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Invoices Letter of Credit LOC

Distribution

Comptroller

GM Billing Specialist

Related Procedures

Invoice Generation & Review in GA

Ownership

The 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.

Prior to generating your first invoice …

1.   Enter award number.

For the award you have a cost-based billing requirement.

Grants Accounting
N® Awards ® Find Award
Award Management

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 Amount.
• 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 Receivable ® UVA AR Billing Specialist ® Customers ® Standard] to add the address.  If you do not have the responsibility then contact someone with the responsibility to add the address.
• 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 – Cost
• Revenue Distribution Rule – Cost

• 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.

4.   Close.

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. 

  Effective: 08/18/04

  Revision: 2 05/31/05

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