Example
The Biology Department at Kuali University has many awards with the National Science Foundation.LOC draws are processed for payment on the awards.LOC Funds assigned to the awards belong to various LOC Fund Groups, which allows the unit to process one LOC draw for multiple awards in one transaction. At the agreed upon time, the Fund Manager creates the LOC Review document for the LOC fund group that her awards belong to. After making any necessary changes, she submits the LOC Review document and Contracts & Grants Invoices are created for the awards. A final review of the Contracts & Grants Invoices is performed and the Fund Manager finalizes the documents that have not been auto-approved. That evening, Financials creates the Cash Control and Payment Application documents that create the appropriate general ledger transactions to record the LOC Draw. The Treasury Department at Kuali University processes the actual LOC Draw through the banking system (outside of the system).
Customer Credit Memo