Deposit Account Estimates & Invoices

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 Account Estimates (estimates). The colleges have a month to review and approve their estimates before their invoice is issued.

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 final top-up invoice is issued in February. For more information, see the Deposit Account Balance Statements & Top-up Invoices page.

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 itemizes your anticipated expenses for the coming year, from April 1 to March 31.

Your estimated expenses for the first half of the year (April 1 to August 31) 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.

Mid-Year Estimate & Invoice

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.

Action for Colleges

Review your Estimate

Review your estimate carefully. If you notice any errors or would like to make any changes, let the eResources team know as soon as possible. When the estimate is issued, you have about a month to make changes to it, after which point OCLS requires a final, approved copy to use for invoicing.

Details about how to approve your estimate and the approval deadline are provided alongside your Estimate report. You can also find the estimate approval deadline in the eResources Calendar.

Making Changes After Estimate Provided

Regardless of what is outlined in your estimate, you may continue to add or cancel subscriptions to/from your Deposit Account throughout the year. For information about how to cancel or renew a subscription through OCLS, see the Renewal Quickstart Guide.

• Additions of a new subscription or purchase to your account may lead to a deficit at year-end, and OCLS will issue a top-up invoice.

• Cancellations may lead to a surplus in your account which will be substracted from your next biannual invoice (April or Mid-Year). To request a refund instead, please contact the eResources team.

Pricing

Pricing Differences

The following table explains the differences between the prices in your estimate, monthly statement and CM.

Price Increase Guideline

Your new Price Increase Guideline comes into effect the day after the estimate approval deadline.

By default, 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.