Month end grants and CRA function
Duration: 9 mins 12 secs
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Description: | (No description) |
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Created: | 2021-01-18 13:43 |
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Collection: | Grants |
Publisher: | University of Cambridge |
Copyright: | Finance Training |
Language: | eng (English) |
Transcript
Transcript:
OK, I'm just going to swap to my slides.
So when does the Grants Module close to departments?
Is actually the third working day at 5:00 o'clock. But what
you must remember is that the central research accounting
on the beginning of the fourth working day, they just need to
complete the final processes
before they actually close the
Grants Module.
What I want to do is actually
show you the Finance Division webpage.
So this is the home page and want to show you is this Key
Dates and Rates.
If you go onto the Current status of the of the
UFS modules,
it just shows you
if the module has been closed or not.
So at the moment, Grants is closed for July.
But open for August.
But it's very useful this page because it shows you what's
actually happened to the
other modules.
Month End time table -
I would recommend you to actually print this off and pin
it to your notice board,
because it shows you when
the modules are closed for the
particular month.
So for August,
it closes on the 3rd of
September. And the GL closes on the 14th of September.
And it shows you that for every month except for July
21, 'cause it's the year end, and then the dates change.
And the last one, the Scheduled central processes,
and for Grants, you would be interested in the monthly payroll,
the overheads, and the non direct costs and pooled labour.
It's useful if your PI comes to you and says, oh I should have
this employee paid via
this specific grant,
and it's not there, you can actually go onto this web page
to see if
the payrolls been processed for the particular month.
If it has been, then you need to contact the ROO office and
they can investigate why
that person hasn't been put on to that specific grant.
And it's the same that overheads and the non direct
costs and pooled labour, you might find that overheads
haven't been charged for a number of months. Those are
the things that you need to point out to ROO so they
can investigate why, and then, if they're unsure what's
actually happened, they can
contact central research
accounting so we can
investigate.
So if you're unsure what the
central research accounting
does, we actually charge a
number different types of
expenditure onto your grant.
So if one of them is CHRIS
Payroll, that's the staff cost, which is solely
working on to the project.
Other items is like telephones, central support
services and pooled labour.
Some sponsors may
provide a budget for
pooled labour, and normally pooled labour is
on task 2.
But they pay for staff that
cannot be charged directly to
your grant because the work is split within the Department.
So we actually charge a debit to your grant and a credit to
your General Ledger.
Task 100 relates to non direct costs.
And these are the costs that are under
FEC. And [in this case], you should not have an overheads budget.
The other one is Overheads
which mostly relates to EC
and some industry grants.
And that's normally, Overheads are normally awarded as a
percentage of staff costs,
Oh, and/or expenditure.
And the last one - this EC price adjustment for framework 7
price adjustments.
So what happens is the EC wants to see the full costs of the
grant, so they want to see 100%
expenditure, but they do not pay 100%. They actually pay 75% of
task one and 50% of task 2. So we actually process a
reduction every month
to sort that out.
OK, so the expenditure goes into
the grants module and this slide
shows you what happens in the General Ledger.
The credits will go to the specific source of funds and
transaction codes for the expenditure type. So for pooled
labour, it goes to EZZY and transaction code, AZZZ
And just see that non direct cost and overheads go to
separate source of funds and
transaction codes.
Yes! The credit is there for you to spend,
But you need to
refer to your
procedures and maybe speak to your Head of Department
because it is up to the HoD, their discretion, on what you
can use the money for.
OK, so this is exception
reports that your key
contacts get every day.
If you don't see it, if you don't see this report, or you
don't know who gets it, contact us on the ufs_grants
email address and we can add you
onto the list.
But the report is very useful because it shows you
if you've got any Grant journals that
haven't been released, if you got any AP invoices
that haven't gone through,
And then we've got some other transactions that are stuck
like Chris payroll transactions. And you can see
there's a number of reasons
why they have failed.
Just to point out the Resource group, that's the
expenditure category.
Also - insufficient funds exist for this invoice. That
relates to AP invoices that
haven't got enough funds on the Grant
to process this invoice.
And then you've got three "Transaction failed funds check",
That's award level, task level, resource group level. So
all these exceptions will need to be checked and find out
what's actually happening. It
could be that you're waiting for
the budget to be increased, that can be another year's funding to
be added. It could be that that was setup was done incorrectly
because there's there's no
reason why this transaction
should have failed.
So it's a very useful report.
So when does the Grants Module close to departments?
Is actually the third working day at 5:00 o'clock. But what
you must remember is that the central research accounting
on the beginning of the fourth working day, they just need to
complete the final processes
before they actually close the
Grants Module.
What I want to do is actually
show you the Finance Division webpage.
So this is the home page and want to show you is this Key
Dates and Rates.
If you go onto the Current status of the of the
UFS modules,
it just shows you
if the module has been closed or not.
So at the moment, Grants is closed for July.
But open for August.
But it's very useful this page because it shows you what's
actually happened to the
other modules.
Month End time table -
I would recommend you to actually print this off and pin
it to your notice board,
because it shows you when
the modules are closed for the
particular month.
So for August,
it closes on the 3rd of
September. And the GL closes on the 14th of September.
And it shows you that for every month except for July
21, 'cause it's the year end, and then the dates change.
And the last one, the Scheduled central processes,
and for Grants, you would be interested in the monthly payroll,
the overheads, and the non direct costs and pooled labour.
It's useful if your PI comes to you and says, oh I should have
this employee paid via
this specific grant,
and it's not there, you can actually go onto this web page
to see if
the payrolls been processed for the particular month.
If it has been, then you need to contact the ROO office and
they can investigate why
that person hasn't been put on to that specific grant.
And it's the same that overheads and the non direct
costs and pooled labour, you might find that overheads
haven't been charged for a number of months. Those are
the things that you need to point out to ROO so they
can investigate why, and then, if they're unsure what's
actually happened, they can
contact central research
accounting so we can
investigate.
So if you're unsure what the
central research accounting
does, we actually charge a
number different types of
expenditure onto your grant.
So if one of them is CHRIS
Payroll, that's the staff cost, which is solely
working on to the project.
Other items is like telephones, central support
services and pooled labour.
Some sponsors may
provide a budget for
pooled labour, and normally pooled labour is
on task 2.
But they pay for staff that
cannot be charged directly to
your grant because the work is split within the Department.
So we actually charge a debit to your grant and a credit to
your General Ledger.
Task 100 relates to non direct costs.
And these are the costs that are under
FEC. And [in this case], you should not have an overheads budget.
The other one is Overheads
which mostly relates to EC
and some industry grants.
And that's normally, Overheads are normally awarded as a
percentage of staff costs,
Oh, and/or expenditure.
And the last one - this EC price adjustment for framework 7
price adjustments.
So what happens is the EC wants to see the full costs of the
grant, so they want to see 100%
expenditure, but they do not pay 100%. They actually pay 75% of
task one and 50% of task 2. So we actually process a
reduction every month
to sort that out.
OK, so the expenditure goes into
the grants module and this slide
shows you what happens in the General Ledger.
The credits will go to the specific source of funds and
transaction codes for the expenditure type. So for pooled
labour, it goes to EZZY and transaction code, AZZZ
And just see that non direct cost and overheads go to
separate source of funds and
transaction codes.
Yes! The credit is there for you to spend,
But you need to
refer to your
procedures and maybe speak to your Head of Department
because it is up to the HoD, their discretion, on what you
can use the money for.
OK, so this is exception
reports that your key
contacts get every day.
If you don't see it, if you don't see this report, or you
don't know who gets it, contact us on the ufs_grants
email address and we can add you
onto the list.
But the report is very useful because it shows you
if you've got any Grant journals that
haven't been released, if you got any AP invoices
that haven't gone through,
And then we've got some other transactions that are stuck
like Chris payroll transactions. And you can see
there's a number of reasons
why they have failed.
Just to point out the Resource group, that's the
expenditure category.
Also - insufficient funds exist for this invoice. That
relates to AP invoices that
haven't got enough funds on the Grant
to process this invoice.
And then you've got three "Transaction failed funds check",
That's award level, task level, resource group level. So
all these exceptions will need to be checked and find out
what's actually happening. It
could be that you're waiting for
the budget to be increased, that can be another year's funding to
be added. It could be that that was setup was done incorrectly
because there's there's no
reason why this transaction
should have failed.
So it's a very useful report.
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