To perform Acquisitions tasks in Alma, at least one ledger and associated fund need to be active for the current fiscal year. While a fund represents money in an account, a ledger is a collection of funds. In alma, funds can be in two categories, summary and allocated. A summary fund is not used for ordering or invoicing, but is a reporting tool for a group of funds. Multiple allocated funds can be added to a summary fund. An allocated fund contains money that has been paid out or reserved (encumbered) for an open purchase. While at least one ledger and allocated fund are necessary in Alma, summary funds are optional.
When setting up ledgers and funds, visualize how budgets are organized at your institution and create funds and ledgers in Alma accordingly. FLVC recommends a simple ledger and fund structure, to streamline acquisitions processes. Reporting codes can be added to orders and invoices to provide robust reporting of funds expenditure.
The relationship between Ledgers and allocated funds are parent/child:
One ledger with two allocated funds, and no summary funds.
One ledger, 3 summary funds based on physical/electronic material types, 3 allocated funds based on continuity type (books, serials, DVDs and media etc.)
1 ledger, with summary funds based on funding source, and allocated funds assigned to summary funds.
One ledger, nested summary funds and some standalone allocated funds. Shipping, processing and access funds are added to an "Overhead" summary fund.
There are three types of fund records:
Each campus can set up a financial structure that mirrors their local budget structure. The fund hierarchy should be as simple as possible to streamline ordering; additional information can be included in POLs using the order reporting codes.
Example 1: Budget is separated by schools or departments, then subject areas
Example 2: Fund structure is based on funding sources
To find fund records:
What's in a fund/ledger record?
With just a few clicks you can see a large number of related records within the Acquisitions infrastructure.
You can also do this sequence in reverse, starting with an invoice and following the funds path back up to the ledger. It's a convenient way to see the impact of any single purchase on a budget.
For Allocated Funds
For Summary Funds and Ledgers
You can not add money to Summary Funds or Ledgers. Instead, you move the necessary Allocated Funds to the desired Summary Funds or Ledger.
After the initial set-up or migration, adding additional ledgers and funds is straightforward. Make sure you have all the information you'll need to enter available to you before you begin.