The University of Chicago

Financial Services

  

Award Accounting Life Cycle

The accounting life cycle for an award consists of the following:

  1. Create Financial Accounting System (FAS) accounts at an award’s beginning.
  2. Record expenses.
  3. Approve or reject cost transfer to an award.
  4. Bill and collect award payments.
  5. Prepare award financial reports.
  6. Close FAS accounts at an award’s termination.

At each of the life cycle moments, SAA staff work with departmental award administrators and University Research Administration (URA) staff to accomplish the life cycle event.


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