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:
- Post any outstanding invoices from the Invoice Session files (1-4) and any encumbrances
- Run and print the Fund Activity Report, and clear the payment history file
- Generate and print fund reports, vendor statistics, and other management reports
- Copy the current funds and hierarchies to the old funds and old hierarchies area
- 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.
- Set up the new fiscal year's appropriations, and encumbrances
- Update order records with the appropriate fund code
- Reset the number of orders YTD and the number of payments YTD
- Adjust the appropriation, expenditure and encumbrance amounts for the current and previous fiscal years
- Post all the changes to the system
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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)
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- If possible, schedule fiscal close in the morning, and set aside at least 2 hours
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- Make sure there is a matching "previous year" fund for every "current year" fund (for example, pbind & cbind, pboka & cboka, pbokc & cbokc, etc.)
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- Make sure that most of the bills for the current year have been paid
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- Verify that fiscal close method is set to Method 2 "Two" Manual
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- Verify that for each "previous year" fund, there is a matching "current year" fund
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- Delete any old, unused fund codes that were not used in the current or previous fiscal year
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- Optionally, create a list of every order record and export the following to Excel: order record number, fund code, status
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- Review order records in the above Excel file for data clean-up as desired
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- Be sure that the Technical Services laser printer is selected, and that the printer paper tray is full
Preparation before Fiscal Close
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- Survey all the order records you have on the system using Create Lists. Determine what statuses you have in your order records.
- 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.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 …"
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.
Current Status | LRC Current Funds | LRC Change Fund To | Saved Search File to Use | Review File (Yes/No) |
|---|---|---|---|---|
z (cancelled) | Begins with "p" (previous year) | No change | N/A | No |
z (cancelled) | Begins with "c" (current year) | Begins with "p" (previous year) | LRC Fiscal Close Z Status and C Fund | Yes |
a (paid monograph) | Begins with "p" (previous year) | No change | N/A | No |
a (paid monograph) | Begins with "c" (current year) | Begins with "p" (previous year) | LRC Fiscal Close A Status and C Fund | Yes |
d (paid serial) | Begins with "p" (previous year) | No change | N/A | No |
d (paid serial) | Begins with "c" (current year) | Begins with "p" (previous year) | LRC Fiscal Close D Status and C Fund | Yes |
q (partial paid monograph) | Begins with "p" (previous year) | No change | N/A | No |
q (partial paid monograph) | Begins with "c" (current year) | Begins with "p" (previous year), if you want to pay the entire item in the previous fiscal year. Otherwise, no change. | LRC Fiscal Close Q Status and C Fund | Yes |
e (partial paid serial) | Begins with "p" (previous year) | No change | N/A | No |
e (partial paid serial) | Begins with "c" (current year) | Begins with "p" (previous year), if you want to pay the entire item in the previous fiscal year. Otherwise, no change. | LRC Fiscal Close E Status and C Fund | Yes |
1 (on hold) | Begins with "p" (previous year) | Begins with "c" (current year) | LRC Fiscal Close 1 Status and P Fund | Yes |
1 (on hold) | Begins with "c" (current year) | No change | N/A | No |
o (on order monograph) | Begins with "p" (previous year) | Begins with "c" (current year) | LRC Fiscal Close O Status and P Fund | Yes |
o (on order monograph) | Begins with "c" (current year) | No change | N/A | No |
c (on order serial) | Begins with "p" (previous year) | Begins with "c" (current year) | LRC Fiscal Close C Status and P Fund | Yes |
c (on order serial) | Begins with "c" (current year) | No change | N/A | No |
f (serials no encumbrance) | Begins with "p" (previous year) | No change | N/A | No |
f (serials no encumbrance) | Begins with "c" (current year) | No change | N/A | No |
2 (approv rej) | N/A | N/A | N/A | N/A |
g (serial liened) | N/A | N/A | N/A | N/A |
- 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: *MIFM->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.
- 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.
- Make sure no one else is working the Acquisitions module or modifying any order records.
- 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)
- Close any miscellaneous applications on your system except for Sierra Acquisitions
- 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.
- Make sure all your report options are checked "on" so that they are available during fiscal close. Go to AdminSettingsFunds and check the boxes next to: Statistics, Management (Fund) Reports, and Vendor Statistics.
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Posting
- Open Sierra Acquisitions module.
- Click on the Fiscal Close Mode in the left-hand navigation bar.
- 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.
- One of the following messages will display. Take the appropriate action:
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