Fiscal Year Rollover

Owned by Laura Morse
Last updated: Jun 24, 2024 by MinnaVersion comment

Overview

Harvard's Fiscal Year begins annually on July 1 and runs through June 30. After ordering and invoice processing is completed for the fiscal year, a series of Alma utilities are used to close our transactions in the prior fiscal year and create transactions in the new fiscal year. These include processes that:

  • Open a new Fiscal Year
  • Copy data from prior fiscal year's Ledgers, Summary Funds, and Allocated funds to the new fiscal year
  • Close open encumbrances in the prior fiscal year's allocated funds and creates encumbrance in the new fiscal year. At Harvard, new encumbrances for continuous orders will be based on the prior encumbrance or expenditure, tbd.

If roll over is based on expenditures:

      • It will use the expenditure amount to set the new encumbrance
      • If there is no expenditure, it will use the encumbrance amount


If roll over is based on encumbrances

      • It will use the encumbrance amount to set the new encumbrance
      • Expenditures will be ignored

  • Rollover is performed on active continuous POLs and on active one-time POLs that still have an encumbrance. Note that one-time orders associated with unapproved invoices deleted prior to fiscal year close will rollover, as funds are re-encumbered when an unprocessed invoice is deleted.


Informed by key dates from central Harvard Finance, a schedule is set annually for tasks related to rollover by Library Technology Services, Harvard Library Finance and the Alma Technical Services Working Group. These batch processes are run centrally by Library Technology Services staff, based on settings determined by Harvard Library Finance and the Alma Technical Services Working Group.

More information on these tasks can be found in the Ex Libris Knowledge Center.


Staff/Batch Data Updates During Rollover

During key times of rollover, certain types of data updates will result in errors. We are not able to deactivate these actions in Alma during rollover. Staff need to adhere to guidelines about work set in the rollover schedule.

  • Holdings records that are linked to POL should not be updated during the PO Line rollover process, as this may cause the PO Line rollover to fail.
  • Editing closed or fully invoiced holdings during this time will not result in errors.
  • Editing bibliographic records during this time will not result in errors.


Annual Rollover Information