Expenditures associated with Sponsored Projects, Faculty Funds and Capital Projects created and managed via PPM in iO have multiple associated dates. These dates allow for tracking of costs from both a compliance and financial reporting perspective.
Expenditure Item Date
The Expenditure Item Date is the date that a transaction occurs. For sponsored projects, the Expenditure Item Date of a transaction must be within the period of the grant in order to comply with the terms of the award. Expenses with an expenditure item date outside of the project period will fail to post on the project in iO.
Creation Date and Accounting Date
A transaction’s Creation Date is the date the transaction is loaded into PPM, while the Accounting Date is the date the transaction is recorded in the General Ledger (GL). These dates are used for financial management and reporting purposes. These dates may differ depending on the timing of the accounting process for each module.
Example:
Assume that following completion of a business trip, a staff member has created and submitted an expense report, and all of the approvals (departmental and central) are completed as of June 15. Assume also that the related accounting processes for both PPM and the GL are run on June 15.
If this report contains an expense of $300 for an airline ticket that was paid via credit card on May 15, then the Expenditure Item Date for that $300 in travel expense will be May 15. However, the Creation Date and Accounting Date for that $300 travel expense will be June 15, as that is the date the accounting process for the expense was completed.
