To successfully implement the funding module, follow these key steps:
Initial Setup Requirements
Before starting the implementation, gather specific financial data and configure basic settings:
•Gather Actuals-to-Date: Collect precise figures for:
o Drawdowns to date.
o Finance costs to date.
o Interest costs to date.
•Project-Specific Breakdown: For facilities funding multiple projects, ensure costs are itemized per project, not just at the facility level.
•Configure Finance Cost Groups: Utilize the 'funding maintenance menu' to establish 'Finance Cost Groups' (e.g., "Establishment Fees," "On Going Fees"). These groups organize costs for clearer reporting and forecasting.
Core Implementation Process
The implementation itself involves creating core records and ensuring data integrity:
•Create Options and Facilities: Set up the fundamental funding options and facilities within the module.
•Input Initial Funding Actuals: Enter the actual-to-date figures gathered previously.
•Balance the Sub-Ledger: Since the funding module acts as a sub-ledger to both the General Ledger (GL) and Development Ledger (DL), you must balance the module's data back to the control accounts in both primary ledgers.