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Finance App: Fund & Budget Sertup
Finance App: Budget and Fund Management
The Finance App in FOLIO defines and manages all acquisition activity across the OSU A&M Consortium. From encumbrance tracking to fiscal rollover, this app ensures that your funds are properly configured, distributed, and aligned with purchasing and reporting workflows.
Each component, ledgers, funds, and expense classes, carries required metadata that automates:
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Order creation and invoice approval
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API integrations (like GOBI auto-import)
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Year-end reporting (ARL, ACRL, IPEDS)
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Fiscal year rollover and reconciliation
This guide walks you through how to create and maintain the financial structure in FOLIO using tested workflows and standardized naming conventions
Metadata Standards Guide
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Component
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Format
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Why It Matters
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Ledger
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OKS-State
-2025
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Standard naming keeps reports clean across campuses and fiscal years.
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Fund Code
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OKS-PoliSci
-2025
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Must match GOBI folder exactly to sync orders.
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Expense Class
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Streaming
Video
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Avoid vague terms that support IPEDS/ARL reporting.
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Finance App. Workflow
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Element
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Description
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Instructions
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Ledger
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The main budget. Defines your funding source and fiscal calendar.
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Create one ledger per source (e.g., State, Foundation). Use the naming format: Campus-Source-FY (OKS-State-2025).
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Fiscal Year
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Tracks the spending year. Needed to activate funds and perform rollovers.
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Set dates for the fiscal period. Example: 07/01/2024 – 06/30/2025. Attach to the ledger under the Fiscal Year dropdown.
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Currency
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Default purchasing currency.
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Typically, USD. Set once when you create the ledger.
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Rollover Settings
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Manages how remaining funds and open orders are carried out into the next year.
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Define rollover rules for ongoing serials or subscriptions. Choose type (Manual or Automatic), set Open/Close behavior.
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Funds
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The actual accounts used during ordering and invoicing.
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Add funds under your ledger. Make sure Fund Code matches the GOBI folder exactly. Example: OKS-PoliSci-2025.
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Fund Type
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Categorizes the fund's origin.
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Select from the dropdown (Library, Grant, Gift, etc.).
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Expense Classes
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Labels that categorize purchases (used for reporting).
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Add classes like eBooks, Streaming Video, Print Serials, and Databases. Avoid vague terms like “Other.” Assign them to funds as needed.
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Tags/Notes
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Internal-only labels or tips to help others manage funds consistently.
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Use tags for internal tracking. Add notes about spending restrictions, preferred formats, or policy exceptions.
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Final Review
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Ensure your ledger and funds are linked and configured correctly.
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Double-check Fund Codes, Expense Classes, and Fiscal Year settings before activating.
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OSU Practices
Use specific fund names that reflect the department or subject, not just the funding source.
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Confirm fund activation and fiscal year settings before ordering.
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Update rollover rules in early spring if continuing subscriptions into the next fiscal year.
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Assign multiple Expense Classes to a fund if it supports mixed-format purchases.
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Set reminders to deactivate funds after the fiscal year ends or the budget expires.
🛠️ Gala’s Hack: Document your fund behaviors! Did you have to manually transfer money last year? Leave a note. Did a certain ledger require encumbrance cleanup? Tag it. Build a snail trail for the future you.
