DE-MYSTIFYING THE ACCOUNT SETUP PROCESS. Fast Facts Research Accounting’s 11 accountants generate between 2,000 and 2,500 invoices a month dependent on.

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Presentation transcript:

DE-MYSTIFYING THE ACCOUNT SETUP PROCESS

Fast Facts Research Accounting’s 11 accountants generate between 2,000 and 2,500 invoices a month dependent on whether it is the end of a fiscal quarter or not. For the fiscal year ending June 30, 2014 Research Accounting created 2,634 new accounts.

The Story of an IBIS account Setup A journey of the AURA form A dd U niversity R estricted A ccounts

Yes Department Research Accounting Controls No New Agency? Execute Award? No Approve Set up new agency Yes Match Documents to AURA Yes -Assign Fund# and review indirect rates -Approve Exports/Protocols? OK Documents Documents Controls? Account Set Up

The AURA arrives in Research Accounting … what happens next?  AURA details are reviewed against the award document  If a new sponsor, RA establishes a new Sponsor Agency Code.  A Fund number is assigned (the range is from 2AAA to 8999)  Indirect Cost (F&A) Coding and Rates are checked  Fringe Benefit Coding is reviewed  Invoice Coding is checked  The account is approved and officially established in the University system !!

What happens if the award has not yet been executed? An Advance account can be set up.  AURA Form should indicate that it is an Advance Fund  Except for verifying the details from the award, all other steps will be the same  Department is responsible for all costs incurred if the expected award is not funded  Costs are not being invoiced as long as the account is in advance status

Sister Accounts – when? An large award which is distributed to various Administrative Units and/or Departments An award is broken down into several accounts which need to be linked

Sister Accounts – How? Link by budget number (same budget number with different fund numbers)- examples: UP 3AB UP 3AB UP 3AB3 Link by fund number (same fund number with different budget numbers)-examples: UP 3AB UP 3AB UP 3AB1

Sister accounts – Who? The Grant Administrator of the Unit or College where the PI resides decides on the structure of the accounts

Coming soon … The SIMS (IAF) to IBIS (AURA) interface Will allow award information in SIMS to start the creation of the AURA and then flow it electronically to the Department.

How will it benefit you? - Reduces time from award notification to account set up - Enhances data quality - Reduces data input and duplication of effort for the departments - Maintains or increases compliance levels - Introduces transparency into the process

In the meantime … follow the current AURA process … And send the completed AURA to RA