Letter of Credit Billing
In Oracle Fusion Grants Management, project application administrators can select sponsors and activate them for letter of credit (LOC) billing.
In Oracle Fusion Grants Management, grants administrators can then create award contracts with sponsors set up for LOC billing.
In Oracle Fusion Enterprise Contracts, grants administrators can then validate, save, and submit the award contracts for approval.
In Oracle Fusion Enterprise Contracts, customer contract managers can then approve and activate the award contracts.
In Oracle Fusion Project Billing, grants accountants can then generate invoices and recognize revenue for the award contracts.
The following table describes the sequence of actions for generating invoices by letter of credit and recognizing revenue for awards funded by letter of credit, locations from where the various users can perform these actions, and their results.
Step |
Role |
Action |
Location |
Result |
---|---|---|---|---|
1 |
Project Application Administrator |
|
Oracle Fusion Grants Management |
The selected sponsor is activated for LOC billing. |
2 |
Grants Administrator |
|
Oracle Fusion Grants Management |
The award created is associated with the sponsor activated for LOC billing. The corresponding contract is automatically created in Oracle Fusion Enterprise Contracts. |
3 |
Grants Administrator |
|
Oracle Fusion Grants Management |
Oracle Fusion Grants Management initiates the Merge Contract service to update the contract for creating the bill plan, revenue plan, associated projects, and contract line. |
4 |
Grants Administrator |
|
Oracle Fusion Enterprise Contracts |
The Contract Overview page opens. The contract information is displayed. |
5 |
Grants Administrator |
|
Oracle Fusion Enterprise Contracts |
Bill plan details are displayed. |
6 |
Grants Administrator |
|
Oracle Fusion Enterprise Contracts |
Revenue plan details are displayed. |
7 |
Grants Administrator |
|
Oracle Fusion Enterprise Contracts |
Contract line details are displayed. |
8 |
Grants Administrator |
|
Oracle Fusion Enterprise Contracts |
Details of the award project task associated with the contract line are displayed. |
9 |
Grants Administrator |
Submit contract. |
Oracle Fusion Enterprise Contracts |
The contract is validated, saved, and submitted for review. |
10 |
Customer Contract Manager |
Approve the contract. |
Oracle Fusion Enterprise Contracts |
The contract is approved and is in Active status. Contract is ready for invoice generation and revenue recognition. |
11 |
Grants Accountant |
|
Oracle Fusion Project Billing |
Generate Invoice page is displayed. |
12 |
Grants Accountant |
Select the LOC number parameters on the Generate Invoice page and click Submit to initiate the Generate Invoice process for generating invoice for the LOC number. |
Oracle Fusion Project Billing |
Generate Invoice process runs and the billing specialist is automatically navigated to the Invoice work area landing page to monitor the process. |
13 |
Grants Accountant |
After the Generate Invoice process completes, navigate to the Manage Invoices page, and search for the invoice by LOC number. |
Oracle Fusion Project Billing |
Invoice is displayed with status as Draft. |
14 |
Grants Accountant |
Navigate to Revenue work area and select the Generate Revenue task. |
Oracle Fusion Project Billing |
Generate Revenue page is displayed. |
15 |
Grants Accountant |
|
Oracle Fusion Project Billing |
Generate Revenue process runs. |
16 |
Grants Accountant |
Navigate to the Manage Revenue Distributions task. |
Oracle Fusion Project Billing |
Revenue listing table with LOC number and document number columns is available. |
17 |
Grants Accountant |
Search for the revenue lines using the LOC number. |
Oracle Fusion Project Billing |
Revenue lines with the LOC number are displayed. |