The fund rollover process provides facilities for carrying forward outstanding committed amounts for confirmed/part filled orders to a budget fund which is active for the new financial year. At the same time, the status of the funds relating to the previous financial year can be changed to prevent old funds from being utilized for the creation of new orders. Associated default settings in fund patterns, allocation patterns and order templates are automatically updated by this process to use the correct new funds.
Funds are grouped together by fund control. The rollover process is operated separately for each fund control, and may be restricted to specific funds within that fund control, for example, if the structure of your funds is changing or if some funds are not required for the next year.
Fund controls and associated funds for the new year may be set up and used in advance of the start date for the new financial year (as the fund dates can precede the start of the new financial year).
Or they may be set up automatically as part of the rollover process if the same fund structure is to be used.
You can also reuse the existing fund control ID and move all expenditure associated with it to a fund control for the previous year which is created by the rollover process.
The following steps are not essential and you can certainly go through the rollover process without doing any of them. However, if you do have time to go through them this will help to make sure that as much of the current year’s budget is spent as possible before the commitment is moved to the new year’s funds by the rollover.
Step 1 - Identify and pay unpaid invoices
Step 2 - Identify missing invoices
Step 3 - Cancel or complete outstanding orders not to be carried forward
Before you rollover funds we recommended that you generate fund reports.
We also recommend that you create SavedLists or capture screen shots of some of the funds and some of the orders that use those funds before the rollover. You can use these after the rollover to confirm the changes.
Steps 1, 2 and 3 should be done several days before the rollover date to give time to investigate any queries.
Steps 1 and 2 can then be repeated immediately before running fund reports to pick up any additional unpaid/missing invoices that have arisen in the intervening period.
For each fund control that is to be rolled over, you need to determine what will happen to outstanding orders and unpaid invoices.
If you want to have a "grace period" during which all expenditure for existing orders is still set against the old funds but you want to start creating commitment for new orders against the new financial year funds, you will need to create the new funds with a status of "Commitment only", set the status on the existing funds to "Expenditure only" and defer the rollover until after the grace period. At that time you will follow the procedure outlined in Rolling into existing funds to move any remaining commitment from the old funds to the already existing new ones.
Often, these decisions will be dictated by the local authority and audit guidelines. It may not be permitted to commit or expend money from last year’s funds after a specified date.
Once you have this information, select the most appropriate process for each individual fund control that is to be rolled over. It's quite valid to use any of these processes for rollover of different fund controls.
You can do some simple post-rollover checks to see the effects of the rollover.