Setting up a PREPAID Contract

How do I Setup a PREPAID Contract?

Overview

The award generation process writes award information to the Contracts module. This process creates a
contract, adds a contract line, associates grant projects and activities to the contract line and creates Billing
and Revenue recognition plans. No major changes are made to the contract at this point however, you need to
review the contract billing information. You also need to review and validate critical contract details such as
Contract Type, Product, Billing Sponsor, Billing Limit and additional billing details to ensure correct downstream
billing.

A Prepaid contract is defined for Emory where the sponsor has made advance payments or will make
scheduled payments independent of expenses. The Contract Type of sched pay, sched pay task, and auto sched
pay are setup with a prepaid line. Key activities involved in configuring the Prepaid include setting up Prepaid
amounts, identifying the deferred revenue distribution, and establishing the bill plan with events (billable)
schedule.

          ï‚· Primarily, you will review and validate the contract setup and create a prepaid line (specific to Billing/ payment schedule).
               If you have to change any information in the contract, please refer back to FGC or OSP analysts for further guidance, then
               exit the contract setup process.

          ï‚· You will also associate the Prepaid advance receipts with a deferred revenue account by manually entering Compass
               ChartField information. You will not be able to activate the contract if the ChartField combination is not valid for either
               Deferred Revenue or Unbilled AR.

          ï‚· Prepaids will be entered and Bill Plans created after the Contract is Activated. Make sure to have available Prepaid
               processing dates (payment schedule) and amounts before you start. You may need to confirm these values from
               OSP/FGC Analyst.

Navigation

Worklist OR Grants > Emory Award Setup > Emory Award Setup Entry Page

Steps to be Completed

    A. Award Setup Request
    B. Contract Setup- General Information
    C. Contract Setup- Billing Option
    D. Review Contract Lines- Products and Dates
    E. Review Contract Lines- Contract Terms
    F. Review Contract Lines- Billing Plan Status
    G. Review Contract Lines- Revenue Plan Status
    H. Review Unbilled AR Accounting Distribution
    I. Activate Contract
    J. Enter Prepaids
    K. Mark Prepaids to Ready
    L. Assign BillPlan for Prepaids
    M. Review B102 BillPlan
    N. Activate B102 BillPlan

Emory Confidential and Proprietary  Last Revised on 9/7/2016                           Page 1 of 23
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