Managing Research using FIS & RIS Tools

This session provides research administrators with tools to use Financial Information System (FIS) and Research Information System (RIS) to support the post-award stage of the research funding life cycle. Members of the FAST (Financial Advisory Services & Training) and RIS teams explain how to use FIS and RIS reports to identify if an award has been received, a fund has been set up, and how to manage the funding during the life of the grant, as well as address common challenges that occur when closing an award.
 

Learning Outcomes:

1. Identify the three stages in the financial management of research awards
2. Identify tools and generate the appropriate FIS reports at each stage
3. Understand the link between GL accounts and the research budget
4. Determine common issues and errors that arise during award closure and learn how to trouble shoot
    

Key Takeaways:

1. The following must be done when a fund is ending:
   
   1. check outstanding PO or reserves
   2. re-assign HR records to avoid re-direct
   3. ensure expenses are posted
       
2. Regularly review the Research Fund Summary Report to identify
   
   1. mis-posting to wrong Fund/Fund Centre
   2. overdrafts
   3. upcoming fund end date
   4. funds to be auto-closed
      For more information, please see Research Fund Summary Report (RFSR) User Guide on this page
       
3. Ensure that the Commitment Item of the expense posting aligns with the Sponsor’s approved budget
4. Every G/L Account is linked to a Commitment Item, which defaults when processing a transaction
    

Key Resources:

• Simulation - Purchasing Order Reporting
• Simulation – How to Create a G/L and Vendor Account Personal List
• Quick summary of Financial Administrative Steps - Prior to Closing a Fund
• Article - How does FIS know what Commitment Item budget to look for?
• Article - Have you ever wondered how General Ledger (G/L) Accounts and Commitment Items are linked? How does FIS know what Commitment Item budget to look for?
• Article – Cancelling a PO: What are the options?