Before closing your current budget for the year, you may want to pay and expend funds from the budget.
Before closing a budget you must:
- Create a new budget for the next fiscal period (optionally copy the structure, or structure and funds).
- Move over any items with encumbered amounts or pay them from the current budget.
Find items with encumbered amounts
- Click Budgets in left panel.
- In Select Budget, choose current budget.
- Click Edit to view. The funds for the current year are shown.
- In the Enc. column, click on the encumbered amount. This takes you to the order items for these encumbered funds.
- Click Receive and Invoice in the left panel.
- On the Monographs panel, change Action to Invoice.
- Enter the first few letters of the vendor and when the name appears, click to select it.
- Click on Outstanding Items. This gives a list of items.
- From the Order Status drop-down list, click on Not Cancelled.
Now you just have items encumbered that have not been cancelled. Repeat the process using Serials and E-Prod panels for those material types.
Create a new invoice for encumbered items
- Click on New Invoice.
- Enter invoice number, vendor, invoice date.
- Click Save.
- On the first item, click Add to Invoice.
- Complete quantity and pay option details.
When all items from a vendor are added to an invoice, go to the Invoice and pay it using funds from the current budget: Pay an Invoice.
Funds are moved from the encumbered amounts to the expended amounts. These won't need to be mapped to the new budget when you close the current year.