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.
- Identify the three stages in the financial management of research awards
- Identify tools and generate the appropriate FIS reports at each stage
- Understand the link between GL accounts and the research budget
- Determine common issues and errors that arise during award closure and learn how to trouble shoot
- The following must be done when a fund is ending:
- check outstanding PO or reserves
- re-assign HR records to avoid re-direct
- ensure expenses are posted
- Regularly review the Research Fund Summary Report to identify
- mis-posting to wrong Fund/Fund Centre
- upcoming fund end date
- funds to be auto-closed
For more information, please see Research Fund Summary Report (RFSR) User Guide on this page
- Ensure that the Commitment Item of the expense posting aligns with the Sponsor’s approved budget
- Every G/L Account is linked to a Commitment Item, which defaults when processing a transaction
- 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?
- Annaliza Co, Research Financial Systems Specialist, Portfolio Operations & Budget, VPRI
- Rames Paramsothy, Senior Business Analyst - Training, Financial Advisory Services & Training (FAST), Financial Services