CONTRACT TRAINING | Contracts

 

Assigning Funds to a Contract

Screen Steps

 

 

 

Definition of Terms

  • Name of the funding organization has to be entered in the Funding Organization field.

  • More funding organization names can be entered up on clicking the Add Funding Organization field.

  • Name of the fund type has to be entered in the Fund Name field..

  • Additional fund names can be entered up on choosing the Add Fund field.

  • Users will have to enter the total allocated fund amount in the text box next to Assigned Amount field.

  • The name of the contact person has to be entered in the Contact Name field.

  • Clicking Add Contact allows users to enter more contact names if required.

  • Users can enter any comments if required in the empty field next to the Internal Comments option.

  • Once done, users can click on the Submit button.

  • Cancel button will take the user back towards Contract: Edit Contract, Step 1 screen.

 

 

 

 

Note:

  • Users can undergo edits if any after choosing the Edit option in the Grants/Reimbursement section. Users can also reset the Saved values for the funding organization by clicking on the Reset button.

  • The sum of Assigned Amount values verified for all Funds is less than or equal to the Contract Amount value. If Yes, Lumens will return the Contract Management screen. Otherwise Lumens will display a pop-up message intimating about an excessive fund amount allocated towards a contract.

 

 

Note:

a) When the contract value is changed as Signed and Charge By = Whole Contract, the following transactions would be created.

  • A CT charge for the Assigned Amount fund value for the Funding Organization's account.

  • A CT Charge that is the difference in amount between Contract Amount and Fund Assigned Amount value towards the Company's Account.

b) When Charge By = Billing Terms and System Date = Invoice Date, then the following transactions would be created.

  • A CT Charge in the amount of Allocated from [Fund Name] value for Funding Organization's account that is associated with the fund name fund of the record.

  • A CT Charge in the amount of difference between Amount Due and Allocated from Fund Name value for the Company's Account.