The Finance app allows you to create fund structures and manage money.
Key terms
Acquisition units. The Five Colleges use Acquisitions Units in the form of 2 letter codes (AC, HC, MH, SC, UM) that will allow staff to create and edit orders and perform other acquisitions-related functions for their home libraries. (View access will be available for records in the other Acquisitions Units. ) Acquisition Units are assigned in the Settings app. See Settings > Acquisition units for more information.
Amount allocated. The amount of money assigned to a fund at the start of a fiscal year. Additional money can also be allocated during the year.
Budget. A finance record that describes the amount of money available for a fiscal year within a fund that includes a definition of the allowed expenditure percentage and allowed encumbrance percentage. Transfer and allocation transactions are performed against a budget. Expense classes can be assigned to a budget.
Encumbrance. An amount of money that the library commits to pay to a vendor from a fund’s budget for ordered materials that are invoiced in the future.
Expense class. A fiscal entity used to track transactions against a specific purpose or function within a Fund. Optional, tenant-defined, and can be assigned to one or more funds. Applied to order lines and invoice lines during fund distribution. Each fund can support multiple expense classes.
Fiscal year. The twelve-month period your library uses to manage its finances.
Fund. A fiscal entity used to track transactions against a general purpose or function within a ledger. Funds are associated with only one ledger. Fund information persists from year to year as new budgets are created for the fund each year.
Group. A collection of one or more funds grouped together.
Ledger. A collection of funds that need to be kept fiscally separate from another ledger’s collection of funds. All funds within a ledger share future fiscal year rollover behavior.
Net transfers. Money transferred between funds during a fiscal year.
Permissions
The permissions listed below allow you FOLIO community documentation for Finance includes the permissions required to interact with the Finance app, and that determine what you can or cannot do within the app.
You can assign permissions to users in the Users app. If none of these permissions are assigned to a user, then they are will be unable to see the Finance Orders app or any related information.
The following are all the Finance permissions:
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Finance: Assign acquisition units to new record. This permission allows the user to assign acquisition units to the record when creating a new record.
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Finance: Create allocations. This permission allows users to create allocation transactions against budgets. Must include view and edit fund and budget permissions.
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Finance: Create transfers. This permission allows users to create transfer transactions against budgets. Must include view and edit fund and budget.
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Finance: Execute fiscal year rollover. This permission allows the user to execute fiscal year rollovers for funds.
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Finance: Manage acquisition units. This permission allows users to change the assignment of acquisition units for the record when editing a record.
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Finance: Manually release encumbrance. This permission allows the user to release an encumbrance from a fund.
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Finance: View fiscal year. This permission allows searching and viewing of record and settings.
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Finance: View fund and budget. This permission allows the user to search and view funds and budgets.
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Finance: View group. This permission allows the user to search and view groups.
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Finance: View ledger. This permission allows the user to search and view ledgers.
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Finance: View, edit fiscal year. This permission allows the user to view and edit fiscal years.
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Finance: View, edit fund and budget. This permission allows the user to view and edit funds and budgets.
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Finance: View, edit group. This permission allows the user to view and edit groups.
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Finance: View, edit ledger. This permission allows the user to view and edit ledgers.
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Finance: View, edit, create fiscal year. This permission allows the user to view, edit, and create fiscal years.
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Finance: View, edit, create fund and budget. This permission allows the user to view, edit, and create funds and budgets.
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Finance: View, edit, create group. This permission allows the user to view, edit, and create groups.
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Finance: View, edit, create ledger. This permission allows the user to view, edit, and create ledgers.
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Finance: View, edit, delete fiscal year. This permission allows the user to view, edit, and delete fiscal year.
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Finance: View, edit, delete fund and budget. This permission allows the user to view, edit, and delete funds and budgets.
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Finance: View, edit, delete group. This permission allows the user to view, edit, and delete groups.
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Creating a fiscal year
A fiscal year is the twelve-month period your library uses for accounting and budgetary purposes. In FOLIO, a fiscal year serves as the basis for your entire fund structure and its parts. It also serves as the framework for creating ledgers, groups, and funds as each tie into a fiscal year for the money they handle.
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