Re: Invoice payment -- "general accounting practice"

It really is a "general accounting practice".  I have been dealing with it for several years now.  Depending on your institution, some may just do it for larger invoices or for invoices that run calendar year while my current institution takes the subscription period very literally.  I have actually already spend money in FY2017 because of some of our serials subscriptions.  I still have yet to master reflecting this in our ILS and least not in an easy manner (my predecessor did every serial line my line).  It is never a fund practice to deal with by on the plus side the first year you do it, you have extra money in the budget.  Thanks!

Kristina


Kristina M. Edwards
Acquisitions Librarian
Burritt Library
Central Connecticut State University
1615 Stanley St.
New Britain, CT 06050

kedwards_at_ccsu.edu<mailto:kedwards_at_ccsu.edu>
860-832-2073


From: ACQNET-L [mailto:acqnet-l-bounces_at_lists.ibiblio.org] On Behalf Of acqnet-l_at_lists.ibiblio.org
Sent: Wednesday, November 18, 2015 10:27 AM
To: acqnet-l_at_lists.ibiblio.org
Subject: [ACQNET-L] Invoice payment -- "general accounting practice"

Hi all,

I am hoping to find out if your institution's Accounting Office is doing something similar to what our College's Financial Services Office calls "general accounting practice."  Recently, we were informed by our Financial Services Office that payments for renewals/subscriptions will come out of our budget matching exactly when the subscription term takes place.   Our fiscal year starts June 1 and ends May 31 the following year.

Say we just a renewal invoice for database subscription for 01/01/2016 - 12/31/2016 that is billed at 1200.00 for the renewal.  Our Accounts Payable is now splitting the $1200 into two fiscal year because the subscription period falls into two separate fiscal years.  So this is what they are doing now - they split the total into two amounts by charging five months of the subscription (Jan. 1 - May 31, 2016), $500 against current fiscal year budget.  And holding $700.00 to be put against next fiscal year which it starts on June 1, 2016.    They would still pay the whole bill in full $1200 to the vendor/provider.   So basically at the Library we have to invoice $500 for current fiscal year in our ILS and set a reminder to invoice the other $700 when new fiscal year starts in June.    We've never had to invoice this way for the past 12 years since I've been here until very recently.   The Accountant in our Financial Services Dept. called this as a "General Accounting Practice."    I was wondering how general this practice really is as she calls it  and if any other institution's Accounting Office/Dept. is doing something similar?   I guess I'm looking for endorsement to this "general accounting practice" to lower my blood pressure ... sigh!

Thanks in advance for any information you are willing to share!

Best,
Dung-Lan

*********************************************
Dung-Lan Chen
Bibliographic Services/Acquisitions Librarian
Lucy Scribner Library
Skidmore College
815 N. Broadway
Saratoga Springs, NY 12866
Voicemail: 518-580-5511
Fax: 518-580-5541
Email: duchen_at_skidmore.edu<mailto:duchen_at_skidmore.edu>
*********************************************



_______________________________________________
ACQNET-L mailing list
ACQNET-L_at_lists.ibiblio.org
http://lists.ibiblio.org/mailman/listinfo/acqnet-l