Hi all and apologies for cross-posting:

 

Are there any libraries out there who use Millennium at an institution that uses Banner and split pay accounting?

 

What I mean by split pay accounting (and I may be using the wrong terminology) is that if the subscription term of a database doesn’t match the fiscal year exactly, then the college splits the charge to the library’s account based on how much of the subscription falls in the current fiscal year. The remainder is charged to the library budget at the beginning of the new fiscal year. Our fiscal year starts July 1.

 

So for example, many of our subscriptions start January 1. These subscriptions have 50% of the cost taken out of the library budget in the current fiscal year and 50% charged in the next fiscal year. The vendor is paid the full amount and doesn’t see this split payment at all.

 

Prior to the introduction of this new accounting, we didn’t have trouble with making our complex fund structure match up very closely with Banner’s figures, and we were good at spending out most of the funds very closely. Now Millennium doesn’t have correspondence to Banner for the continuing resources that get split-paid and it’s gotten very confusing.

 

So I’m wondering how the libraries who have to use this method are dealing with tracking their funds. Anything that can be done in Millennium, or to Millennium, to help straighten this out? Any other techniques or ways of thinking that help?

 

Thanks,

 

Diane Westerfield, Electronic Resources & Serials Librarian

Tutt Library, Colorado College

diane.westerfield@coloradocollege.edu

(719) 389-6661

(719) 389-6082 (fax)