Transaction controls
Duration: 6 mins 24 secs
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Description: | (No description) |
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Created: | 2021-01-18 14:07 |
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Collection: | Grants |
Publisher: | University of Cambridge |
Copyright: | Finance Training |
Language: | eng (English) |
Transcript
Transcript:
So we've talked about funds checking, and as I mentioned to
you, it not only checks for the
actual funds, which is known as
budget control, but it also checks to see whether what
we call transaction controls
actually also pass muster. So
these with these transaction controls you will get an exception [error]. In other
words, a funds check failure for a number of reasons, and they are
listed here on this slide. So either the Project and the Award
doesn't exist. The project, or the Award isn't active. The
date falls outside of the
project dates.
The expenses type is invalid.
The award doesn't correspond to
the project number. In other
words, you've got mixed up
between your award and your project number - they won't work here as
they're not actually linked, and employee might not be active in
the HR table yet and you're trying to pay them.
So these are some of the
reasons that you might find
coming through on your
exception reports, and then
you'll know that it's actually a transaction control
speaking to you. If it says insufficient funds, then it's
a budget control speaking to
you.
So you need to be able to go and
check on what these controls are
and you will need to either run your Award status or
your Project status enquiry, or, as I said, you can run a report
if you want to.
And just bear in mind that the Project status
and Award status reports are only updated overnight.
So. The types of budget
controls that you might have
are Absolute, Advisory, or none. Absolute, as the name
implies, means that you may
not spend 1 penny more than
whatever the limit has been
set at.
Advisory on the other hand,
means that it's a warning. This
is what was budgeted for, but
you can still actually spend
more than what you budgeted for. So, in other words, you can
what we call "vire", that is you can move between the budgetary groups
wherever the budget is set, as
long as it doesn't ever go over
the whole amount of the award,
and then occasionally you'll
find that the budget control is set to None. Typically it will
be set at None for your resources.
Those are the actual bottom [most granular] level of your spend when
you buy anything. Another words
specifically, you can have a resource group, which may be your
Travel and Subsistence, and then you will have a resource which
is Travel and Subsistence Local or Travel and Subsistence
Airfare. So it's the actual breakdown and as I said, that's
usually where you'll spend
occurs, and that will typically
be None. The budget is done at a higher level, i.e. at the actual
resource group level.
You will find that these budget controls can be set at Award
level so that is at the very highest level and and typically you
would expect your Award to be set at Absolute, because obviously
you can't spend more than your
funder has given you to spend.
Unless you get extra budget added along the way! It might
be set at a project level which you can't actually see, if
you're looking at your Award status. Then you've got your task level,
which means that it's set at the [various] tasks. It could be set
at [any number]. You could have budgets set for task 1, task 2, task 100, or whatever
however many tasks you've got.
So you need to be able to go in and check that and the last
level it might be set at, is your Research Group level.
So the first thing that one
would typically do is check to
see whether there's funds
available. And then you would just do a simple Award
status enquiry or project status enquiry and just see how much
budget you've got left to spend.
And if it's pulling through a
decent amount, that should cover what you
trying to spend and you're still
getting some sort of funds check
failure, then you know you need to dig deeper and this is where
you would actually go in and check your budget, i.e. what your
budget control is set at. You need to go into, if you're using
the Award status. You'll need to go into the Award Status Award enquiry,
And find the budget control tab.
OK, and that's where you're going to find it, and if you're
not sure about that, it's
covered in grants 3 and you can
also obviously access our Grants 3 manual if you need to
check it. [Available] from the website.
So what would you do if they are
no funds? You can obviously check if it's coded correctly.
You can move budget from one resource group to another if
it's Advisory.
You need to check your commitments. Remember that
if you've got you anything that is a commitment, it's
actually holding your budget in
there, so you can't spend it,
and you'll need to do that from the Procurement module. Run an
Open PO report and just check your inquiry, sorry, your commitments
and get rid of them if in fact they are not necessary, or
you find that the invoice has been paid but not matched, and
then you still need to get rid
of the iProcument commitment.
If you know that you got more
money coming in, you might be
able to ask the Research Operations Office to lift the
budget control just until/while the money comes in.
Otherwise, you need to go back
to you PI and actually get them to find some other
sources of money, or else, obviously your final option is
not to buy it at all. So this is the end of Section 2.
Section 3 covers the Tools Transfer function in the
grants module.
you, it not only checks for the
actual funds, which is known as
budget control, but it also checks to see whether what
we call transaction controls
actually also pass muster. So
these with these transaction controls you will get an exception [error]. In other
words, a funds check failure for a number of reasons, and they are
listed here on this slide. So either the Project and the Award
doesn't exist. The project, or the Award isn't active. The
date falls outside of the
project dates.
The expenses type is invalid.
The award doesn't correspond to
the project number. In other
words, you've got mixed up
between your award and your project number - they won't work here as
they're not actually linked, and employee might not be active in
the HR table yet and you're trying to pay them.
So these are some of the
reasons that you might find
coming through on your
exception reports, and then
you'll know that it's actually a transaction control
speaking to you. If it says insufficient funds, then it's
a budget control speaking to
you.
So you need to be able to go and
check on what these controls are
and you will need to either run your Award status or
your Project status enquiry, or, as I said, you can run a report
if you want to.
And just bear in mind that the Project status
and Award status reports are only updated overnight.
So. The types of budget
controls that you might have
are Absolute, Advisory, or none. Absolute, as the name
implies, means that you may
not spend 1 penny more than
whatever the limit has been
set at.
Advisory on the other hand,
means that it's a warning. This
is what was budgeted for, but
you can still actually spend
more than what you budgeted for. So, in other words, you can
what we call "vire", that is you can move between the budgetary groups
wherever the budget is set, as
long as it doesn't ever go over
the whole amount of the award,
and then occasionally you'll
find that the budget control is set to None. Typically it will
be set at None for your resources.
Those are the actual bottom [most granular] level of your spend when
you buy anything. Another words
specifically, you can have a resource group, which may be your
Travel and Subsistence, and then you will have a resource which
is Travel and Subsistence Local or Travel and Subsistence
Airfare. So it's the actual breakdown and as I said, that's
usually where you'll spend
occurs, and that will typically
be None. The budget is done at a higher level, i.e. at the actual
resource group level.
You will find that these budget controls can be set at Award
level so that is at the very highest level and and typically you
would expect your Award to be set at Absolute, because obviously
you can't spend more than your
funder has given you to spend.
Unless you get extra budget added along the way! It might
be set at a project level which you can't actually see, if
you're looking at your Award status. Then you've got your task level,
which means that it's set at the [various] tasks. It could be set
at [any number]. You could have budgets set for task 1, task 2, task 100, or whatever
however many tasks you've got.
So you need to be able to go in and check that and the last
level it might be set at, is your Research Group level.
So the first thing that one
would typically do is check to
see whether there's funds
available. And then you would just do a simple Award
status enquiry or project status enquiry and just see how much
budget you've got left to spend.
And if it's pulling through a
decent amount, that should cover what you
trying to spend and you're still
getting some sort of funds check
failure, then you know you need to dig deeper and this is where
you would actually go in and check your budget, i.e. what your
budget control is set at. You need to go into, if you're using
the Award status. You'll need to go into the Award Status Award enquiry,
And find the budget control tab.
OK, and that's where you're going to find it, and if you're
not sure about that, it's
covered in grants 3 and you can
also obviously access our Grants 3 manual if you need to
check it. [Available] from the website.
So what would you do if they are
no funds? You can obviously check if it's coded correctly.
You can move budget from one resource group to another if
it's Advisory.
You need to check your commitments. Remember that
if you've got you anything that is a commitment, it's
actually holding your budget in
there, so you can't spend it,
and you'll need to do that from the Procurement module. Run an
Open PO report and just check your inquiry, sorry, your commitments
and get rid of them if in fact they are not necessary, or
you find that the invoice has been paid but not matched, and
then you still need to get rid
of the iProcument commitment.
If you know that you got more
money coming in, you might be
able to ask the Research Operations Office to lift the
budget control just until/while the money comes in.
Otherwise, you need to go back
to you PI and actually get them to find some other
sources of money, or else, obviously your final option is
not to buy it at all. So this is the end of Section 2.
Section 3 covers the Tools Transfer function in the
grants module.
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