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Best practices for rolling over a budget

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Discover tips and best practices for rolling over a budget in WorldShare Acquisitions.

 

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

Set up a new budget

Before closing your budget, you must set up and configure a budget for the next fiscal period.

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.

Add funds to the budget

  • 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 no 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 clearly tell the difference between the budgeted amounts you have updated and those you have not.

Add funds by copying funds from a 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.

For more information, see Manually add funds. 

(Optional) Edit funds as needed

You can edit the Fund Name, Fund Code, and Budgeted Amount at any time. 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.

  1. To edit a fund, click the ellipses button (acq-action-button.png) in the action column. 
  2. Select Edit from the drop-down list.
  3. Edit the fund fields.
    • Fund Name - The name of the fund.
    • Fund Code - Unique ID used to interoperate with other systems.
    • Fund Status - The status of the fund. The following options are available:
    • Budgeted - The amount of the fund.
  4. Click Save.

(Optional) Move funds

There is no automatic way to move a fund to a different parent fund. If you need to move a fund, you will have to first delete the fund and then recreate it. All child funds of the fund you are moving will also need to be deleted and recreated.

Delete a fund
  1. To delete a fund, click the ellipses button (acq-action-button.png) in the action column. 
  2. Select Delete from the drop-down list.
Create a new fund
  1. To manually add funds, click the Add button (Add button) in the rightmost column.
  2. Complete the fund fields.
    1. Budgeted - The amount of the fund.
    2. Fund code - Unique ID used to interoperate with other systems.
    3. Fund name - The name of the fund.
    4. Total fund budget - The automatically generated total of all subfunds.
  3. Click Save.
  4. Repeat for additional funds. To create a child fund, click the Add button (Add button) in the rightmost column of the fund you want to use as the parent fund. You can create up to five levels of funds.

(Optional) 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. 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.

(Optional) Resolve open transactions 

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.

Close the previous budget

Before closing the budget, read all Important notes before closing a budget.

  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 completes:
    • 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 on 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.