Financial accounts are defined in the Grants system to capture information required by your institution's financial system. This allows the two systems to communicate when integrated.
Budget allocations can reference a financial account, and this is required for authorized and advance account allocations.
The first time you save a newly created award, the system automatically sets up one default financial account, which you can then edit as needed. This topic shows how to create a new financial account from scratch or by copying an existing one, how to update an existing account, and how to delete an account.
To create a new financial account
Open the desired award from the Dashboard or the Grants Awards page.
From the workspace, click Edit Award.
Navigate to the Financial Setup page.
Under Financial Accounts, click Add.
The Add Financial Account form appears.
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Type a name for the account.
Enter any of the optional information needed for your financial system.
Select the indirect cost base type.
This selection determines the indirect cost calculation used during budget reconciliation for all allocations that reference this financial account.
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Once the award is activated, changing this selection does not change the indirect calculations for allocations referencing this financial account. |
Select whether this financial account is active or not. Only active accounts are available for selection in budget allocations.
When done setting up this financial account, click OK, or OK and Add Another.
To create a new financial account from an existing one
On the Financial Setup page, to the right of the desired account, click Copy.
In the Copy Financial Account form, make any changes to the information needed for the account you are setting up.
When done, click OK.
To update an existing financial account
On the Financial Setup page, click Update for the financial account you want to modify. You can update financial accounts in an award until the award enters the Active state. After that, you must create a Financial Account Change modification to update the account.
Update the information in the Edit Financial Account form.
Click OK
To delete a financial account
On the Financial Setup page, click the Delete button 
to the right of the desired financial account.
You can delete a financial account only if:
The account is not referenced by allocations in the award or any of its modifications. Otherwise, you must first remove or change that reference in those allocations.
The award has not entered the Active state. Otherwise, you must create a Financial Account Change modification to delete the account.
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This does not occur in cost-share, subaward and external component budgets.) |
You can:
Complete the default allocations.
Delete the default allocations or any other allocations you may have created.
Create new allocations from scratch.
Create new allocations by copying existing ones and modifying the information as needed.
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If funds for all budget years have been awarded at the beginning of the project, you can remove extraneous allocations and reconcile the funds for each period into a single allocation (assuming your institutional accounting practices permit this). |
To complete the default award allocations
Create a new award or open an existing award for editing. (See Create a Funding Award on page 9.)
Ensure the start and end dates on the General Award Information page are correct.
On the Budget Allocations page, click the name of a default allocation.
The Edit Budget Allocation form appears.
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Select the appropriate financial account for this allocation
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If you characterize this allocation as Authorized by Sponsor or Advance Account, a financial account is required.
If the sponsor has released funds for this allocation, select Authorized by Sponsor.
(To learn how to set up an allocation to document institutional approval of advance spending, see Establish an Advance Account on page 16.)
Select whether your institution will cost share project expenses for this allocation.
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If you select Yes, the Budget Reconciliation page will provide a column for entering cost share amounts
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The Cost Share selection can be changed in these types of award modifications:
Revision
Carryover
Continuation
NGA Revised
Budget Allocation Correction
Type the direct and indirect amounts awarded for this budget allocation.
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The total awarded amount shown on the Budget Reconciliation page and the workspace is the sum of all authorized allocations.
Type this allocation’s indirect rate.
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This rate is used to calculate indirect costs on the Budget Reconciliation page.
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Select the indirect cost base type.
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This determines which budget categories are included in the indirect cost base.
Enter any other required information.
When done, click OK.
The Budget Allocations page reflects your changes.Repeat the steps for each default allocation to complete.
The procedure is the same for updating any additional allocations you have created.
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On the Budget Allocations page, click the Delete button
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to the right of the desired allocation.
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