Re: subscriptions: fiscal year vs. calendar year accounting issues Adele Andrascik 26 Aug 2008 20:01 UTC
Our fiscal year runs from Apr 1 - March 31, and we are currently in our 2009 Fiscal year. The date on an invoice is the criteria used to decide what fiscal year the subscription comes from. For example, our main invoice from Ebsco will be dated Oct 2008 and funds come from the current 2009 fiscal year which ends Mar 31/09, althought most of our subscriptions will run the calendar year from Jan - Dec 2009. Any invoices received after Mar 31, 2009 , will be charged to the 2010 fiscal year. Adele Andrascik Kwantlen Polytechnic University Surrey, BC Karen Chobot <karen.chobot@NDSCS.NODAK.EDU> Sent by: "SERIALST: Serials in Libraries Discussion Forum" <SERIALST@LIST.UVM.EDU> 08/26/2008 10:09 AM Please respond to "SERIALST: Serials in Libraries Discussion Forum" <SERIALST@LIST.UVM.EDU> To SERIALST@LIST.UVM.EDU cc Subject Re: [SERIALST] subscriptions: fiscal year vs. calendar year accounting issues What about working with your vendors to change all subscriptions to start with a July date? It might not work with some, which you could put into a separate order, but I am sure it would work with many. It would save most of the hassle with an annual renewal that mirrored the fiscal year. Our business office has no problem with us just paying for subscriptions to start with January, even though the subscription will go over the fiscal year. Karen M. Chobot, MLS Director, Mildred Johnson Library North Dakota State College of Science 800 6th St. N. Wahpeton ND 58076 701-671-2385 See the new Library blog: mjlibrary.blogspot.com -----Original Message----- From: SERIALST: Serials in Libraries Discussion Forum [mailto:SERIALST@LIST.UVM.EDU] On Behalf Of Teri Koch Sent: Tuesday, August 26, 2008 8:57 AM To: SERIALST@LIST.UVM.EDU Subject: [SERIALST] subscriptions: fiscal year vs. calendar year accounting issues Hello, I am writing to find out how other institutions assign costs for journal and/or database subscriptions for accounting purposes. Most of our journal subscriptions are on a calendar year basis, but our fiscal year runs June 1-May 31. Just recently our Accounting Department has decided to begin splitting the charges between fiscal years. That is, the cost for a calendar year subscription would be assigned 5/12ths (Jan-May) to one fiscal year; and the other 7/12ths (June-Dec) to the next fiscal year. This is going to require that we keep two sets of books for each title/database, one for the current fiscal year, and one the upcoming fiscal year. This seems like a nightmarish amount of paperwork/trouble. How do other institutions handle subscriptions for accounting purposes? I suppose one alternative is to attempt to get all subscriptions to coincide with our fiscal year. Do others do that? Any insights into how your institutions handle this and/or advice would be appreciated. Thanks in advance. Regards-- Teri Koch Collection Development Librarian Drake University Cowles Library 2725 University Ave. Des Moines, IA 50311 teri.koch@drake.edu (e-mail)