The article will detail the process when Sponsored Expenditures are incurred and Contract Events are processed in PPM or Contract Events are processed in PPM Contract Management
Project Number: 1018296
Date | Action |
02/01/2021 | Lab supplies purchased |
02/08/2021 | Invoice created (including lab supplies purchased on 02/01/2021) |
02/08/2021 | Revenue recognized in PPM |
02/09/2021 | Cash received |
03/01/2021 | Payment applied to Invoice |
1. The Expense is recorded at the item level - Department Process
Debit: Lab Supplies Expense
Credit: Account Payable
2. The Receivable and Revenue are recognized when the Invoice is created - Central Office Process
a. Receivable recorded to the Invoice level (PPM to AR)
Debit: A/R Federal Grants Billed
Credit: A/R Federal Grants Unbilled
b. Revenue is recognized at the Expense item level (PPM to GL)
Debit: A/R Federal Grants Unbilled
Credit: Federal Grants Revenue
3. The payment is received and put in the Undistributed Account before being applied to the receivable (Invoice) - Central Office Process
Debit: Cash
Credit: Undistributed Cash
4. The payment is applied to the receivable from the Undistributed Account - Central Office Process
Debit: A/R Federal Grants Billed
Credit: Undistributed Cash
5. The revenue flows to the General Ledger after it is recognized in Oracle Cloud PPM on 02/08/2021
It can be verified by running the General Ledger Transaction Details report in Oracle
Project Number: 1031203
Date | Action |
07/02/2020 | Invoice created - Per Payment Schedule stated in the agreement |
07/02/2020 | Revenue recognized in PPM |
02/22/2021 | Cash received |
03/01/2021 | Payment applied to Invoice |
1. The Receivable and Revenue are recognized when the Invoice is created - Central Office Process
a. Revenue is recognized to the Invoice level for Fixed Price/Milestone Awards (PPM to GL)
Debit: A/R Unbilled Private
Credit: Private Contracts Revenue
b. Receivable recorded to the Invoice level (PPM to AR)
Debit: A/R Adv Billed Private
Credit: A/R Unbilled Private
2. The payment is received and put in the undistributed Account before being applied to the receivable (Invoice) - Central Office Process
Debit: Cash
Credit: Undistributed Cash
3. The payment is applied to the receivable from the Undistributed Account - Central Office Process
Debit: A/R Adv Billed Private
Credit: Undistributed Cash
4. The Revenue flows to the General Ledger after it is recognized in Oracle Cloud PPM on 07/02/2020- Central Office Process
It can be verified running the General Ledger report in Oracle
If you still have questions or need additional assistance, please submit a ticket