Integration with external financial systems
- Joseph Reimers
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) |
|---|---|---|
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. |
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:
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Questions
Question | Status | Outcome |
|---|---|---|
Should this integration be a “push” initiated by FOLIO or a “pull” initiated by the external system | pending |
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Should this be scheduled, on demand or both? | pending |
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Should the integration work with vouchers or directly with invoices? | pending |
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How should discrepancies between FOLIO and the external system be handled (e.g. exchange rates)? | pending |
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Can this be handled by adding an additional type of batch configuration (i.e. API rather than (S)FTP?) | pending |
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Should formatting conversions be controlled inside or outside of FOLIO? | pending |
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Additional notes
Batch groups should account for ECS and multi-acq unit systems