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7.3. Fiscal Year Close-out Operation
Last Updated 10/31/2023
Fiscal Year Close-out Operation
The Fiscal Year Close-out Operation allows you to deactivate funds for the current year and create analogous funds for the next year. It transfers encumbrances to the analogous funds, and it rolls over any remaining funds if you checked the rollover box when creating the fund. After completing your year-end checklist, you can begin the year-end procedure. Make sure you wait until after the year-end acquisitions freeze date.
Once all purchases for the current fiscal year are accounted for, and further acquisitions have been frozen:
- Navigate to Acquisitions Administration. Select Fund Administration from the splash page.
- Check the boxes next to the funds you wish to close to select them.
- Click the Fiscal Propagation and Rollover button at the top of the list.
- Choose the current fiscal year from the drop-down menu at the top.
- Select the Dry Run box but NOT the Perform Fiscal Year Closeout box.
- Perform the Dry Run. Ensure that all the information about the number of funds closed and amounts rolled over is correct.
- When you are ready, uncheck the Dry Run box and check the Perform Fiscal Year Closeout box.
Checking Your Results
Check the fund for the year you just closed out. All encumbrances should be blank. All balances should be $0.00.
Check the fund for the new fiscal year. The encumbrances from the previous year should show up here now. The balance should be negative.
Funds with Rollover enabled
For funds that have the "Rollover" setting enabled, if you want to move the fund’s encumbrances to the next year without moving unspent money, check the box adjacent to Limit Fiscal Year Close-out Operation to Encumbrances.
The Limit Fiscal Year Close-out Operation to Encumbrances will only display if the "Allow funds to be rolled over without bringing the money along" Library Setting has been enabled. This setting is available in the Library Setting Editor accessible via the Local Administration section of the Acquisitions menu. Select Library Settings Editor from the Local Administration splash page.
Note: The context org unit reflects the context org unit that you selected at the top of the Funds screen.
- If you want to perform the close-out operation on the context org unit (system) and its child units (branches), then check the box adjacent to Include Funds for Descendant Org Units.
- Check the box adjacent to Dry Run if you want to test changes to the funds before they are enacted. Evergreen will generate a summary of the changes that would occur during the selected operations. No data will be changed.
- Click Process.
- Evergreen will begin the propagation process. Evergreen will make a clone of each fund, but it will increment the year by 1.
- After closeout is complete, confirm that the spent totals for the funds in the old fiscal year are correct. Libraries should see zero encumbrances for both the old fiscal year and new fiscal year.