Summary
This article contains a brief explanation of how expense accounts are funds checked in IC Finance Cloud.
Audience
This article is intended for all faculty and staff.
Platform
IC Finance Cloud
Funds Checking for Expense Accounts
Beginning July 1, 2022, Finance Cloud will no longer use the funds checking totals used in prior fiscal years. Instead, all 7000-range expense subcodes will be part of a single funds checking group, 700T – Non-Salary Operating Expense.
When charging your general ledger expense accounts in IC Finance Cloud (accounts with 7000-range Subcodes), each transaction must pass a funds check before it is completed. Funds are checked by the system by combining the Funds Available totals for all accounts with 7000-range Subcodes which have the same Department and Project code as the account you are charging. If this total is sufficient to cover the transaction total, the funds check will pass.
Funds available totals can be looked up in Cloud using the Reports and Analytics tool, and are contained within the Funds Available Dashboard and Departmental Activity Report. For a listing of all available Subcodes or other segment values, please refer to the Account Segments Report, also available via Reports and Analytics. Instructions on how to access this tool are linked below. Users must have account inquiry access in order to run reports.