Processing Sales and Service Funds: State and Local (SS/LS)
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What |
Who |
When |
How Do I |
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Receive & Deposit Revenue A. Direct Deposit to Bank B. Credit Card Deposits to bank C. Deposit to Cashier’s Office |
Department
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Within 24 business hours of receipt once $200 is received. |
(A) Preparation of Direct Bank Deposits and manual journal entry
(B) Deposit Credit Card Receipts
(C) Preparation of a University Cashier’s Office Deposits
If an appropriate revenue account does not exist, see: Creating and Revising A Project |
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Create manual journal entries |
(A) Department (B) Department (C) Cashier’s Office |
Daily or when deposits are made. |
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What |
Who |
When |
How Do I |
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Install allocation to award |
University Budget Office |
At the beginning of the fiscal year as part of the annual BOV approved budget load. |
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Award Manager |
After the beginning of the fiscal year, any adjustments to the installment are initiated as a result of an ICOM submission initiated by the Award Manager. |
If an appropriate award does not exist for this revenue, see Request for New Award procedure. |
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University Budget Office budget@virginia.edu or approved School Budget Director |
After receipt of ICOM. |
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What |
Who |
When |
How Do I |
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Fund Projects |
University Budget Office |
At the beginning of the fiscal year as part of the annual BOV approved budget load. |
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Award Manager |
After the beginning of the fiscal year, upon notification from the Budget Office or School's Budget Director that an ICOM has been processed. |
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What |
Who |
When |
How Do I |
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Budget award-project combination
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University Budget Office |
At the beginning of the fiscal year as part of the annual BOV approved budget load. |
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Award Manager or Project Manager (If the Award Manager so delegates.) |
After the beginning of the fiscal year, when funding is complete.
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A. For projects linked to an award for the first time. Creating Award Budgets B. For all existing Award/Projects links: Modify Budgets and Funding (Steps 11-31) |
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What |
Who |
When |
How Do I |
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Monitor and reconcile expenditures |
Project Manager |
All projects should be reviewed by the tenth (10) working day of each month for the previous month’s activity.
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FM Expenditure Detail by Project
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Monitor budget to actual and projected expenditures at the award-project level |
Project Manager |
All projects should be reviewed by the tenth (10) working day of each month for the previous month’s activity.
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FM Project BBA by Expenditure Type
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Monitor budget to actual and projected expenditures at the award level |
Award Manager |
All awards should be reviewed by the tenth (10) working day of each month for the previous month’s activity.
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OR |
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Review and reconcile revenue deposits, revenue clearing and other general ledger transactions such as: AR, wire payments, cash transfers, ISIS collections, imputed interest postings, etc. |
Revenue Project Manager |
All revenue projects should be reviewed by the tenth (10) working day of each month for the previous month’s activity.
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GL Only Project Activity Detail
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Monitor Cash Balance
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Revenue Project Manager |
All revenue projects should be reviewed by the tenth (10) working day of each month for the previous month’s activity.
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Monitor Revenue Budget Note: Revenue budgets are required for all State Sales and Services activities but are optional for Local Sales and Services activities. |
Revenue Project Manager |
All revenue budgets should be reviewed by the tenth (10) working day of each month for the previous month’s activity. |
BU Budget vs Actual by Revenue Project Report Note: If you need to modify an existing revenue budget, refer back to step 2: (Award Installment Creation or Modification (ICOM) Procedure). |
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What |
Who |
When |
How Do I |
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To verify installment changes made via ICOM request or as part of the initial fiscal year approved BOV budget load. |
Award Manager |
As needed |
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1. To determine if additional revenue is available to install on awards. 2. To confirm project-to-date award installments are fully funded and budgeted. 3. To determine project-to-date budget, expenses, and encumbrances for each award summarized by project. 4. To determine project-to-date cash balance for a revenue project with expenditures summarized by project. |
Revenue Project Manager Or Award Manager |
As needed |
UVA PA Revenue vs Installment vs Funding vs Budget vs Expenditure Report |
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1. To confirm year-to-date award installments are fully funded and budgeted. 2. To determine year-to-date budget, expenses, and encumbrances for each award summarized by project. |
Award Manager |
As needed |
UVA PA Installment vs Funding vs Budget vs Expenditure Report |