The eResources Deposit Account is an important part of OCLS’s strategy to streamline work processes across the college system.
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.
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
To determine an appropriate amount to invoice for, OCLS prepares an account forecast for each college (an “Estimate” report). The colleges have a month to carefully review and approve their Estimate before the invoice is issued.
In advance of year-end, OCLS prepares another account report to project each college’s fiscal year closing balance (a “Balance Statement” report). A third and final "top up" invoice will be issued if your Balance Statement shows a deficit.
Account Reports
OCLS prepares three types of account reports for the college libraries:
Monthly Statement: 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
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.