Subject:  Audit practice
From:  Kit Li <lblkhia@cityu.edu.hk>
Date:  Sat, 12 Apr 2003 12:29:18 +0800

Dear Serialists,

Our Finance Office informed us they planned to change their accounting /
audit practice from next financial year.  There are three major changes.

1) In the past, Library got a budget from University.  We then use the
funding to pay for old titles and place order for new titles.  At the
end of the financial year, those committed amount (not yet paid order)
would also be counted as our expenses.  Now, our Finance Office
mentioned those not yet paid amount will not be counted.  Does your
Library follow such practice?

2) Payment will be done upon receipt of goods.  Though they do prepay
serials subscriptions, they require Library to state by what proportion
the amount is paid against this financial year and what proportion to be
paid against next financial year.  Since our financial year runs from
Jul - Jun, problems arise.  Though most serials subscription are paid
for calendar year (Jan - Dec), some just start from latest issue for one
year, or from a particular issue no. without month information.  Is
there any Library out there also follow such practice?  If so, how do
you inform your Finance Office on the proportion to be paid?

3) Since it is prepayment, our Finance Office also requested us to
submit a list of orders that have not been completed at the end of the
financial year, i.e. June.  Though we can generate list of missing/late
issues (we use INNOPAC), those that have been claimed will not be listed
again.  Furthermore, I cannot specify the date of issues to be listed.
Besides, the amount paid in that year may not be that year's issue.
There are so many variables that such list is difficult to be generated.
Though it can be done manually, it is time consuming.  I just wonder
whether there is any Library out there follow such practice.  If yes,
how do you handle it?

Your input will be much appreciated.

Thank you in advance for your assistance.

Kit Li
Serials Librarian
City University of Hong Kong