Fiscal period rollover/closure

Owned by Christina Hennessey
Last updated: Jul 11, 2024
4 min read

Fiscal period rollover/closure (aka fiscal year rollover/closure) should happen shortly after the beginning of the next fiscal year (July 1 each year in the CSU) or before the end of the previous fiscal year. Depending on the settings in your campus, you may have some amount of days grace period to use the previous fiscal year before you cannot draw from funds in the current year (see #6 below).

Recommended documentation:

Ex Libris documentation for fiscal period closure

Recording from Fiscal Year Closure webinar from Ex Libris from June 6, 2024 (56 minutes)

Shorter 6-minute video on this process from Ex Libris (video is from 2022 but still valid)

Short Fiscal Period Closure Course from Ex Libris

Other notes to supplement the documentation:

  1. The CSU does not charge our own campuses for resource sharing so you only need to do the first two steps (Ledger Rollover and PO Line Rollover) as there are no resource sharing funds to rollover.

  2. Even though you can set up a fiscal period before the previous one ends, you cannot use the funds in that period until the first day of the new fiscal period.

  3. After you rollover to the new fiscal period, your Alma may still default to the old year filter. Once you choose the new year for the filter, it will retain that instead of trying to filter to the old period.

After rollover your filter might look like this (Acquisitions - Funds and Ledgers):

image-20240702-221911.png

X-out the fiscal period and then you can choose the correct fiscal period in the facets:

image-20240702-222056.png

Then you can see the current fiscal period in your filters:

  1. We recommend keeping notes on your process, number of funds, ledgers, and PO lines from year to year. These numbers do not change too much year to year and this will save you time and stress with this important process each year.

  2. CSU campuses vary on whether they make the previous year’s ledgers inactive or keep them active at the end of this process. Either way seems to be okay. Some campuses have all years active and some make the new fiscal period the only active one.

  3. Grace period: If you look at the previous fiscal year ledger, you will find what the grace period is before you need to start using the new year’s funds. This example has a grace period of 5 days after the end of the previous fiscal period. CSU campuses vary in their use of the grace period; some use '0' and some use up to 360 days.

  1. If you are not sure if a rollover has happened yet in your Alma, here are two places to check, if you have the appropriate Alma roles :

Acquisitions ->Advanced Tools->Rollover Ledgers

The most recent rollover of ledgers will be at the top of this page.

I can see in this campus that they have already done the 2024 rollover of ledgers:

While this campus has not rolled over ledgers yet:

You can also check if the new fiscal period has been set up.

Alma Configuration  -> Acquisitions -> General -> Fund and Ledger Fiscal Period

This campus has already created a fiscal period. These can be created manually or are automatically created during ledger rollover.

While this campus still needs to create their fiscal period.