Barbara,
Our accounting department mandated this
three years ago and we have Voyager. We essentially keep two sets of records.
If someone doesn’t keep two sets of records, I would also like to know
how it is accomplished.
Lois Schultz
Professor and Head of Technical Services
Steely Library
Northern
859-572-5275
mail<schultz@nku.edu>
From: SERIALST:
Serials in Libraries Discussion Forum [mailto:SERIALST@list.uvm.edu] On Behalf Of Barbara Rauch
Sent: Tuesday, June 09, 2009 9:22
PM
To:
Subject: [SERIALST] Overlapping
fiscal periods
Hi,
I'm hoping that
someone can help with a problem that we are having assigning invoices across
two fiscal periods. This mainly applies to electronic resources.
Previously we have been assigning the invoice to the year in which the invoice
is dated. We are now being required to split the invoice amount according
to the year in which the resource is active/used, which is strictly correct
accounting practice but I don't really know how to represent this on our
library Acquisitions module (we are using Voyager).
So something that
is renewed, say, Apr 1st (9 months of 2009) until March 31st (3
months of 2010) is divided 75% & 25 % over these two years. Of
course many are actually Jan - Dec or anytime in between for that matter.
So the problem is that we need to be able to create invoices at any time and
yet still produce reports for budget management.
The library budget
is based on a calendar year Jan - Dec. Our system does not seem able to
approve invoices if there is more than one fiscal period with the same
date coverage, as we have found out particularly when we've overlapped by a
week when rolling over funds at the end of the calendar year. What to do
?
I'd like to know if
anyone else has been faced with this situation and how you resolved it.
At the moment we are planning to just enter the 75% as the invoice amount now,
and wait until 2010 (creating a dummy invoice) to enter the rest of
it. This seems to me poor accounting practice and I'm not willing to use
this method if there is any other way.
Any advice or
guidance would be appreciated.
Regards
Barbara.
My opinions are my
own.
Barbara
Rauch, Acquisitions Coordinator, Mail No. B-30
Private Bag 92006
ph: +64 (09) 921 9999 ex 8874 fax: + 64 (09) 921 9977