Adding funding sources to project contracts using templates

Funding sources can be added to projects using templates that were previously created.

  1. Select Financials > Project Ledger > Setup > Project Setup.
  2. Click the Structure tab.
  3. Open a project structure and click the Hierarchy tab.
  4. Select a contract summary project and select Actions > Update.
  5. Click Contract Information.
  6. Click the Project Funding tab.
  7. Select Actions > Create Project Funding Source From Template.
  8. Specify this information:
    Project Funding Source Template
    Select a template for the contract.
    Project Funding
    Select a funding source for the project contract.
    Priority
    Select the funding priority order. Funding is processed in priority order. Funding sources can be added at any point in the contract. Priority order can change at any point in the contract and become the new priority when changed. Duplicate priority numbers are not used.
    Funding Group
    Specify a numeric group number. The federal grant and its associated match funding sources have the same funding group. When the generate invoices action is run, the first set of funding sources with the same funding group are processed, then the next funding group. Processing is based on priority order, percentage, funded amount and funding group. The match funds must be next in priority to be processed and calculated correctly.
    Billing Group
    Select a billing group. You can assign identical values to the funding sources that are billed together. When invoices generated or revenue is recognized, if you specified a billing group, then only the funding sources with that billing group are included.
    Percent
    Specify the percent that is covered by this funding source. If a project is only funded by a single funding source, then specify 100.
    Funded Amount
    Specify the funded amount for the project funding source.
    Default Amount From Project Contract
    Select this check box for the funded amount to match the project contract amount.
    Customer Type
    If the funding source is an external grant or customer, select a customer type.
    Buyer Tax Code
    Select the buyer tax code or tax table to use for invoicing.
    Payment Terms
    Specify the payment terms for the contract funding source.
    Default Milestone Project
    If the billing method is Milestone or Installment, then select a posting project for the project funding source.
    Invoice Minimum
    Optionally, specify a minimum invoice amount. If a minimum is specified, these rules apply:
    • Invoices are generated, but at the end of the action, each one is verified to ensure that the total amount meets the minimum invoice amount on the associated funding source.
    • If any invoice fails to meet the minimum, it is automatically deleted.
    • If the contract is multi-funded, partially billed transaction entries can be generated for expenses that were split between an invoice that failed to meet the minimum and one that succeeded or had no minimum.
    Clearing Project
    If the project contract revenue method is Separate, then select a posting project to use as the clearing account. The offset journal entries are summarized and posted to a single project.
    Allowance project
    If an Allowance Percent was entered on the template this field displays. Select a posting project to use for the allowance percent.
    Retainage Project
    If a Retainage Percent was entered on the template this field displays. Select a posting project to use for the retainage percent.
  9. Click Submit.