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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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For assistance, please contact the eResources team. |
Deposit Account Process
In April, OCLS provides an account forecast for each college (Estimate Reportestimate report) to determine the appropriate invoice amount.
The colleges have a month to review and approve their Estimate Report 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 Reportbalance statement). If it shows a deficit, 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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Reports
OCLS prepares three types of account reports for the college libraries:
Monthly Statements: Itemized account activity and closing balance for the previous month
EstimateEstimates: Biannual forecast to determine biannual invoice amounts
Balance Statements: Pro forma yearYear-end balance projection to determine whether a third (" top-up ") invoice is necessary to avoid a deficit