Close a budget

Discover how to close an open budget and transfer any open encumbrances in WorldShare Acquisitions.

Important notes before closing a budget

Close the current budget and transfer open encumbrances

  1. (Optional) Confirm that you have paid all invoices and order items. If you have any unpaid invoices or order items:
    • Pay the invoices or order items before closing the current budget. Once the budget is closed, it can no longer be used.
      Or
    • Close the current budget and then pay the invoices or order items using the new budget.
  2. In the upper right corner of the budget, click Close Budget.
  3. In the Close Budget dialog, connect all the funds from the current budget (to be closed) to the future budget. In the right Fund Name column, from the list, select the new budget’s fund or start typing. Any changes to the window will be saved.

     Caution: You cannot use a disabled fund as a target fund when closing a budget. If you select a disabled fund as a target fund, the fund will be automatically removed the next time you open the Close Budget dialog.

    Fund name (current budget) Fund code Fund name (future budget)
    Humanities General HG Humanities General
        History HG-hist     History
            Europe HG-hist-eu         Europe
  4. Click Close budget.
  5. On the Close Budget warning window, click OK. The system responds "Close budget is running...". Once the system closes the budget, the future budget becomes the current budget.
  6. After the Close Budget process is completed:
    • All unpaid or partially paid “plan” order items assigned to the budget being closed will be moved to the next budget.
    • All purchase order items that are still encumbering money in a fund will be moved to the next budget.
    • All unpaid invoices and invoice items assigned to the budget being closed will be moved to the next budget.
    • All order item templates using the current budget will be moved to the next budget.
    • All purchase requests that have not been ordered will be moved to the next budget.
    • All accrual mode order items and invoice items, even if they are paid,  will be moved to the next budget.