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    How to add a new Spending Policy
    • 11 Apr 2023
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    How to add a new Spending Policy

    • Updated on 11 Apr 2023
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    Article summary

    You may find a situation where the current Spending Policy codes within FIMS do not meet your needs. This goes over the steps to create a new Spending Policy code.

    Answer:
    1. From anywhere within FIMS click on View in the top menu bar
    2. Select Spending Policy > Spending Policy Code
    3. In the new window that opens, click New
    4. In the Code field enter a two character code for this Spending Policy
    5. In the Description field give this code a general description (up to 16 characters)
    6. In the # of Qtrs to Avg field, enter the appropriate number. (This is a maximum limit. Fewer quarters will be used if fewer are available in history for a particular Fund)
    7. In the Spending Rate field, enter the percentage of the total amount that may be spent, according to the Spending Policy code
      • If you want to Average a full year enter 4. If you want to Average two years enter 8, etc.
    8. Leave the Minimum Rate field blank. It is not currently used
    9. Enter the appropriate Beginning Month. The meaning of this field depends on the Calculation Source and Evaluation Method chosen at run time
      • Calculation Source = G/L:
        • For Average Quarterly Balance, Average of Highest Month in Quarters, Average of Ending Months in Quarter: Enter the number of the last General Ledger period of the last chronological quarter you are averaging. NOTE: You can enter any month within the desired quarter and FIMS will recognize the appropriate quarter.
        • For Average of Ending Balances, Average Beginning and Ending YTD Balances, Beginning Balance of Calc Year: Enter 12. NOTE: These methods ignore the Beginning Month value. You will enter the calculation basis year at run-time.
      • Calculation Source = FACTS:
        • This method ignores the Beginning Month value.
    10. In the Calculation Source field, enter either GL or FACTS to indicate which module you are using to make Spending Policy calculations. NOTE: This code is required for all calculation methods
    11. Click the Save button on the toolbar
    For additional information see Spending Policy 
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