Payment Plan Tab (Grants)

Payment Plan Tab (Grants)

The Payment Plan tab displays the prospective payment schedule for the Grant, including the Funding source of each payment.

If you enter a default Payment Date in the Default Application Entry Values window and enter a Grant Amount and Fund ID on the Application tab, FIMS automatically creates a single payment line for the full Grant amount.

Note: If you do not select a default Payment Date when you start the Application entry process, the Grant Date will automatically be used as the Payment Date. Refer to Setting Default Application Entry Values for more information about selecting a default Payment Date.

You can also create a multi-line payment plan. In this type of plan, a separate payable will be created for each line, with different Payment Dates for each line. Two or more lines with the same date, but from different Funds, will result in a single payment. The payment amount total must equal the Grant Amount.

Note: You can also view and change Payment Dates from Accounts Payable after you post the Application by clicking the Item Entry super tab and then clicking the Line Items tab. Any changes to the Payment Date on that tab will also change the date on the Payment Plan tab for the Application. However, once the Voucher is posted, changes to the Payment Date will not flow back to the Application. It will only affect the date when the item will be available for payment.

Up to five payment lines are exported in the Application Data Export for merging into Grant Application summaries or to Grant award letters.

Payment Plan Tab

Payment Plan Fields