Manage Financial Accounts
- Joseph Nyachae
Financial accounts are defined in the Grants system to capture information required by WVU MAP 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.
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.
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.