Payable GL accounts for clarity in Financial Reporting - Scholarship, Grant and Accounts Payable
We would like for any expense in the Grants GL to post through only Grants Liability. Any Scholarship expense to post only through Scholarship Liability and all other Accounts Payable to post through AP. Having all Grants, Scholarships and AP post in each liability THEN through AP inflates AP amounts at any given time and takes significant filtering and research to ensure actual accounts payable amounts are accurate for financial reporting and audit purposes. If cSuite can connect each GL expense to the appropriate liability and allow payments from those liabilities individually, the process would be clear and the accounts clean for monthly, quarterly and yearly financials.
Tiffany Peterson
shared this idea
Grants and Scholarships move from one payable to another based on the status they are in. A/P should not be inflated based on this work flow. When a Scholarship is awarded it creates a Scholarship Payable, when vouchered, it becomes a Grant Payable and when marked for payment, it becomes AP. A Grant follows a similar work flow. We did update the Payable reporting and historical reporting for payables for easier reconciliation and tracking with the release on 11/2/2022.
