Cost sharing commitments and tracking are handled differently in PeopleSoft Financials than they were in the Advantage System. Below is a list of the major differences.
- An account number is no longer created explicitly for the cost share as it was in the Advantage System.
- A local or state department ID is connected to the Project ID number for the committed cost share only. This is done when the award is activated.
- Transfers for the committed funds are processed at the department level as the PeopleSoft workflow will not allow those transfers to occur by the Post Award Staff.
- To capture the cost sharing expenditures within PeopleSoft Financials, the Project ID number must be used at the time of initiating the expenses. SpeedCharts, which are created by the Post Award Staff at the time of award activation, are used for capturing the costs.
- ALL cost sharing expenditures are captured in two ledgers: state/local and grants.
- Cost sharing cannot be certified to the sponsor if the costs are not captured in the grants ledger. You must use the cost share SpeedChart and /or the Project ID on all ePARs, REQs, Expenses, etc., ensuring that the costs are captured within the grant project.
How PeopleSoft handles cost share is the norm for most universities across this nation and is nothing new to the industry standard. The Advantage systems did not have a cost share structure; therefore a workaround was created and maintained by PAASFC. Now that PeopleSoft Financials is fully functional, the Advantage workaround is no longer required nor possible.
Please contact your Post Award Administrator for any questions you may have.
Please visit our website for the Cost Share Policy.
PAASFC has developed step-by-step instructions regarding cost sharing and how to accurately capture the cost sharing expenditures.