End of year closeout is the process of closing one fiscal year and beginning another. Orders for the ending fiscal year (FY) must be received and paid or cancelled

End of Year Workflow

  1. Acquisitions freeze
    • Libraries, working with the WLS Systems Librarian, will set a period during which no new orders will be placed
    • The duration of the freeze is a balance between providing enough time to resolve the ending year’s open orders and minimizing interruptions in purchasing
    • Depending on library workflow this can be anywhere from 1 month to 2 weeks before the end of the library’s FY
  2. Resolve ending year’s open orders
    • Review open purchase orders for orders, line items, and/or copies to cancel
      • Contact vendor to cancel orders
      • Cancel orders in Acquitions
  3. Resolve ending year’s open invoices
    • Review open invoices to check for items that have been invoiced but not received
    • Close invoices where line items have been received but payment not finalized
  4. Review any remaining encumbrances
  5. Provide WLS Systems Librarian with new FY fund allocations
  6. Confirm with WLS Systems Librarian that all open orders have been resolved
  7. WLS Systems Librarian sets up new FY funds
    • Previous year’s funds deactivated
    • New year’s funds lines created and funds allocated
  8. Acquisitions ordering resumes

Fund Propagation

Fund propagation is the process used to create a new FY’s funds by duplicating existing funds.