Finance

The Finance app allows you to create fund structures and manage money.

1 Key terms
2 Permissions
3 FOLIO community documentation

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

FOLIO community documentation for Finance includes the permissions required to interact with the 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 will be unable to see the Orders app or any related information.