10-1 Fiscal Close: Timeline

Purpose: To prepare invoicing staff for yearly fiscal close (Fiscal year = July 1st through June 30th of the next year.)

• June 1st:
  • Instruct all invoicing staff to /GCY any invoices (that require payment, does not apply to / z invoices) that they enter into Sierra from this point forward. This allows payments to be dispatched immediately and not the requisite 30 days from invoice date that is normally in place.
  • Find out the date of the last interface for the fiscal year from the library business manager. It is usually scheduled for the  second or third Wednesday of June.
  • Notify all invoicing staff (both Orono and Augusta/Bangor) that they will need to enter invoices requiring payment in Sierra by that date. Note that after that date, invoices requiring payment cannot be entered into Sierra until the new fiscal year begins. Invoices that DON’T require payment (i.e. deposit account invoices, etc. that end in “/ z “) CAN still be entered into Sierra until June 30th.
• June 30th: Inform all invoicing staff that all financial activities in Sierra (invoicing, adjusting funds, encumbering) must stop on July 1st and not resume until further notified.
• July 1st. Begin Fiscal Close procedures in Sierra. When completed, let head of Collection Services know. They will determine what changes, if any, need to be made to the fund lines on the budget report, as well as when all invoicing activities can resume. Once that date is known, let all invoicing staff know via email. (Note: Since Augusta/Bangor libraries have a separate budget process, it is ok to let them know that they can resume all financial activities as soon as the fiscal close procedure in Sierra is completed).