Letter of Credit LOC
Invoice Generation & Review in GA
Comptroller is responsible for ensuring that this document is necessary, reflects
actual practice, and supports University policy.
An Award requiring Letter of Credit (LOC) invoices
will have been set up to accommodate the sponsor’s requirements for billing
based on expenditures by Award Number and LOC Customer designation within the
Billing Format window.
to generating your first invoice …
1. Enter award number.
the award you have a cost-based billing requirement.
N® Awards ® Find Award
2. Select [Find].
3. Select [Open].
Verify that the Hard Limit
checkbox is checked as this will not allow an invoice to exceed the total Award
Verify the Funding Source
Details [Alternative Region ®
Funding Source Address ®
LOVs]. If the correct address is not
available using the LOV, switch to the AR Billing Specialist [Accounts
UVA AR Billing Specialist ®
Standard] to add the address. If you do
not have the responsibility then contact someone with the responsibility to add
Verify the Billing Contact
[Alternative Region ®
Contacts]. If there is a need for a new
contact you can create a new contact using the [Create] button within the
Contracts alternative region. To have
the contact information updated contact an AR Billing Specialist.
Verify the Billing and
Revenue Distribution Rules Alternative Region tab Compliances. For Cost Based G
& C Awards the default is:
Billing Distribution Rule –
Revenue Distribution Rule –
Verify the Billing Cycle and
terms (Alternative Region>>Compliances).
The Billing Cycle default for
LOC is Daily. This will allow for draft
invoice creation on an ad hoc (daily) basis.
The Terms default for LOC is
Immediate because the funds are drawn and wired.
Verify [Letter of Credit
Drawdown] was selected within [Billing Format] window at the time the Award was
setup and the correct LOC Customer, Address & Contacts have been selected. If the correct address and contacts are not
available using the LOV, contact an AR Billing Specialist to have the address
and/or contacts added.
Each time you
generate an invoice…
Verify that all the
expenditures should be billed using Expenditure Inquiry.
If an expenditure should not
be billed it can be placed on Bill Hold in Expenditure Inquiry until it is
verified or moved.
Revision: 2 05/31/05
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