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SET UP ADVANCE SPENDING
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. (See Manage Award Allocations on page 13.)
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.
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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.Note:
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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.
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Only active accounts are available for selection in budget allocations
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When done setting up this financial account, click OK, or OK and Add Another.
To create a new financial account from an existing one
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To update an existing financial account
On the Financial Setup page, click Update for the financial account you want to modify.
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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
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Update the information in the Edit Financial Account form.
Click OK
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On the Financial Setup page, click the Delete button
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to the right of the desired financial account.
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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. (See Update Financial Accounts on page 40.)
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