Ordering functionality that FOLIO needs to stay competitive (UXPROD-3440)

[UXPROD-2713] Allow user to create order and encumber money against upcoming fiscal year Created: 01/Oct/20  Updated: 07/Feb/24

Status: Draft
Project: UX Product
Components: None
Affects versions: None
Fix versions: None
Parent: Ordering functionality that FOLIO needs to stay competitive

Type: New Feature Priority: P3
Reporter: Dennis Bridges Assignee: Dennis Bridges
Resolution: Unresolved Votes: 1
Labels: acq-morningglory-candidate, acquisitions, finances, needs-rmsigreview, orders
Remaining Estimate: Not Specified
Time Spent: Not Specified
Original estimate: Not Specified

Attachments: PNG File Screen Shot 2020-10-01 at 10.06.55 AM.png    
Epic Link: Ordering functionality that FOLIO needs to stay competitive
Development Team: Thunderjet
Kiwi Planning Points (DO NOT CHANGE): 74
PO Rank: 94
Rank: Chicago (MVP Sum 2020): R5
Rank: Cornell (Full Sum 2021): R4
Rank: Duke (Full Sum 2021): R4
Rank: 5Colleges (Full Jul 2021): R4
Rank: GBV (MVP Sum 2020): R1
Rank: Grand Valley (Full Sum 2021): R2
Rank: Leipzig (Full TBD): R1
Rank: Leipzig (ERM Aut 2019): R1
Rank: MO State (MVP June 2020): R1
Rank: Spokane Public Library (Jan 2021): R2
Rank: TAMU (MVP Jan 2021): R4
Rank: U of AL (MVP Oct 2020): R5

 Description   

Overview:

Allow user to select next years fiscal year budget when adding a fund distribution for an order. This would allow users to encumber money for an order against an upcoming year rather than always using the current year.

Use case:

  • The scenario is the following: For the budget planning of the coming FY, all costs that are already foreseeable and actually already committed are needed (i.e. for planned contract extensions, simple subscriptions, multi-year contracts with several invoices, etc.). In the old system, there were already orders created (or so-called planned prices at that time) for these in the middle of the previous year and linked to the next year's budget. This budget had already committed funds and it was easy to see how much money was still available, which could then be increased/distributed/etc.

Questions

  • Is the major concern that you want to be able to see what is coming up for next year?
  • Or would you need the user to be alerted if there is not enough money in the budget next year to cover the amount that would be encumbered?

In-scope: TBD

  • Allow user to specify fiscal year when adding a Fund distribution to an order
  • Allow user to set fiscal year ONLY IF the setting is active?
  • Add setting to order settings that activates this ability (Planned order setting)
  • Only allow user to specify current or upcoming fiscal year?
  • Always specify current fiscal year by default so user must purposefully select upcoming year if desired
  • When upcoming fiscal year is selected do not make encumbrance against current year

Approach: TBD

  • Add fiscal year select field to fund distribution
  • Add only if "planned-order" setting is active
  • Field is required
  • Field defaults to current year

Out of scope:



 Comments   
Comment by Dennis Bridges [ 28/Jun/21 ]

Users continue to ask questions about the ability to pay invoices against previous years. Or at least to create transactions against previous fiscal years. It is possible that the mechanism described in the story above could allow all of this to be possible. Ie. choosing a fiscal year for fund distributions. Possibly something like a "Process as" date that is used in the Check in app.

This should be revisited so the description about can be updated or a separate feature can be created.

Comment by Molly Driscoll [ 20/Oct/21 ]

This is a highly sought after feature and requirement for Massey University (New Zealand) who begins paying against the next fiscal year from August on. They are on a calendar fiscal year. cc: Dennis Bridges

 

Caveat: they will still be making payments against current FY even when payments against future FY commence.

Comment by Tim Darlington [ 22/Oct/21 ]

To elaborate on Massey's interest in this: academic year in Australasia tends to be February to November, which means university FY tends to be calendar year. Subscriptions are also calendar year but are paid in advance, which is where the need to make payments against next year's funds comes in. For example, we're currently paying renewal fees for our 2022 subscriptions, ie we're making payments in our 2021 FY that will be accrued to the 2022 FY. It would help a lot if Folio allowed us to make these payments against the next FY's funds.

Comment by Dennis Bridges [ 22/Oct/21 ]

This makes perfect sense Tim Darlington, really appreciate you adding more detail here. I may reach out for more feedback when refining these workflows, in hope that's ok?

Comment by Tim Darlington [ 25/Oct/21 ]

Thanks Dennis Bridges , yes that would be great.

Comment by Sarah Johnson [ 02/Mar/23 ]

Douglas University is looking for this feature. They like to pay the total cost for their subscriptions in one FY, but want to reflect half of that payment in the current FY, with the other half in the upcoming FY. 

Comment by Corrie Hutchinson [ 30/Jun/23 ]

I'm interested in seeing this functionality as well for libraries (commonly public) that do pre-orders on not-yet-published materials.  However, academic libraries are often also offered discounts on pre-orders for various collections or series publications and need the ability to encumber funds against a future fiscal year without creating an entirely new fund structure.  

Comment by Sarah Johnson [ 03/Jan/24 ]

This feature is a priority for LaSalle University. They currently encumber for up to two FYs into the future. They might be a good site to reach out to if you need some more feedback or an SME.

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