Financial details

Overview

This is a continuation of the Ordering process if you chose the layout for sharing the cost of an order item or entering multiple locations for an order item. This layout can also be used if you want to enter payment account details for a pre order item that is not yet linked to an order. Click the Financial Details tab in the Order Items layout.

The Funds system needs to be configured before financial details can be completed in acquisitions. Once the funds structure is in place you can create the order items and include cost details against the relevant account instances.

Procedure

1. Enter the percentage of discount for this item which may default from Supplier Media Types.
2. Select the required Tax Rate from the drop-down list, this may also default from Supplier Media Types.
3. Enter the Item Price in decimal format (for a single copy), without any currency indicators (i.e. £, $ etc.).
4. Tab through the Total Cost to calculate this from the quantity ordered, the Item Price, Discount Rate and Tax Rate.
5. Save and Continue.
6. You can accept the Default Payment Account or select another from the drop-down list. (Note that the drop-down list only includes those accounts with at least one active account instance). When you click Add Payment Accounts, OLIB displays the chosen account in the Payment Accounts box.
7. Save and Close the details. If this is a pre-order item that is not yet linked to an Order header, the order item is saved and you can retrieve it at a later stage.
8. Otherwise OLIB returns you to the Orders page so that you can continue to add further Order Items. Once all the order items are complete you should change the status of the order from Pre Order to Outstanding. Funds become committed from this point.

Procedure if the cost of the order item is shared

For example, if the cost of the Order Item is to be shared between two Account Instances:

1. Enter the Item Price, e.g. 46.00. Tab through the Total Cost.
2. In Payment Accounts click Search and select and insert the first of the Account Instances.   
3. The Payment value dialog box appears, as usual, with the total value displaying.
4. Change the Value to the amount to be paid by this Account Instance, e.g. 30.00 by the 'Library budget'. Save and Close.
5. The first account displays in Payment Accounts.
6. Click Search again.
7. Choose the next Account Instance from which this item is to be charged.
8. The payment value box displays again. However this time the value will display the remaining amount of the total cost of the order item, e.g. 16.00.
9. When you accept this, the Payment Accounts will now display the two budgets which are sharing the cost.
10. Save the Order Item to this order.

If the order is complete, change the status to Outstanding and save the details.

Multiple account instances

If you entered copies at several locations in the For Locations field (where the locations have different Payment Accounts configured), OLIB can automatically create an entry for these in the order item's Payment Accounts.

1. Enter the Item Price and tab through the Total Cost.
2. Click Add Payment Accounts. The Payment Accounts box will be populated from the default settings. This allocates the correct percentage of the total order item value to the respective account instances, depending on how many copies are being ordered for each location.

This is carried through to invoicing as well, i.e. when the order item is added to the invoice item record, the Copies For Locs field will be populated with each location’s number of copies, and the invoice amount will be spread in the correct proportions across the various cost centres.