Color of Money – Fiscal Close in Milacq WI/IL IUG 2005 Wisconsin - Illinois Innovative Users Group...

Color of Money – Fiscal Close in Milacq WI/IL IUG 2005

Wisconsin - Illinois

Innovative Users Group

Kenosha, Wisconsin

June 2, 2005

Corey Seeman, University of Toledo

[email protected]

The Color of Money:

Running Fiscal Close and Moving Financial Functions Into Milacq


Innovative Web-based Users Manual


If your organization has “use or lose” finances, then choose-

Method One – Library keeps only one set of funds (i.e., books). - Most Common Method

If your organization lets you keep money you do not spend, then choose-

Method Two – Library keeps two sets of funds: Current Year and Previous Years. Method Three – Library keeps a separate set of funds for every fiscal year in the system.

Fiscal Close – Three Methods(User Manual #102936)


Method One – Single Set of Funds (User Manual #102938)

• NOTE: This is the most common way to close your fiscal year.

• It is also the easiest!!!!!!!!!!!


Fiscal Close Method One

TY Reports

LY ReportsLY Reports

TY Reports (new)

Acquisition Records & Funds

Financial Activity 04-05

Funds

Order Records

Funds

Order Records

Encumbrances Encumbrances

Expenditures Expenditures

Appropriations Appropriations*


Financial Reports 05-06Financial Reports 04-05


Method Two – Two Sets of Funds (User Manual

#102939)

• If you keep last year’s money as a separate set of funds

• Big difference is running Transfer Orders from One Fund to Another (User Manual #102947*)


Fiscal Close Method Two

TY Reports

LY ReportsLY Reports

TY Reports (new)



TYFunds & PYFunds

Order Records

TYFunds & PYFunds

Order Records

TY Encumbrances

PY Encumbrances

TY/PY Expenditures TY/PY Expenditures

TY/PY Appropriations TY/PY Appropriations


Financial Reports 05-06Financial Reports 04-05

TY Encumbrances

PY Encumbrances

Cash


Method Three – New Sets of Funds Every Year

(User Manual #102940)

• If you have a new set of funds every year.

• Need to ensure that you have enough funds codes in the system. – System minimally supports 750.– Can purchase 750 more.


Fiscal Close Method Three

FY04 Reports


Financial Activity FY05

Funds FY04 / FY05

Order Records

Funds FY04 / FY05

Order Records

Encumbrances

Expenditures Expenditures

Appropriations Appropriations

Financial Activity FY06

Financial Reports FY06Financial Reports FY05

Encumbrances

Funds FY06 (new)

FY05 Reports

FY04 Reports

FY05 Reports

FY06 Reports


• Probably the first time you are using Millennium for Fiscal Close. Fret not…it is cake!

• Does not have to happen on the first day of the new fiscal year.

• There should not be a problem if you used character-based Acquisitions all year long and are closing in Milacq.

• Do not wait for secondary confirmations from Millennium -- they never show up.

General Rules for Running Fiscal Close


• Make sure you have Fiscal Close Mode available via Milacq.

• Kick Everyone Off the Financial System That Day. • No new orders.• No receiving (if done with Invoice Processing)• No Invoice Paying or editing• No editing of order records in following fields: EPrice,

Copy, Fund, Location• Get LOTS of paper for the printers that you are using.• Use System Printers -- Local Printers do not do as

nice a job.• Each Accounting Unit needs to be done separately• Have the User Manual sections/pages of fiscal close

available to you.

General Rules for Running Fiscal Close


General Rules for Running Fiscal Close New Rules with Millennium Silver

•PREVIOUSLY… “Do the work in character-based (telnet) INNOPAC”

•NOW, These functions are available in Millennium Acquisitions!

•PREVIOUSLY… “Deal with the fact that there is no “magic button” to do this work for you.”

•NOW, There is a magic button*


Method One – Single Set of Funds

(User Manual #102938)

• Lets Try it out!

• We will be looking at Millennium Acquisitions


Financial Functions - Release 2003, Phase 3

• Posting Pay Files (Manual Page #100648)• Adjusting Fund Balances (Manual Page #105485)• Viewing and Printing Fund Reports (Manual Page

#100653)• Vendor Statistics (Manual Page #105495)


Financial Functions - Millennium Silver

Electronic Invoice & Approval Processing• Load MARC files with full bibliographic and invoice data. • Item records can also be loaded in the same workflow. • This also includes the ability to process serials electronic

invoice files.

Funds• The full suite of fiscal close activities has been added to

Millennium Acquisitions.


Financial Functions - Release 2005

• The purchase order queue will be scanned for duplicates before orders are sent.

• It will be possible to view and query invoices after posting. [IUG ballot item]


Millennium Silver – General ‘Milhints’

• Make Sure you have the Fiscal Close Mode available! (if not - call the helpdesk)!

• Use Macros for terms associated with fiscal close – Can be set on that session without restarting session.

• Use Macros for passwords and directories for record downloads such as Promptcat & Serials Invoices.



Can edit text for simplifying standard text during Fiscal Close

“Fiscal Close FY05”

“Fiscal Open FY06”



• Configure Printing (system printer on login will work best).

• Setting Your Password.• Take advantage of sorting lists by clicking on

headers.• Fiscal Close Mode must be set for the login.• Take advantage of previewing changes.• LOOK AROUND! Not everything is on the

bottom.


Millennium Silver Fiscal Close – System Options






Millennium Silver Fiscal Close – 1. Posting

Fiscal Close is VERY easy in Milacq. First, you are prompted to post all sessions



1. Posting

2. Fund Activity Reports

3. Reports

4. Copy & Clear Funds

5. Adjust Fund Balances

Millennium Posting

User Manual # 100648



Posting Steps

1. Print Encumberances

2. Print Invoices

3. Post Funds

4. Post Orders

5. Post Payment History File

Step 1 is now OVER!


Millennium Silver Fiscal Close – 2. Fund Activity Report

1. Enter Fiscal Close 20XX (use

macro)

2. User Manual Page # 105490



If you are printing all funds, you do not have to browse forward or backwards



Print your fund activity reports and clear the payment history file.



Never say the printout is OK until you check!

User Manual #105490

Step 2 is now OVER!


Millennium Silver Fiscal Close – 3. Reports

You control the report options under Settings.

See Users Manual Page # 106027

REMEMBER that LY Fund reports will be deleted during close!

Management Reports = Fund Reports



Run the Fund Reports

Click Start to Preview

Click Print to…Print!



For summary reports, you can change the level and click start at any time



Print up reports

Remember that Last Years’ reports will be deleted after Fiscal Close

Step 3 is now OVER!


Millennium Silver Fiscal Close – 4. Copy and Clear Funds

Nuts and Bolts of Fiscal Close

• Current Fund Balances & Reports from This Year’s to Last Years

• Clears Appropriations & Expenditures

• Resets Year-to-date orders and Payments







When you Click on Process,

You are essentially done with Fiscal Close

STEP 4 is OVER!


Millennium Silver Fiscal Close – 5. Adjust Funds

•Adjust Fund Balances have been in Millennium Acquisitions•Point and Click capacities make for an easier•Use Macros for easier keying•STEP FIVE IS OVER!


Millennium Silver Fiscal Close – DONE!

• And that is all…

• Fiscal Close is done (really at step #4), you do not need to appropriate funds to reopen the books.

• Is this easier than Telnet?– Steps in Logical Order.– You do not need to re-enter passwords.– Can see changes before you make them.


Millennium Fund Adjusting

If using form, you click on a fund’s appropriation, expenditure or encumbrance and you can make changes


Millennium Fund Adjusting

If you would rather key, than point and click, you can select what are are going to do to adjust the fund balances


Millennium Fund Display

All the Fields can be sorted (which helps with finding fund balances, etc.)


Additional Fiscal Close Issues

• Endowments• Deposit Accounts• Payments applied to wrong fiscal year• Amount of status “1” orders• Negative Encumbrances (see

http://csdirect.iii.com/faq/negenc.shtml)• Funds out of balance (see

http://csdirect.iii.com/faq/fob.shtml


Handling Endowments*

• Method one & two– Create a fund report for endowed funds– Clear them as you would other funds– Re-appropriate based on values from

reports (now last years).

• Method three (no action needed)

• *This is only one option!


Handling Deposit Accounts*

• Method one & two– Apply a negative expenditure to the funds

or a generic appropriation fund.– This allows for you to have what it costs

and what you spent during the fiscal year

• Method three (no action needed – I think)

• *This is only one option!


Payments Applied to Wrong Fiscal Year

• Method one & two– Payment always in current year.– Adjust Fund Balances for both current

funds (remove expenditure) AND old funds (add expenditure).

– All steps can be done in Funds Mode

• Method three (no action needed)


Amount of status “1” orders

• Create a review file of status “1” orders.• Use Milstats (can use variety of reports).• Crosstab with Selector* and Fund.• View Est. Price Reports.• System will total Est. Price x number of

copies to show non-committed money.• If holding off for new fiscal year, activate

orders.


Questions?

Corey Seeman

University of Toledo

[email protected]

419-530-2333

http://library.utoledo.edu/userhomes/cseeman

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