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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

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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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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.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.
   2. 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.

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FM->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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Posting

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:

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Example message:

Example Posting Screen:

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1.  If there is anything to post, choose the printer in the Select Printer dialog box to which you want to send the posting register. NOTE: If you selected Email as the printer in the Preparation on Day of Fiscal Close section above, enter the appropriate email address.
2. Enter a heading for the posting register. The heading can be up to 29 characters. Click on OK.
3. After the system prints the encumbrance register and the invoice register, you are prompted as follows:

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1. If there is no Fund Activity to print it will indicate that there is no data to print in the lower-left corner of the screen. Click on Next and go to the Creating Fund and Statistical Reports section. Otherwise, go to the next step.

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Example Fund Activity Report in Fiscal Close:

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1. Enter a Report Header.
2. Show All option: If you want to print all funds, including those that don't have any activity, select select Show all. Otherwise, leave this box unchecked.
3. Click on on Start.
4. When the system displays the Activity Summary dialog box, verify that the Image Removed information the  information is correct and click on on OK to  to continue.
   
   
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6. The system loads the report (this may take a while). Upon completion, the status bar in the lower-left corner will show show Fund Activity Report complete.
7. Verify that all funds are in balance.
   1. NOTE: If a message in the lower-right corner of the screen states that funds are out of balance, contact your Library Systems Manager.
8. Click on on Print from  from the toolbar to Print the Fund Activity Report.
9. When the report has been sent to the printer, the following message displays: Printout is OK
   1. If no funds are out of balance and the report printed properly check the the Printout is OK box  box to make the Clear payment history box become active.
   2. If the printout is NOT okay, do NOT check the the Printout is OK box box, and click on on OK. Resolve the problem, and return to this step in the fiscal close.
10. Check the the Clear payment history box  box and click on on OK.
11. The status bar at the bottom of the screen displays: Payment history file cleared.
    1. NOTE: You You must clear  clear the payment history file to continue the fiscal closing process.
12. Click on on Next to  to go on to the Creating Fund and Statistical Reports section.

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1. The FIRST time you complete and process the information on this screen, check the box: Archive "Current Funds" amounts to "Old Funds", and "Hierarchies" to "Old Hierarchies".
2. Using the create lists that you created in the Preparation on Fiscal Close Day section above, to the following
   1. Select "Review" from the drop-down menu
   2. Select the appropriate review file in the "Review File" drop-down menu.
   3. Click on the "Limit to status" box, and select the status that applies to the review file. For example, if your review file includes order records that contain paid monographs (status "a") with fund codes from the current fiscal year (begin with a "c"), then in the Limit to status box enter "a".
   4. Do not check the Change Status, unless you want to also change the status of the order records in addition to the fund codes
       
   5. Do not check the Change fund for partials boxes, unless you have order records that have partial payments (status "q" or "e"). NOTE: If you don't select this option, these records will be put in a review file, and you can update each record later.
3. The table at the bottom of the screen lists all the current funds. For each of the current fund codes in the FROM FUND column that begins with "c", add the corresponding previous year fund code which begins with a "p" in the TO FUND. For example, if the current fund is "cbind" in the FROM FUND column, enter "pbind" in the TO FUND column.
   1. NOTE: Do not add a code for any of the previous year funds (i.e. if they begin with a "p") that appear in the FROM FUND column. Leave the TO FUND column blank.
   2. NOTE: You only have to do this process once for all the review files you are updating.
4. Once you have proofed your work in the TO FUND column, click on Process. This will do the following:
   1. Copy the current funds and hierarchies to the Old Funds and Old Hierarchies section of the Fund mode.
   2. Change the fund code in order records in the review file you selected as you specified in the TO and FROM columns.
    
5. When processing completes the Reports tab at the top of the screen will display a summary of changes and a section for encumbrance changes.
   1. NOTE: After a fund has been processed, its original amounts cannot be restored.
6. Click on Print on the toolbar to print the report.
7. WARNING!!
8. UNCHECK the Archive "Current Funds" amounts to "Old Funds", and "Hierarchies" to "Old Hierarchies"

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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.

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