Set up project, fund, and grant accounting

The following sections include information about how to set up project, fund, and grant accounting.

Project and fund accounting

Sparkrock 365 includes functionality to help you manage projects and keep financial statements balanced by operating fund. You can record interfund entries for general journals, accounts payable, and accounts receivable entries and let Sparkrock 365 compute and post the due to and due from entries for you.

Project and grant accounting

Sparkrock 365 provides the capability for you to manage the status of capital projects and grants in real time. With the project and grant accounting functionality, you can manage budgets, commitments, requisitions, and actuals. The project and grant accounting functionality is fully integrated with general ledger, purchasing, accounts payable, and reporting functionality.

Users that have the appropriate permission settings can view the number of projects in each status within your organization.

The type of funding can also determine the filters that are used when computing the budget values for a project.

Set up project and grant accounting

To set up project and grant accounting in Sparkrock 365, complete the tasks that are described in the following sections.

Enable the project and grant accounting application area

To grant users access to the Sparkrock 365 functionality for project and grant accounting, you must enable the project and grant accounting application area.

To enable the project and grant accounting application area

  1. Choose Lightbulb that opens the Tell Me feature., enter application area setup, and then choose the related link.

    The Application Area Setup page opens.

  2. On the Finance and Procurement FastTab, turn on Project and Grant Accounting.

Set up the Project Setup page

The Project Setup Details page maintains general details about the project and fund accounting functionality, such as project numbering and project dimension integration.

To set up the Project Setup page

  1. Choose Lightbulb that opens the Tell Me feature., enter project setup, and then choose the related link.

    The Project Setup page opens.

  2. Specify values for fields as required.

Set up project statuses

Set up the statuses that are to be used in project and fund accounting processes. Typically, this status is included throughout the project’s life cycle, from the project planning stages, until the project's completion.

To create project statuses

  1. Choose Lightbulb that opens the Tell Me feature., enter project status, and then choose the related link.

    The Project Status page opens.

  2. To create a project status, on the action bar, choose New.

    A new row appears.

  3. Specify values for fields as required.

Set up project types

Set up the project types that are to be used when categorizing projects. Typically, project types are natural classifications for different types of projects or projects that are managed by different teams within the organization.

To create project types

  1. Choose Lightbulb that opens the Tell Me feature., enter project types, and then choose the related link.

    The Project Types page opens.

  2. To create a project type, on the action bar, choose New.

    A new row appears.

  3. Specify values for fields as required.

Set up funding types

Set up the different types of funding for projects. The types of funding determine the filters that are used when computing the budget values on the project card.

To create funding types

  1. Choose Lightbulb that opens the Tell Me feature., enter funding types, and then choose the related link.

    The Funding Types page opens.

  2. To create a funding type, on the action bar, choose New.

    A new row appears.

  3. Specify values for fields as required.

Set up tasks and deliverables

Set up the different types of deliverable or tasks for the projects. These items can include financial reports, progress reports, or certifications or clearances that are required before beginning work on a project.

To create task and deliverables

  1. Choose Lightbulb that opens the Tell Me feature., enter task & deliverables (project), and then choose the related link.

    The Task & Deliverables (Project) page opens.

  2. To create a task or deliverable, on the action bar, choose New.

    A new row appears.

  3. Specify values for fields as required.

Set up project contact types

Set up the different types of contacts that are related to a project. Contacts can be internal contacts that are linked to HR employee records or external contacts that are linked to contacts.

To create project contact types

  1. Choose Lightbulb that opens the Tell Me feature., enter project contact types, and then choose the related link.

    The Project Contact Types page opens.

  2. To create a project contact type, on the action bar, choose New.

    A new row appears.

  3. Specify values for fields as required.

Project and fund accounting
Project and grant accounting

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