Posting GAG Funding Income

This topic explains how to process funding receipts (e.g. GAG funding) and allocate the income to other locations if needed.

Posting GAG Funding income consists of the following two processes:

  • Receipt the Income into the Bank Account it is Received

  • Posting a Bank Transfer in IRIS Financials

Receipt the Income into the Bank Account it is Received

You must first create a nominal receipt to show the funding being receipted into the applicable bank account.

  1. Click Options > Document Inputfrom the menu.
  2. The Document Input dialog is displayed. Select the applicable Nominal Receipt for the location that received the funding into the bank account e.g. MANR for the MAT.
  3. Select the exact date the funds were received into the bank account in Date. Click Drill (...) in Period, then double-click to select the applicable accounting period from the Select a period dialog. Click OK to confirm your selections.
  4. The Nominal Receipt document input form is displayed. Double-click in Bank, then double-click to select the applicable bank account from the Select account dialog.

  5. Double-click in Paying In/ Direct Bank, then double-click to select BANK-CASH from the Select PAYINORBANK key dialog.

  6. Enter the total amount of funding received in Amount, e.g. 1,250,000.00 (do not enter any currency symbols, i.e., £, $, etc.) and an applicable description in Description.

  7. Apportion the income across all applicable locations.

    Do not enter any minus values on the Nominal Receipt input form. Please use a journal to make any corrections/adjustments needed.
  8. Press F5 or click POST to post when you have finished entered all the required details.
    The income is posted to the income nominals for each location specified with the total funds being recorded in the main bank account. You need to manually transfer the funds via your online bank (if required) and then post a bank transfer to show the funds being transferred, so each bank account can be reconciled.

Posting a Bank Transfer in IRIS Financials

When you have transferred the funds to the applicable bank accounts in your online bank, you need to post a bank transfer to reconcile each bank account.

  1. Click Options > Document Inputfrom the menu.
  2. The Document Input dialog is displayed. Select the Bank Transfer document relating to the location that is transferring the funds the funds, i.e., If the MAT location is transferring funds to School A, use the MAT Bank Transfer document.

  3. Select the date the funds were transferred in Date. Click Drill (...) in Period, then double-click to select the applicable accounting period from the Select a period dialog.
  4. Click OK to confirm your selections.
  5. The Bank Transfer document input form is displayed. The Location From field is pre-populated and cannot be changed. If you need to change this field, you need to select the applicable locations Bank Document Type.
  6. Select the bank account you are transferring the funds from in Bank Account From.
  7. In Location To, select the location to which you are transferring the funds.

  8. Enter the amount you are transferring in Bank Transfer Value.

  9. Enter a description in Description, then press F5 or click POST to post the document.

  10. Repeat to transfer the funds to any other bank account to which they need to be reconciled.