Putting the fun in funds!
FYRO features are not currently marked as cap-mvp, but it makes sense to understand the process in the context of work on transactions.
Rollover will happen for a ledger, and in turn all of the funds in that ledger
Once the rollover process starts, there will be several actions available:
Choose the dates of the next fiscal year
Choose whether to restrict encumbrances and expenditures (allows spending on $0 budgets while waiting for final numbers)
Set the planned budget for each fund type in the new FY – several options:
Rollover last year's allocations (or a percentage)
Rollover available balance
Set allowed encumbrances and expenditures
Q: If you choose to not restrict expenditures, can you turn this off later?
Yes, you can update the setting at the ledger level at any point in time
The ledger-level settings will override any fund-level settings
Set encumbrance behavior for open orders
Can set for ongoing orders, subscription orders, and one-time orders
Choose whether to rollover the encumbrance
Rollover encumbrance based on initial encumbrance or total expenditure
Increase encumbrances by a percentage
Once rollover is complete, all current fiscal year budgets will be marked inactive.
Q: How many funds are associated with a ledger
Each ledger can have one or more funds
Each fund can only belong to one ledger
Multiple ledgers might be useful for multiple campuses or branches, e vs p funds, or one-time vs. ongoing funds
Q: How do you add new funds to a FY?
You can add funds with a $0 balance, then roll them over and give them allocations.
You can also do rollover first, then add new funds and allocations individually.
Q: How do you decrease the budget for an individual fund?
Q: What's the difference between a type and a group?
Groups can cross ledgers and are used to show an aggregate view of a group of funds.
Groups are not required.
A fund can belong to multiple groups.
Types are categories use to create subsets within ledgers.
Types are use to rollover funds
A fund can only have one type.
Q: What happens if you rollover an encumbrance on a fund that has no allocation?
Q: Is there a way to set up funds where there is no allocation, but unlimited spending is allowed?
Q: Will there be an error log?
Q: Will there be pre- and post-rollover reports to create a record of expenditures and confirm that the rollover results were as expected?