Re: Invoice payment -- "general accounting practice"

Hi, yes we have this situation as well.  It is frustrating as we also have
an issue of being late to pay for any subscription that starts exactly at
the beginning of our fiscal year because of budget start delays.

Linda Robinson Barr
Associate Professor, MLIS
Head Librarian, Technical Services and Library Automation
Pinnacle (PIN) Campus
Austin Community College
lbarr_at_austincc.edu
512-223-8682 (office)

On Wed, Nov 18, 2015 at 9:27 AM, <acqnet-l_at_lists.ibiblio.org> wrote:

> 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
>
> *********************************************
>
>
>
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