Funds are the specific categories or accounts that you choose from when ordering or invoicing items.
The system allows five levels of funds:
- Top (default) - The default level.
- Second - A fund within the top-level fund. Second-level funds are indented under the top-level fund's name in the Fund Name column.
- Third - A fund within the second-level fund. Third-level funds are indented under the second-level fund's name in the Fund Name column.
- Fourth - A fund within the third-level fund. Fourth-level funds are indented under the third-level fund's name in the Fund Name column.
- Fifth - A fund within the fourth-level fund. Fifth-level funds are indented under the fourth-level fund's name in the Fund Name column.
Create funds for your budget
- To add a fund, click the Add button () in the rightmost column.
- 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.
- Fund Name: Choose a fund name that is descriptive and easy to read.
- 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).
- Fund Status: Select Enabled (default), Disabled for New Transactions or Disabled for All Uses .
- Budgeted Amount: There a multiple options for entering the Budgeted Amount. Considerations:
- 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.
- 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.
- You can create a fund that is a child of another fund by clicking the ellipses button () 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.
- If you make a mistake, you can edit the Fund Name, Fund Code, and Budgeted Amount at any time. Click the ellipses button () 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.
- 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 are able to 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 . 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:
- Dividing the desired budget amount for the parent fund among the child funds; or...
- 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.
Once you are finished configuring your budget, you can download up to 800 funds at a time in a CSV file. You may need to do this if, for example, one of your material suppliers wants to have a listing of all your fund codes for use in their system.
- Set the Show [n] rows per page list (appears above the table) to the appropriate number.
- Click the Download icon.