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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 creates local capacity and minimizes overhead costs. And with funds on hold, OCLS can process your vendors’ invoices efficiently.
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You may use your deposit account for new acquisitions that were not included in your latest Estimate. If your account has a deficient deficit at year end, OCLS issues a top up invoice.
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The following image shows the general deposit account timeline for the process.
To view key dates for this fiscal year, see the Edit - Deposit Accounts Calendar.
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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
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FAQ: WHAT PAYMENTS CAN I MAKE FROM MY DEPOSIT ACCOUNT?