Galileo Fiscal Close

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Last updated: Jul 13, 2021 by Rachel VolkVersion comment
3 min read

Departments

Acquisitions

Purpose

This procedure documents the steps we take to complete the annual fiscal close.

Overview

This procedure describes who in each library does what to close out the Galileo financial records for the fiscal year. 

These procedures correspond to Method One, as described in Sierra Guide and Reference. The key points to remember are: 1) the payment history must be cleared either during or before the fiscal close, 2) old hierarchies and old fund reports must be printed out or exported and retained, and 3) NEVER zero out encumbrances, do zero out everything else.

Required Knowledge/Skills

Knowledge of Sierra Acquisitions, the Sierra Guide and the library's financial statistical needs. Appropriate Sierra authorizations.

Safety Issues/Precautions

N/A

Equipment/Supplies

Computer with Sierra client and an Acquisitions login. Authorizations for Fiscal Close, Fund Activity Reports.

Procedure

Preparation

1. Set date and place for fiscal close. This should be after all payments have been posted for materials received during the fiscal year.

2. Review procedures and settings.

• Review fiscal close procedures. All appropriate staff should know the fiscal close procedures and be ready to do their assigned activities.

• Review procedures for generating statistics and reports: Staff must determine in advance what reports and statistics they need. (#106026-106027)

• Review settings and authorizations: Galileo Coordinator will review settings and authorizations prior to the fiscal close to make sure everyone can do what they need to do.

3. Print final reports. (This must be done before the day of the fiscal close.)

• Acquisitions staff: Print any final financial reports (See #105529) needed by the Dean of the Library.

• Acquisitions staff: Print any vendor statistics (#105495). (This can be done anytime after July 1 (even after fiscal close if necessary), after June purchases have been posted.)

• Acquisitions staff: Print any final financial statistics (#105586)

CCLIR reports are kept at Acquisitions Specialist's desk. These include Old Funds, Old Hierarchies, Vendor Performance Statistics, and Vendor Activity Statistics.

4. Remind staff of fiscal close. Galileo Coordinator will remind staff of the fiscal close and ask everyone to not use Sierra Acquisitions or update any order records until after the close is done.

Fiscal Close

The morning of the fiscal close (for Acquisitions Specialist to complete)

1. In Sierra Acquisitions, go to Fiscal Close mode. Everything we need to do is right there. Each step below refers to a different tab in the screen display.

2. Post all invoice sessions (payfiles).

• Note: If we do not complete the fiscal closing in one session, we can exit the mode and come back at a later time. We will reenter the mode at the first step, Posting, but we can choose Next to quickly move to the step where we left off. We will not have to repeat any steps as long as you do not post any more invoices in the interim.

• If the funds are out of balance, see our procedure for dealing with this.

3. Print final Fund Activity reports and Clear the Payment History file.

• Save all the fund activity reports to a spreadsheet. (Exporting does not clear payment history.)

• Print only funds that have had activity.

• Clear payment history file.

At fiscal close

4. Copy and Clear Funds (#106036) Select the following options:

• Reset the year-to-date number of orders to zero for the new fiscal period.

• Reset the year-to-date number of payments to zero for the new fiscal period.

• Select all the appropriations and expenditures to reset to zero.

• Do NOT select the option to reset Encumbrances to zero.

• Choose Process to copy and clear fund data.

5. Appropriate new funds. (# 106031) (This is done later, outside Fiscal Close mode)