| Table of Contents | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Purpose
The eResources Deposit Account (deposit account) is an important part of OCLS’s strategy to streamline work processes across the college system. The deposit account holds funds for your eResource purchases over the fiscal year.
By decreasing the number of invoices your library receives, your Deposit Account deposit account creates local capacity and minimizes overhead costs. And with funds on hold, OCLS can process your vendors’ invoices efficiently.
This page provides general information about your eResources Deposit Account. Please see the other pages in this series for more detailed information about the specific topics below:
Annual Timeline
📅 Find dates and deadlines for the annual milestones outlined below in the eResources Calendar
OCLS asks the college libraries to deposit funds to their account at least twice a year:
In April, at the beginning of the fiscal year
At the mid-way point in August
...
Deposit Accounts Payments
OCLS uses your deposit account to pay your vendor invoices for online products acquired under our eResources Management service. Any other OCLS fees must be paid by separate invoice.
You may use your deposit account for new acquisitions that were not included in your latest Estimate. If your account has a deficient at year end, OCLS issues a top up invoice.
OCLS requests that the bulk of your resources are paid with your deposit account funds. To accommodate special circumstances, you can request separate invoicing instead. Then, OCLS pays the vendor’s invoice with its own funds, and bills the college for the final total in CAD.
| Expand | ||
|---|---|---|
| ||
For assistance, please contact the eResources team. |
Deposit Account Process
In April, OCLS provides an account forecast for each college (
...
Estimate Report) to determine the appropriate invoice amount.
The colleges have a month to
...
review and approve their Estimate
...
Report before OCLS issues the invoice.
OCLS issues the invoice to the college.
The college libraries deposit funds to their account.
In August, steps 1-4 repeat.
Before year-end, OCLS
...
provides another account report to project each college’s fiscal year closing balance (
...
Balance Statement Report). If it shows a deficit, OCLS issues a top-up invoice.
Annual Timeline
The following image shows the general deposit account timeline for the process.
To view key dates for this fiscal year, see the Deposit Accounts Calendar.
...
...
Reports
OCLS prepares three types of account reports for the college libraries:
Monthly Statements: Itemized account activity and closing balance for the previous month
Estimate: Biannual forecast to determine biannual invoice amounts
Balance Statements: Pro forma year-end balance projection to determine whether a third ("top up") invoice is necessary to avoid a deficit
FAQ: WHAT PAYMENTS CAN I MAKE FROM MY DEPOSIT ACCOUNT?
OCLS uses your Deposit Account to pay your vendor invoices for online products acquired under our eResources Management service. Any other fees owing to OCLS must be paid by separate invoice.
You may use your Deposit Account for new acquisitions that weren’t included in your latest Estimate. Should doing so result in a deficit in your account at year end, OCLS will issue a top up invoice.
You aren’t required to use your Deposit Account for any given resource: you may request separate invoicing instead (also known as “manual” and “MAN” invoicing). In this case, OCLS will pay the vendor’s invoice upon receipt with our own funds, and “bill back” the college for the final total in CAD. OCLS provides this option to accommodate special circumstances but we request that the bulk of your resources are paid with your Deposit Account funds.
To determine whether any given resource was or will be paid for with Deposit Account funds or by separate invoice:
Log in to ConsortiaManager
Navigate to your Subscriptions list
Locate the given subscription
Check the "Account" field
For assistance, please contact the eResources team.This page provides general information about your eResources Deposit Account. Please see the other pages in this series for more detailed information about the specific topics below:
FAQ: WHAT PAYMENTS CAN I MAKE FROM MY DEPOSIT ACCOUNT?