2024-07-30 Acquisitions Meeting notes

Aaron Neslin

Jean Pajerek

Paivi Rentz

Sven Thomsen

Ann Crowley

Joe Reimers

Peter Breternitz

Tim Nelson

Anne Cammpbell

John Banionis

Rachel Sneed

Victoria Anderson

Daniel Huang

Julie Stauffer

Rhonda Fuhrmann

Daniel Welch

Kathleen Norton

Sabrina Breternitz

Dennis Bridges

Kimberly Wiljanen

Sara Colglazier

Dung-Lan Chen

Linh Chang

Sarah Kees

Dwayne Swigert

Lisa Maybury

Scott Perry

Heather McMillan

Lisa Smith

Steve Selleck

Jackie Magagnosc

Okay Okonkwo

Susie Skowronek

:00

Housekeeping

Dung-Lan

• Housekeeping

  • Next meeting - this Friday, August 2, at 9 am Eastern

  • FYI - Early bird registration deadline (for in-person attendees) for WOLFCon 2024 is July 31st (more info see WOLFCon 2024 website here)

:03

Dennis

• Question about updating exchange rate during FYRO

• Recently added more features to exchange rates.

• At the moment, when you rollover from one FY to the next, the exchange rate from the pol, in a foreign currency, that order doesn’t use a set exchange rate. It was set up using the current exchange rate from the time the order was set up. Currently, when the PO rolls, it will roll at the (now) current exchange rate.

  • Question: Does anyone expect that the exchange rate will remain at the rate it was when the order was created? Or expect it to be updated to current rate during rollover?

  • Lisa Smith, Mich State 12:07 PM
    My preference would be to keep it static, so that the encumbrance before and after roll over are static.

    • We check that the encumbrances match before and after rollover. So if the exchange rate is updated, there will be a difference.

  • Scott Perry (UChicago) 12:08 PM
    I would prefer that it update. Or maybe that this be a setting I could apply.

  • Sabrina Bayer 12:08 PM
    I would prefer that it update, too.

  • Sabrina Bayer 12:10 PM
    It would be very helpful if we can adjust the Exchange rate during the year as well (automatically) -> perhaps through an action?

    • Scott Perry (UChicago) 12:11 PM
      Definitely.

  • 
    
    

:15

Dennis

• Financial activity and overages

• The credited value was imbedded in the expended number.

• Implemented the credited value as a separate value.

• Question from developers - show as a negative value? What values to show in parentheses? Accounting standard is to show negative values in parentheses.

• Net transfers will show in parentheses, for positive or negative numbers. When the number is negative, it is in brackets.

• If the cash balance or available balance is negative, it would be shown in parentheses.

• Joe Reimers (EBSCO) 12:22 PM
  Debits on the left, credits on the right

• Currently, credited value is not being shown as a negative.

• Open

  

   

• The credit amount will lower the unavailable amount. A while back, it was decided that parentheses will be used to reflect a negative amount. Before continuing on the path we are on, wanted to open it up to discussion.

• Sara Colglazier 12:24 PM
  Can we then also examine what we are seeing below in Expense Class

• Scott Perry 12:30 PM
  I think we should always use parantheses or a -

• Ann Crowley 12:30 PM (Edited)
  Could you add foot note?

  • Dennis: I think it’s a good idea. Need to be consistent.

• Ann Crowley 12:40 PM
  Agree with Scott, but we approve and pay in step
  Also, we have awaiting payment on summary screen but pending payment on the detail screen should that be consistent

• Dennis: Which approach should we focus on?-

  • Showing parenthesis based on the impact to the budget?

  • Or

  • Showing parentheses based on the conditions of the value?

  • Julie Stauffer 12:44 PM
    I would expect that () would consistently be displayed based on the specific value and not necessarily the context of the budget. Also, if values are exported in some fashion then retaining the () would be important.

    • Scott: Agrees with Julie