1. Color of Money – Fiscal Close in Milacq WI/IL IUG 2005 Wisconsin - Illinois Innovative Users Group Kenosha, Wisconsin June 2, 2005 Corey Seeman, University of Toledo Corey.seeman@utoledo.edu The Color of Money: Running Fiscal Close and Moving Financial Functions Into Milacq

2. Color of Money – Fiscal Close in Milacq WI/IL IUG 2005 Innovative Web-based Users Manual

3. Color of Money – Fiscal Close in Milacq WI/IL IUG 2005 If your organization has “use or lose” finances, then choose- Method One – Library keeps only one set of funds (i.e., books). - Most Common Method If your organization lets you keep money you do not spend, then choose- Method Two – Library keeps two sets of funds: Current Year and Previous Years. Method Three – Library keeps a separate set of funds for every fiscal year in the system. Fiscal Close – Three Methods (User Manual #102936)

4. Color of Money – Fiscal Close in Milacq WI/IL IUG 2005 Method One – Single Set of Funds (User Manual #102938) NOTE: This is the most common way to close your fiscal year. It is also the easiest!!!!!!!!!!!

5. Color of Money – Fiscal Close in Milacq WI/IL IUG 2005 Fiscal Close Method One TY Reports LY Reports TY Reports (new) Acquisition Records & Funds Financial Activity 04-05 Funds Order Records Funds Order Records Encumbrances Expenditures AppropriationsAppropriations* Financial Activity 05-06 Financial Reports 05-06Financial Reports 04-05

6. Color of Money – Fiscal Close in Milacq WI/IL IUG 2005 Method Two – Two Sets of Funds (User Manual #102939) If you keep last year’s money as a separate set of funds Big difference is running Transfer Orders from One Fund to Another (User Manual #102947*)

7. Color of Money – Fiscal Close in Milacq WI/IL IUG 2005 Fiscal Close Method Two TY Reports LY Reports TY Reports (new) Acquisition Records & Funds Financial Activity 04-05 TYFunds & PYFunds Order Records TYFunds & PYFunds Order Records TY Encumbrances PY Encumbrances TY/PY Expenditures TY/PY Appropriations Financial Activity 05-06 Financial Reports 05-06Financial Reports 04-05 TY Encumbrances PY Encumbrances Cash

8. Color of Money – Fiscal Close in Milacq WI/IL IUG 2005 Method Three – New Sets of Funds Every Year (User Manual #102940) If you have a new set of funds every year. Need to ensure that you have enough funds codes in the system. –System minimally supports 750. –Can purchase 750 more.

9. Color of Money – Fiscal Close in Milacq WI/IL IUG 2005 Fiscal Close Method Three FY04 Reports Acquisition Records & Funds Financial Activity FY05 Funds FY04 / FY05 Order Records Funds FY04 / FY05 Order Records Encumbrances Expenditures Appropriations Financial Activity FY06 Financial Reports FY06Financial Reports FY05 Encumbrances Funds FY06 (new) FY05 Reports FY04 Reports FY05 Reports FY06 Reports

10. Color of Money – Fiscal Close in Milacq WI/IL IUG 2005 Probably the first time you are using Millennium for Fiscal Close. Fret not…it is cake! Does not have to happen on the first day of the new fiscal year. There should not be a problem if you used character-based Acquisitions all year long and are closing in Milacq. Do not wait for secondary confirmations from Millennium -- they never show up. General Rules for Running Fiscal Close

11. Color of Money – Fiscal Close in Milacq WI/IL IUG 2005 Make sure you have Fiscal Close Mode available via Milacq. Kick Everyone Off the Financial System That Day. No new orders. No receiving (if done with Invoice Processing) No Invoice Paying or editing No editing of order records in following fields: EPrice, Copy, Fund, Location Get LOTS of paper for the printers that you are using. Use System Printers -- Local Printers do not do as nice a job. Each Accounting Unit needs to be done separately Have the User Manual sections/pages of fiscal close available to you. General Rules for Running Fiscal Close

12. Color of Money – Fiscal Close in Milacq WI/IL IUG 2005 General Rules for Running Fiscal Close New Rules with Millennium Silver PREVIOUSLY… “Do the work in character-based (telnet) INNOPAC” NOW, These functions are available in Millennium Acquisitions! PREVIOUSLY… “Deal with the fact that there is no “magic button” to do this work for you.” NOW, There is a magic button*

13. Color of Money – Fiscal Close in Milacq WI/IL IUG 2005 Method One – Single Set of Funds (User Manual #102938) Lets Try it out! We will be looking at Millennium Acquisitions

14. Color of Money – Fiscal Close in Milacq WI/IL IUG 2005 Financial Functions - Release 2003, Phase 3 Posting Pay Files (Manual Page #100648) Adjusting Fund Balances (Manual Page #105485) Viewing and Printing Fund Reports (Manual Page #100653) Vendor Statistics (Manual Page #105495)

15. Color of Money – Fiscal Close in Milacq WI/IL IUG 2005 Financial Functions - Millennium Silver Electronic Invoice & Approval Processing Load MARC files with full bibliographic and invoice data. Item records can also be loaded in the same workflow. This also includes the ability to process serials electronic invoice files. Funds The full suite of fiscal close activities has been added to Millennium Acquisitions.

16. Color of Money – Fiscal Close in Milacq WI/IL IUG 2005 Financial Functions - Release 2005 The purchase order queue will be scanned for duplicates before orders are sent. It will be possible to view and query invoices after posting. [IUG ballot item]

17. Color of Money – Fiscal Close in Milacq WI/IL IUG 2005 Millennium Silver – General ‘Milhints’ Make Sure you have the Fiscal Close Mode available! (if not - call the helpdesk)! Use Macros for terms associated with fiscal close – Can be set on that session without restarting session. Use Macros for passwords and directories for record downloads such as Promptcat & Serials Invoices.

18. Color of Money – Fiscal Close in Milacq WI/IL IUG 2005 Millennium Silver – General ‘Milhints’ Can edit text for simplifying standard text during Fiscal Close “Fiscal Close FY05” “Fiscal Open FY06”

19. Color of Money – Fiscal Close in Milacq WI/IL IUG 2005 Millennium Silver – General ‘Milhints’ Configure Printing (system printer on login will work best). Setting Your Password. Take advantage of sorting lists by clicking on headers. Fiscal Close Mode must be set for the login. Take advantage of previewing changes. LOOK AROUND! Not everything is on the bottom.

20. Color of Money – Fiscal Close in Milacq WI/IL IUG 2005 Millennium Silver Fiscal Close – System Options

21. Color of Money – Fiscal Close in Milacq WI/IL IUG 2005 Millennium Silver Fiscal Close – System Options

22. Color of Money – Fiscal Close in Milacq WI/IL IUG 2005 Millennium Silver Fiscal Close – System Options

23. Color of Money – Fiscal Close in Milacq WI/IL IUG 2005 Millennium Silver Fiscal Close – 1. Posting Fiscal Close is VERY easy in Milacq. First, you are prompted to post all sessions

24. Color of Money – Fiscal Close in Milacq WI/IL IUG 2005 Millennium Silver Fiscal Close – 1. Posting 1.Posting 2.Fund Activity Reports 3.Reports 4.Copy & Clear Funds 5.Adjust Fund Balances Millennium Posting User Manual # 100648

25. Color of Money – Fiscal Close in Milacq WI/IL IUG 2005 Millennium Silver Fiscal Close – 1. Posting Posting Steps 1.Print Encumberances 2.Print Invoices 3.Post Funds 4.Post Orders 5.Post Payment History File Step 1 is now OVER!

26. Color of Money – Fiscal Close in Milacq WI/IL IUG 2005 Millennium Silver Fiscal Close – 2. Fund Activity Report 1.Enter Fiscal Close 20XX (use macro) 2.User Manual Page # 105490

27. Color of Money – Fiscal Close in Milacq WI/IL IUG 2005 Millennium Silver Fiscal Close – 2. Fund Activity Report If you are printing all funds, you do not have to browse forward or backwards

28. Color of Money – Fiscal Close in Milacq WI/IL IUG 2005 Millennium Silver Fiscal Close – 2. Fund Activity Report Print your fund activity reports and clear the payment history file.

29. Color of Money – Fiscal Close in Milacq WI/IL IUG 2005 Millennium Silver Fiscal Close – 2. Fund Activity Report Never say the printout is OK until you check! User Manual #105490 Step 2 is now OVER!

30. Color of Money – Fiscal Close in Milacq WI/IL IUG 2005 Millennium Silver Fiscal Close – 3. Reports You control the report options under Settings. See Users Manual Page # 106027 REMEMBER that LY Fund reports will be deleted during close! Management Reports = Fund Reports

31. Color of Money – Fiscal Close in Milacq WI/IL IUG 2005 Millennium Silver Fiscal Close – 3. Reports Run the Fund Reports Click Start to Preview Click Print to…Print!

32. Color of Money – Fiscal Close in Milacq WI/IL IUG 2005 Millennium Silver Fiscal Close – 3. Reports For summary reports, you can change the level and click start at any time

33. Color of Money – Fiscal Close in Milacq WI/IL IUG 2005 Millennium Silver Fiscal Close – 3. Reports Print up reports Remember that Last Years’ reports will be deleted after Fiscal Close Step 3 is now OVER!

34. Color of Money – Fiscal Close in Milacq WI/IL IUG 2005 Millennium Silver Fiscal Close – 4. Copy and Clear Funds Nuts and Bolts of Fiscal Close Current Fund Balances & Reports from This Year ’ s to Last Years Clears Appropriations & Expenditures Resets Year-to-date orders and Payments

35. Color of Money – Fiscal Close in Milacq WI/IL IUG 2005 Millennium Silver Fiscal Close – 4. Copy and Clear Funds

36. Color of Money – Fiscal Close in Milacq WI/IL IUG 2005 Millennium Silver Fiscal Close – 4. Copy and Clear Funds

37. Color of Money – Fiscal Close in Milacq WI/IL IUG 2005 Millennium Silver Fiscal Close – 4. Copy and Clear Funds When you Click on Process, You are essentially done with Fiscal Close STEP 4 is OVER!

38. Color of Money – Fiscal Close in Milacq WI/IL IUG 2005 Millennium Silver Fiscal Close – 5. Adjust Funds Adjust Fund Balances have been in Millennium Acquisitions Point and Click capacities make for an easier Use Macros for easier keying STEP FIVE IS OVER!

39. Color of Money – Fiscal Close in Milacq WI/IL IUG 2005 Millennium Silver Fiscal Close – DONE! And that is all… Fiscal Close is done (really at step #4), you do not need to appropriate funds to reopen the books. Is this easier than Telnet? –Steps in Logical Order. –You do not need to re-enter passwords. –Can see changes before you make them.

40. Color of Money – Fiscal Close in Milacq WI/IL IUG 2005 Millennium Fund Adjusting If using form, you click on a fund’s appropriation, expenditure or encumbrance and you can make changes

41. Color of Money – Fiscal Close in Milacq WI/IL IUG 2005 Millennium Fund Adjusting If you would rather key, than point and click, you can select what are are going to do to adjust the fund balances

42. Color of Money – Fiscal Close in Milacq WI/IL IUG 2005 Millennium Fund Display All the Fields can be sorted (which helps with finding fund balances, etc.)

43. Color of Money – Fiscal Close in Milacq WI/IL IUG 2005 Additional Fiscal Close Issues Endowments Deposit Accounts Payments applied to wrong fiscal year Amount of status “1” orders Negative Encumbrances (see http://csdirect.iii.com/faq/negenc.shtml) http://csdirect.iii.com/faq/negenc.shtml Funds out of balance (see http://csdirect.iii.com/faq/fob.shtml http://csdirect.iii.com/faq/fob.shtml

44. Color of Money – Fiscal Close in Milacq WI/IL IUG 2005 Handling Endowments* Method one & two –Create a fund report for endowed funds –Clear them as you would other funds –Re-appropriate based on values from reports (now last years). Method three (no action needed) *This is only one option!

45. Color of Money – Fiscal Close in Milacq WI/IL IUG 2005 Handling Deposit Accounts* Method one & two –Apply a negative expenditure to the funds or a generic appropriation fund. –This allows for you to have what it costs and what you spent during the fiscal year Method three (no action needed – I think) *This is only one option!

46. Color of Money – Fiscal Close in Milacq WI/IL IUG 2005 Payments Applied to Wrong Fiscal Year Method one & two –Payment always in current year. –Adjust Fund Balances for both current funds (remove expenditure) AND old funds (add expenditure). –All steps can be done in Funds Mode Method three (no action needed)

47. Color of Money – Fiscal Close in Milacq WI/IL IUG 2005 Amount of status “1” orders Create a review file of status “1” orders. Use Milstats (can use variety of reports). Crosstab with Selector* and Fund. View Est. Price Reports. System will total Est. Price x number of copies to show non-committed money. If holding off for new fiscal year, activate orders.

48. Color of Money – Fiscal Close in Milacq WI/IL IUG 2005 Questions? Corey Seeman University of Toledo Corey.seeman@utoledo.edu 419-530-2333 http://library.utoledo.edu/userhomes/cseeman