Closing a budget

Review budgets before closing

Before closing a budget in your test environment, it can be helpful to review current settings to ensure that carry-over occurs properly. It is recommended to review the following settings: 

• Check settings for budget close-out with carry-over in OCLC Wise > Library organizations. When With carry-over is selected for this field, the carry-over amount is written into the new budget. 
• Check for encumbered funds that will not be paid before the end of the fiscal year. Use the Budget overview within the Wise staff client to create a BIRT report detailing encumbered amounts and carry-over amounts per branch. 
• Budgets can also be reviewed and compared with the Budget overview within the Wise configuration manager at OCLC Wise > Order and link > Budgets > Budget entries. 

Close the year 

 Note: If your institution has multiple library organizations, budgets must be closed and confirmed for each library organization separately. 

To close the year:

1. In the Wise configuration manager, go to OCLC Wise > Order and link > Budgets > Budget entries.
2. Click Year's close to close the year. The Close budget year window opens. The fields on this screen cannot be edited. The following information is displayed:
   • Organization - the organization selected to perform Year's close
   • Year closed out on - the current date
   • Year transition with carry-over - configured in Library organizations - Budget close-out with Carry-over.
     • If J - With carryover is selected, the total amount of outstanding orders is calculated and set as a separate budget amount for the next year.

        Note: When J - With carryover is selected, Wise will write a new line in the closed budget for remaining encumbered funds using booking code 18 and also write a new line in the upcoming budget for the same amount using booking code 02. The carry-over amount is written into both the closed and new budgets.

     • If N - Without carryover is selected, the outstanding orders are included in the total budget.
3. Click OK. The budget year is closed.

 Note: Because this process is performed for all of the branches in the system, it can take several minutes. Do not work on any other budgets until you have confirmed that the process is complete. 

 Note: The new budget codes will only appear once you have cleared the cache in both the Manager and Client.

Confirm the job is complete

To confirm if the budget closing process is complete, navigate to systemWise > Dashboard > Job lines and find the job called budget-year-closing. If the job is complete, the status will appear as klaar. If it is still in process, the status will be running. 

Once the job is complete, a report is available. To view the report, navigate to the Reports tab to view the report BUDGET JAAROVERGANG. 

Confirm fund carry-over

After closing all budgets and opening the budget for the new fiscal year, it is recommended to confirm that carry-over funds have transferred properly into the new budget. To confirm, run the Budgets overview within the Wise staff client to check the fund distribution for the new fiscal year.

 Note: Budget Carry over only refers to the remaining balance. Encumbrances will always be reflected in future budget reports until they are paid/closed.