[IUG] Fiscal close questions

["Black, Leah" <blackl at mail dot lib dot msu dot edu>]

We are preparing procedures for closing in MilAcq as we approach the end of our fiscal year on June 30.  Since moving to Millennium our fiscal close experience has been troublesome (to say the least) and we are trying to figure out what we need to do to improve this process.  I have attended various IUG sessions and heard wonderful stories of trouble-free closings and would very much like to know how to accomplish this! 

We have read the manual describing the 3 different methods that can be used for fiscal close and we think it is clear that we should be using method 2 (we keep one set of funds for the current year and another set for the previous year, and we change fund codes and status values in outstanding order records as part of our fiscal close process).  This is the MilAcq method we've used for several years, with less than wonderful results.

We thought perhaps we were mis-reading the manual and decided to run a test of fiscal close method 1 to see what would happen.  We have a "test" server and had Innovative set it up for fiscal close method 1, and this morning tried that method using some sample records created especially for this test.  We were very encouraged when offered the option to "archive current funds amounts" in tab 4, but tab 5 did not offer an opportunity to globally change fund codes and status values, which method 2 offers, and which we must do. 

Here are my questions:

Is it true that using method 1 for fiscal close does not allow you to change funds and status values?  For example, can you change current monograph encumbrances to a carryover fund as part of fiscal close?  If you're using method 1 and can do this, we would LOVE to hear from you.

We need a fiscal close method that allows us an option to archive the previous year's report and also have an option to change funds in orders.  If you're doing this as part of fiscal close would you be willing to share with us how it's done?

Is there a library out there who is successfully using fiscal close method 2? Again, we would LOVE to hear from you.

Thanks.


Leah Black
Head of Print Resources Acquisitions and Cataloging
Michigan State University Libraries
100 Library
East Lansing, Michigan 48824

517-432-6123 x149
517-353-8969 (fax)
blackl at msu dot edu

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