Integration with external financial systems

 

 

Description

Libraries need tighter integration with external financial systems (bursar, accounts payable, etc.) to ensure accurate financial reporting and minimize the risk of error or discrepancy between systems. Additionally, many libraries desire accurate feedback concerning the status of invoices rather than having systems “assume” based on sending vouchers. Finally, in many cases, manual adjustment of financial data to migrate information from one system to another can be time consuming and inefficient. Enabling task automation can dramatically streamline this communication.

Requirements

Requirement

Status

Use case(s)

Requirement

Status

Use case(s)

Invoices that are approved and ready for payment should be transmissible to an external financial system

pending

Library has several invoices that have been approved and are ready for payment. Relevant invoice data should be output in a way that can be scheduled or easily triggered and in a format easily ingested by the accounts payable system

Trusted external systems should be able to update invoice status in FOLIO to reflect central processing status (paid, rejected, etc.)

pending

Accounts Payable receives approved invoice and sends payment. FOLIO should be updated to confirm payment is sent.
Accounts payable receives approved invoice but there are errors. FOLIO should be updated to indicate there is a problem.

Integration must be configurable to work with a variety of external systems

confirmed

Libraries use a variety of external financial systems including, but not limited to:

  • Banner

  • PeopleSoft

  • Momentum

Questions

Question

Status

Outcome

Question

Status

Outcome

Should this integration be a “push” initiated by FOLIO or a “pull” initiated by the external system

pending

 

Should this be scheduled, on demand or both?

pending

 

Should the integration work with vouchers or directly with invoices?

pending

 

How should discrepancies between FOLIO and the external system be handled (e.g. exchange rates)?

pending