Create funds

Overview

Funds are the specific categories or accounts that you choose from when ordering or invoicing items.

Before creating funds you need to create a budget for the first time or create a budget for the next fiscal period.

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

1. To add a fund, click the Add button () in the rightmost column.
2. 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 (default), Disabled for New Transactions    , or Disabled for All Uses .
   4. Budgeted Amount: There a 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.
3. 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.
4. 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.
5. 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.

Download funds