Table of Contents>Budget


PURPOSE
· The purpose of budgeting a sponsored award is to provide the BA and the PI with a managing tool to review when making decisions about personnel and current expenses throughout the life of the award. This ensures the proper management and administration of the sponsored project within the administrative constraints imposed by the sponsor and in accordance with University Policy.


POLICY STATEMENT

· Financial Policy Manual: 2109 Budgets
http://www.finance.upenn.edu/fpm/2100/2100_pdf/2109.pdf


REASON FOR PROCEDURE

· To appropriately budget an award in accordance with any budgetary constraints imposed by the sponsor and/or the university.


WHO SHOULD KNOW THIS PROCEDURE

· Deans
· Center and Institute Directors
· Department Chairs
· School of Medicine Administration
· School of Medicine Faculty/Investigators
· Business Administrators
· Office of Research Support Services
· Penn Research Services


GENERAL INSTRUCTIONS

· The period in which the budget journal is entered must reflect the month and year that the award is effective.
· Set up an active grant folder or binder that contains the original proposal, notice of award, AIS and copy of the budget template

PROCEDURES
· Compare award to proposed budget submitted to sponsor
· Discuss any budget changes with PI.
· Obtain budget journal entry form from UPHSNet Research Website http://www.med.upenn.edu/research/penn/documents/budgetjl.xls
· Entering the journal entry into FinMIS
1. Go to https://titan.isc-seo.upenn.edu:8001/OA_HTML/US/ICXINDEX.htm
2. Click to Enter the Business Enterprise Network
3. Enter your username and password, then [Connect]
4. Choose the GL Budget Entry (Secured) GUI responsibility
5. Double click on Budget Journal
6. Enter Batch Name using the batch naming convention (xxxx.zzz.mm/dd/yy.nn)
7. Balance Type should be "B," display only
8. Budget defaults to "Operating"
9. Fiscal Year defaults to current fiscal year (may need to change fiscal year; enter budget for grant/contract into first full accounting period of the award)
10. Period defaults to the current open period (enter budget for grant/contract into first full accounting period of the award)
11. Select appropriate category (Click on Edit>LOV or LOV Toolbar icon, or type in 20 Budget New Account, 21 Budget Increase, 22 Budget Reallocation, or 23 Budget Decrease)
12. Source, display only
13. Posting Status, display only
14. Funds Status, display only
15. Enter a description for the journal entry
16. Enter a control total (if the control total matches the greater of total debits or total credits entered, the journal will post automatically)
17. Select a line description default (selecting 'Object Code' will populate the line description field with the Object Code description; selecting 'Description' will populate the line description field with the description for the JE; selecting 'Both' will populate the line description field with the object code description AND the description of the JE)
18. Click on [Find Accounts] and enter a fund number. Enter an ORG ONLY when the fund number begins with zero. Other segments are optional; when used, enter all digits of the segment(s) (no wildcards).
19. After completing the search parameter(s), click [OK].
20. Click on [Find] in the Find Accounts window.
21. The lines will automatically be populated in your batch with the account numbers that match the search criteria.
22. Complete the debit/credit amount for each line that you want to budget. Be sure to tab out of the amount fields to update the journal. You won't need to delete lines that you don't want to budget.
23. Click on [Recalculate] to make sure that the Total Budget amount displayed is correct for each occurrence of the account combination in the batch.
24. Click on Action>Save, or the save button on the toolbar.
25. Click on Check Funds
26. Click on Reserve Funds

CONTACTS
· Departmental Business Administrators
· Office of Research Support Services
· Research Services


FORMS AND ATTACHMENTS

· Budget Journal Entry Form
http://www.med.upenn.edu/research/penn/documents/budgetjl.xls

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