ICR Expense and Income Entries

 

ICR expenses and income entries are generated using the values defined on the Indirect Cost Recovery Rate table.

 

To generate indirect costs, transactions must have an object type code that has the ICR Selection Type value set to Yes and the Indirect Cost Rate of the account must not be blank.

 

Additional criteria further restrict the expenses that may be included in the ICR calculation. Expenses may be excluded by Account and Object Code as defined in the Indirect Cost Recovery Exclusion by Account lookup table.   Expenses may also be excluded by the Indirect Cost Recovery Type attribute assigned to the Account.  The exclusion lookup tables are maintained via the Indirect Cost Recovery Exclusion by Account and Indirect Cost Recovery Exclusion by Type maintenance documents.   The Indirect Cost Recovery Type lookup table is maintained via the Indirect Cost Recovery Type maintenance document.

 

The Indirect Cost Rate table is then used to create the ICR expense and income transactions. Transactions are created by referencing fiscal year, balance type, and ICR percent on this table. The table contains the accounting strings and the rates to use for each indirect cost rate.

 

For generated entries, the document number is set to the run date (YYYYMMDD), and the transaction identifies the item as a charge or income with the ICR type, ICR percentage, object code of the original expense, and direct cost amount. The document type is set to ICR (or the value your institution defines in the INDIRECT_COST_RECOVERY_DOCUMENT_TYPE parameter.) The chart, account number, sub-account, object code, sub-object code, and debit/credit code are based on the values in the Indirect Cost Recovery Rate table. The amount of the ICR transaction is set to the original direct cost amount times the ICR percent identified on the table.

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ICR Income and Expense Transaction Business Rules