Overview

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This article illustrates a comprehensive approach to reconciling Clinical Trial Budgets by leveraging multiple tools, specifically SPARCM and Oracle. It provides a practical guide on effectively utilizing these platforms for the reconciliation process, offering insights and steps to ensure accuracy and coherence in managing clinical trial finances.

Essential Information

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• Utilize the Financial Summary in the Contract module for reconciliation.
• Use the Invoices module to view Invoice Details and Payments by Award.
• Compare and reconcile SPARCM and Oracle.

Next Steps

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Understanding the Clinical Trial Financial Summary

1. Click the Projects and Awards tab then click the Contracts module.
2. In the Number field enter the Award/Contract number.
3. Click on the Award/Contract number, and click the Financial Summary tab.
4. This will display six columns which are displayed and defined below:
   
   1. Contract Amount: The Budget amount, equivalent to the Funding amount.
   2. Invoiced: The amount of money that has been Invoiced but not necessarily paid.
   3. Revenue: Revenue recognized based on Billing (Revenue represents the accrual of services rendered and what has been Invoiced, but may not represent what has been paid).
   4. Backlog: The Contract amount minus the Invoiced amount to give the total amount of funds still available for Billing.
   5. Profit: Total Revenue minus the total Project Cost.
   6. Margin: Profit divided by Total Revenue.
5. 

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How to View Invoice Details and Payments by Award

1. Click the Projects and Awards tab then click the Contract Invoices module.
2. From the Task menu, click Manage Invoices, in Business Unit, select UCSD CAMPUS, in the Contract number field, enter the Award/Contract number, and make sure the Date field is blank.
3. Click Search to bring up all Invoices associated with the Award.
4. In the Number column, click the desired number to view Invoice Details.
5. Click View Receivables Invoice to view the PDF of the Invoice.
   
   1. The description will be the same as the SPARCM Invoice number.
   2. The Invoice was sent in SPARCM and recorded in Oracle, meaning the Invoice will not be sent from OFC, but payment will be received in Oracle.
6. Click the Contract tab to view payment and Invoice information on the Contract level.
   
   1. Funded Amount: Equal to the total Budgeted amount listed in the Contract.
   2. Consumed Amount: Amount that has already been invoiced.
   3. Funds Available: The Funded amount minus the Invoiced amount.
   4. Invoiced Amount: The amount that has been Billed to Sponsors.
   5. Receipt Amount: Total payment amount received.
   6. Unpaid Amount: Total outstanding balance that has not been paid.
   7. Hard Limit: The total maximum amount that a study can Invoice for which is equal to the Funded amount.

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Reconciling Between Oracle and SPARCM

1. Go here to access the Accounts Receivable Panorama.
2. Under Additional AR Reports click SPARCM to OFC Transaction Number Link.
3. Search using either an Award number, SPARCM Invoice number, or OFC Transaction number.
   
   1. You may use wild card searches using the percent sign (%), and Invoice numbers are case-sensitive.

          4. The SPARCM Invoice number will be the same as the description in the OFC Invoice Details page which also matches the SPARCM INV_NUM in the OFC Transaction Link Report.

1. For converted contracts, the SPARCM Invoice number will = the OFC Contract number.

          5. In SPARCM there are several Invoice Statuses: 

1. Review: The Invoice is in the process of being created and edited.
2. Approved: The Invoice has been finalized and approved, at this point an Invoice can no longer be edited and is waiting to be sent to the sponsor.
3. Posted: The Invoice has been emailed out to the Sponsor and has flowed to OFC.
4. Posted (Paid in Oracle):
5. This is a manual change a user must make to the status.
6. This means the Funds have been sent to UC San Diego and have been applied in OFC through Central Cashiers or claimed by the department.
   • This status is a tool for departments to track which Invoices have been paid.
7. Pilot Program Only:  If your department was part of the pilot program you might see these statuses on previous Invoices from the pilot program, but will not see them on Invoices created after OFC's launch:
   
   • Paid: The Invoice was paid through the old financial system (IFIS) prior to OFC.
   • Partially Paid: A partial payment was applied through IFIS.
8. Collection status available for Fund Manager use:
9. Unassigned: This is the default status, it has no particular meaning and does not display.
10. Promise to pay: The Sponsor has provided payment details (remittance letter, expected payment date, check number, etc.) and payment should be expected soon.
11. Assigned for collection: The department has contacted the Financial Operations group (specifically AR) and requested help with collections efforts.
12. Dispute: The Sponsor is disputing the Invoice; negotiations are occurring.
13. Write-off pending: The department and the collections agent have mutually agreed that the Sponsor is not going to pay the Invoice, the outstanding Invoice will be written off.