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Description
OCLS issues deposit account estimates and invoices to the colleges during the fiscal year in a regular cycle.
To determine an appropriate invoice amount for each college, OCLS prepares account forecast reports known as “Deposit Deposit Account Estimates (estimates). ” The colleges have a month to review and approve their Estimate estimates before their invoice is issued. The Estimates and the invoice total amounts are rounded to a whole number.In the event of
Deposit Account invoices are issued twice a year: first in April, at the beginning of the fiscal year, and again at the mid-way point in August.
For an anticipated deficit at year end, a third and final top-up invoice will be is issued in February. For more information about the year-end top up invoice, please see the Deposit Account Balance Statements & Top-Up Invoices page. What is included in my April Estimate and invoice? Why doesn’t my invoice match the total in my Estimate?
Your first Estimate of the year will be
Estimates | 2 estimates |
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Invoices | 2 invoices |
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1 top-up invoice | February |
Note: The estimates and the invoice total amounts are rounded to a whole number.
April Estimate & Invoice
Your first estimate of the year is issued in advance of the coming fiscal year (usually in mid-February) and will itemize itemizes your anticipated expenses for the coming year, from April 1st through 1 to March 31st31.
Your estimated expenses for the first half of the year (April 1st - 1 to August 31st31) are included in your first Deposit Account invoice, together with your closing account balance at year-end.
For example, if your estimated expenses for the first half of 2022/23 are $20,000 and your closing balance for 2021/22 is $100, your April 2022 invoice will be for $19,900.What is included in my
Mid-Year Estimate and
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invoice
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Your second Estimate of the year will be issued in June and will itemize your anticipated expenses for the second half of the year, from September 1st through March 31st. Your mid-year invoice amount will be based on these expenses while also taking into consideration any differences between the information in your April Estimate and your actual account activity over the past two months.
For example, if a renewal was included in your April Estimate that you subsequently decided to cancel, the cost we estimated for that renewal will be subtracted from your Mid-Year Invoice amount.What should I do with my Estimate?
Action for Colleges
Please review your Estimate carefully. If you notice any errors or would like to make any changes, please let us know as soon as possible. Once the Estimate is issued, you have about a month to make changes to it, after which point we require a final, approved copy to use for invoicing.
Details about how to approve your Estimate and the approval deadline will be provided alongside your Estimate report. You can also find the Estimate approval deadline in the eResources Calendar.
What are the prices in my Estimate based on? Why don't they match the prices in CM or my monthly statement?
Several factors are taken into consideration in the development of your Estimate, including an estimated foreign exchange rate and an estimated renewal increase rate. See the notes in your Estimate report for details.
Comparatively, the “Sales Price” field in CM is your price in the vendor's currency, not including tax; and the prices in your monthly account statements represent the final price paid (in CAD, including tax, with nothing estimated).
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"Sales Price" in CM
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"Total Price" in Estimate
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Pricing
The following table explains the differences between the prices in your estimate, monthly statement and CM.
| Sales Price in CM | Total Price in Estimate | Total in Monthly Statement |
Currency | Vendor's currency (see |
Currency |
field in CM) | CAD (estimated exchange rate) | CAD (paid exchange rate) | |
Includes HST? | No | Yes | Yes |
Final price? | No (the |
Total price (local currency) |
field does not include HST | If available, otherwise estimated (see notes in Estimate for details) | Yes |
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Changes after Estimate Provided
Regardless of what is outlined in your estimate, you may continue to add new subscriptions or cancel subscriptions to/from your Deposit Account throughout the year.
For information about how to cancel or renew a subscription through OCLS, please see the Renewal Quickstart Guide.
If you add Additions of a new subscription or purchase to your Deposit Account, you may end up with account may lead to a deficit at year-end, in which case and OCLS will issue a top up invoice. For details about year-end top up invoices, please see the Deposit Account Balance Statements & Top-Up Invoices page.
Cancellations on the other hand may lead to a surplus in your account . By default, OCLS will subtract this surplus which will be substracted from your next biannual invoice (April or Mid-Year). To request a refund instead, please contact the eResources team.When does my new
Price Increase Guideline
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Your new Price Increase Guideline comes into effect the day after the Estimate approval deadline.
By default, we do OCLS does not go back and update the status of subscriptions that have already been set, regardless of renewal date or renewal response deadline. For more information, please see the Price Increase Guideline Program page.
FOR MORE INFORMATION
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Deposit Account Balance Statements & Top Up Invoices
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