2012 by Loren Stamper
• Revised 6/25/2013 by Derek Antler
• Revised 6/9/2014 (formatting changes only) by Derek Antler
• Revised 6/23/2015 by Derek Antler
• Revised 4/29/2016 (checklist added) by Derek Antler
• Revised 6/22/2016, 6/23/2016 & 6/24/2016 by Derek Antler