Overview

Introduction to rolling over a budget in WorldShare Acquisitions and this guide.

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 Learn more in a Community Center presentation: WorldShare Acquisitions Best Practices: Roll over your budget (Requires Community Center login)

When preparing for a new fiscal year you can roll your current budget over to preserve your budget structure and settings. Use this workflow to learn the best practices of the budget roll over process, including:

  • Setting up your budget for the next fiscal period by creating a new budget structure or by copying the structure and funds of your current budget
  • Resolving open transactions on your current budget
  • Closing your current budget

How to use this guide

This interactive learning path allows you to:

  • Navigate linearly: Work through each section in order using the sidebar navigation
  • Jump to specific topics: Click any section in the sidebar to go directly to that content
  • Expand/collapse sections: Use the buttons at the top to expand or collapse all sections at once
  • Search within the page: Use Ctrl+F (or Cmd+F on Mac) to find specific information
  • Track your progress: The progress indicator shows how many sections you've viewed

Before closing a budget, you must set up and configure a budget for the next fiscal period. This workflow outlines the steps to follow when setting up a budget for the upcoming fiscal period.

 Note: Branch-based acquisitions users may only open a budget for a branch for which they have the appropriate permissions for. See About branch-based acquisitions for more details.

Step 1: Open a new budget and configure dates

  1. Click Budgets > New Budget. This creates a new budget whose start date is the day after the end date for the previous budget. You cannot directly modify the start date of the new budget, because it must occur immediately after the previous budget.
  2. (Optional) You can edit the End Date or Period, as well as adjust the end date of the previous budget if you want to edit the start date of the next budget.
  3. Please note that the budget is not saved until the first fund is created in the next step.

Step 2: Add funds to the budget

Important notes about adding funds

  • When adding funds to the new budget, you can choose to either copy funds from your previous budget or add funds from scratch if the new budget is significantly different from the previous budget.
  • The easiest way to add funds to a budget is to copy the funds from your previous budget. Using this method copies all funds and their parent-child relationships, so you do not have to manually create funds for your new budget. Optionally, the Budgeted Amounts can also be transferred.
  • However, there are disadvantages to simply copying the funds.
    • You need to manually change the budgeted amount for all funds that do not match exactly.
    • If you update the budgeted amounts across multiple sessions, there is not an easy way to track the fund you last updated. If you copy the funds and leave all the budgeted amounts at 0.00, you can tell the difference between the budgeted amounts you have updated and those you have not.

Option A: Add funds by copying funds from previous budget

  1. Click Copy Budget Structure.
  2. (Optional) In the Copy Budget Structure dialog:
    1. Select the Copy funds with budgeted amount check box if you want the Budgeted Amounts from your previous funds to be copied to the new budget.
    2. Select the Do not copy funds disabled for new transactions and their child funds check box if you do not want funds that are disabled for new transactions to be copied to the new budget.
    3. Select the Do not copy funds disabled for all uses and their child funds check box if you do not want funds that are disabled for all uses to be copied to the new budget.
    4. Select the Copy notes to copy notes for all funds from your previous budget to your new budget.
  3. Click Copy.
  4. Once you have copied the fund structure from the previous budget, you can still adjust the funds to fit any changes you want to make to the new budget. For example, you may have a different Budgeted Amount for some funds.

Option B: Manually add funds

  1. In the left navigation, click Budgets.
  2. Select the desired budget from the drop-down list and click Edit.
  3. To add a fund, click the Add button (Add button) in the rightmost column.
  4. For each fund, you need to enter a Fund Name, Fund Code, and Budgeted Amount. The Fund Code must be unique for that Budget, but the Fund Name and Budgeted Amount may be duplicated. For example, you may have a fund called Books under both the English fund and Geography fund.
    1. Fund Name: Choose a fund name that is descriptive and easy to read.
    2. Fund Code: You have numerous options for determining a fund code. Some suggestions:
      • A shortened form of the Fund Name (e.g. EngBks for the English Books budget).
      • The identifier used by your institution's financial system (e.g. PeopleSoft, SAP). This allows the Fund Code to be used as a match point between the two systems.
      • A combination of the above (e.g. EngBks-001234).
    3. Fund Status: Select Enabled Fund status: Enabled (default), Disabled for New Transactions  Fund status: Disabled for New Transactions  , or Disabled for All Uses Fund Status: Disabled for All Uses.
    4. Budgeted Amount: There are multiple options for entering the Budgeted Amount. Considerations:
      1. If you are creating the budget for your next fiscal period and plan to begin using Acquisitions at the beginning of this budget period, then enter the full budgeted amount for that fiscal period. For example, if you have $1,000 designated for the next budget period, enter 1,000.00.
      2. If you are creating the budget for the current fiscal period (which has already begun), you may want to enter the remaining balance for the fund as your Budgeted Amount, instead of the full amount budgeted for that period. For example, if you had budgeted $1,000 for a fund but have already spent $500, you may want to enter 500.00 as the Budgeted Amount, since it is the amount remaining to be spent in the fiscal period.
  5. You can create a fund that is a child of another fund by clicking the ellipses button (Screenshot of the ellipses button in WorldShare Acquisitions) in the action column of the fund you want to use as the parent fund. You can create up to five levels of funds, but remember that as your fund structure grows in complexity, so does the complexity of choosing the right fund when ordering or invoicing an item.
  6. If you make a mistake, you can edit the Fund Name, Fund Code, and Budgeted Amount at any time. Click the ellipses button (Screenshot of the ellipses button in WorldShare Acquisitions) in the action column of the fund you want to edit and choose Edit from the drop-down menu. The total budgeted amount will appear at the top of the screen so that you can easily experiment with different Budgeted Amounts for each fund and view the results.
  7. You can delete funds as long as they have not been used. However, as soon as you place an order using a fund or pay an invoice using a fund, that fund will be impossible to delete. Therefore, take great care before using the funds in a budget.

Limitations to the nature of parent-child fund relationships

Funds at all levels of the hierarchy can be assigned to an item on an order or invoice. This means that parent funds that only serve as containers for child funds can also be selected as the fund for an item. If you do not want these to be selected, make sure you have set the Fund status to Disabled for New Transactions  Fund status: Disabled for New Transactions . You could also instruct selectors to only use the child funds, not the parent funds. You would also likely assign 0.00 as the Budgeted Amount for these funds.

At this time, you also cannot configure a child fund to debit money from a parent fund upon use. For example, you cannot assign 10,000.00 to the parent fund English and when its child fund is used on an order, encumber the parent fund instead. In these cases, you may consider either:

  1. Dividing the desired budget amount for the parent fund among the child funds; or...
  2. Place the budgeted amount on the parent fund but when analyzing your budget, download the CSV file for the budget and use the Total Enc. and the Total Expended columns to calculate the amount remaining in the parent budget.

 Note: You can view the total amount encumbered and expended for a parent fund and all its child funds. To do this, click on the User Preferences button (User preferences button) at the top right of the funds table and select to show the Total Enc. and Total Exp. columns.

For more information on creating funds, see Create funds for your budget.

Step 3: Decide if you want to use the new budget before closing the previous budget

When creating funds, remember that you will be asked (during the close budget process) to map any funds with open encumbrances to funds in the new budget.

You need to decide if you plan to use the new budget before you close the previous budget. For example, you may want to start ordering on the new budget a few weeks before the end of the previous fiscal period. Or, you may keep the previous budget open for several weeks after the end of its fiscal period and use the new budget for all new orders.

Step 4: Enable budget for use

  1. On the left panel, click Budgets.
  2. In the Select Budget list, select the budget you want to edit. The highlighted budget is the current budget in use.
  3. Click Edit.
  4. Select the Enable for use check box, at the top of the page.
  5. On the Change bookable status of Budget Period window, click OK.
  6. (Optional) Select the Enable as default check box to enable the budget period as the default budget period for ordering and invoicing.
  7. Once you have enabled a budget for use, it will appear as the second budget in the budget drop-down for the order item and invoice item.

Before closing your previous budget, you can choose to optionally resolve any open transactions that remain on the budget.

  • Unpaid invoices that should be paid in this budget year.
  • Encumbered items that should be invoiced and paid in this budget year. 
  • Unpaid plan items that should be invoiced and paid in this budget year.

Find unpaid invoices 

  1. In the left navigation, click Invoices > Invoices.
  2. Click Search. All invoices appear.
  3. Filter the results list by the Payment Status of Open, Ready for Payment and Awaiting Payment.
  4. Click the Invoice # to view or edit the invoice and pay it to expend the funds from the current budget. For details, see Edit an invoice.

Find encumbered items

  1. In the left navigation, click Orders > Order Items.
  2. For Order Type, filter by Purchase Order.
  3. For Order Status, filter by Ordered.
  4. For Order Status, filter by Cancellation Requested.
  5. For Purchase Status, select the following filters.
    • Invoice
    • Not Invoiced
    • Partially Invoiced
    • Partially Paid
  6. The items with encumbered amounts display in the results.
  7. Review the encumbered items and if needed, pay using the Receive and Invoice screen.

To find encumbered for one fund at a time, see Find items with encumbered amounts.

 Note: Encumbered items include monographic series and other items that were encumbered by amount but invoiced for an amount less than the encumbrance. It is recommended that even if you do not check encumbered items in general, it might be a good idea to check on these items. You can do this by adding the dis-encumbrance method filter = by amount and/or by processing type = monographic series.

Find unpaid plan items

  1. In the left navigation, click Orders > Order Items.
  2. For Order type, select all options except Purchase Order.
  3. For Purchase status, select the following filters.
    • Invoiced
    • Not Invoiced
    • Partially Invoiced
    • Partially Paid
  4. The unpaid approval plan items display in the results.
  5. Review the unpaid plan items and if needed, pay using the Receive and Invoice screen.

Important notes before closing a budget

  • A budget can be closed only after its end date has passed. 
  • Once a budget is closed, it can no longer be used. Additionally, this action cannot be undone.
  • The system can take up to a few hours to close a budget. It is recommended to:
    • Close budgets at the end of your business day.
    • Not do any work in Acquisitions for a few hours after closing the budget.
  • Closing a budget presupposes you have created the future budget that will follow the one you are closing. See Create a budget for the next fiscal period.
  • During the Close Budget process, you will need to map the funds in the budget you are closing to the next budget. This needs to be done for the following reasons:
    • To move order items that are still encumbering money to the next budget, so that the closed budget does not have any open encumbrances.
    • To move unpaid or partially paid plan order items to the next budget, so that they can be invoiced on the new budget.
    • To move items on open orders with a selected fund.
    • To move order item templates to the next budget, so that the order item template does not try to apply a closed budget to new items.
    • To move unpaid invoice items to the next budget, so that you do not expend money on a closed budget upon payment of these invoices.
  • Some libraries wish to avoid mapping funds to the next budget period by resolving the issues above manually.  For example:
    • Invoicing and paying for items still encumbering money on the budget. To find these items, search order items by Budget Period = current budget period and Encumbrance = more than .01.
    • Invoicing and paying for plan order items that are unpaid or partially paid. To find these items, search order items for Order Type = All Types except Purchase Order, Purchase Status = All statuses except Paid.
    • Reviewing items on open orders to see if they need to be placed and received in this budget year.
    • Deleting order item templates
       Caution: This is not recommended, as you will have to recreate them if you do, but some libraries prefer to do this.
    • Paying unpaid invoices. To find these, search invoices by payment status = All statuses except Paid.

       Note: These last steps are not required.  You can close the budget with these types of items, and they will automatically be moved to the next budget period as part of the close budget operation.

  • Branch-based acquisitions users must have the appropriate permissions for a branch to close a budget at that branch. See About branch-based acquisitions. 

Close the current budget and transfer open encumbrances

  1. (Optional) Confirm that you have paid all invoices and order items. If you have any unpaid invoices or order items:
    • Pay the invoices or order items before closing the current budget. Once the budget is closed, it can no longer be used.
      Or
    • Close the current budget and then pay the invoices or order items using the new budget.
  2. In the upper right corner of the budget, click Close Budget.
  3. In the Close Budget dialog, connect all the funds from the current budget (to be closed) to the future budget. In the right Fund Name column, from the list, select the new budget’s fund or start typing. Any changes to the window will be saved.

     Caution: You cannot use a disabled fund as a target fund when closing a budget. If you select a disabled fund as a target fund, the fund will be automatically removed the next time you open the Close Budget dialog.

    Fund name (current budget) Fund code Fund name (future budget)
    Humanities General HG Humanities General
        History HG-hist     History
            Europe HG-hist-eu         Europe
  4. Click Close budget.
  5. On the Close Budget warning window, click OK. The system responds "Close budget is running...". Once the system closes the budget, the future budget becomes the current budget.
  6. After the Close Budget process is completed:
    • All unpaid or partially paid “plan” order items assigned to the budget being closed will be moved to the next budget.
    • All purchase order items that are still encumbering money in a fund will be moved to the next budget.
    • All unpaid invoices and invoice items assigned to the budget being closed will be moved to the next budget.
    • All order item templates using the current budget will be moved to the next budget.
    • All purchase requests that have not been ordered will be moved to the next budget.
    • All accrual mode order items and invoice items, even if they are paid,  will be moved to the next budget.
 
Title Description
Edit budget Learn how to edit an existing budget and configure the columns displayed for a budget.
Edit funds Learn how to edit existing funds in a budget to update information including Fund Name, Fund Code, and Budgeted Amount.
Delete funds Learn how to delete funds from a budget.
Create a budget for next fiscal period After finishing your initial budget, discover how to create a budget for the next fiscal period.
Roll over your budget

Run time: 18:42

This video describes and demonstrates the steps you'll need to take to roll over your budget to your next fiscal period.
Close a budget Learn how to close an active budget.