Frequently Asked Questions
Fiscal Close Documentation
How do I close out a purchase order?
With Fiscal Year end approaching, it is important that shoppers review all open purchase orders to identify those that can be closed and any remaining encumbered funds which can be released and returned to appropriate budgets. Before closing purchase orders, shoppers must contact their supplier to ensure that there are no payments awaiting payment against their purchase order. Once a PO has been closed, it cannot be re-opened.
The BUworks Training Team recently added BW How-to: Find Open Commitments to their online help document repository. This document describes how to use the FM Transaction Detail report to identify and examine open commitments for internal vendors (for transactions related to ISRs and FSRs) and external vendors (for transactions related to Shopping Carts and Purchase Orders).
The data in the report is refreshed overnight, therefore the detail for a PO created today will be available the next day. Once open purchase orders have been identified for closing, the buyer assigned to the PO should be notified. Follow the instructions here to find the appropriate buyer.
How do I increase the value of a limit order?
A limit order, also known as a contract or blanket order, is a purchase order (document) that permits tracking of multiple transactions related to a single vendor and/or agreement. A contract order over $25,000 must be supported by quotation, price agreement or by a formal contract. A limit order is a non-binding ordering process that does encumber University funds. It should not be used as a contract with a vendor.
If a shopper would like to increase the value of a limit order, an email should be sent to the buyer referencing the existing limit order purchase order number and the total dollars to be added to the order. An updated expiration date should also be noted in the email. The buyer will assist the shopper in obtaining pricing for any limit order over $25,000.
To find the appropriate buyer to contact, click here.