Process Overview Description
ICAR grants funds to institutes under Revolving Funds scheme.
Funds are granted for a specific period (5 yrs) to institute with the objective of generating certain revenue from the project activity. These funds are used as seed capital and would be re-paid to ICAR in equal installments after completion term.
Revolving Fund Schemes will be tracked separately in Chart of Account Structure segments. Fund Type Segment in CoA will capture Source of Funds i.e. Revolving Fund Scheme and Scheme Segment will capture Scheme Code.
Fund Transfer transaction will be captured as Journal in General Ledger Module to depict transfer of funds from ICAR to Institutes.
Institute, that is receiving funds from ICAR for Revolving fund scheme, will create Project and capture funds received under Project Budget Headings. Once Project budget is defined, it will be available in other modules for booking various expenditures.
All expenditure transactions like Procurement and booking of vendor bills will also capture Project Number and expenditure details and would get validated from Project Budgets captured already in system.
Project Expenditure Inquiry would display Budget vs Actual Expenditure Information.
Re-Payment of funds back to ICAR by Institute in installments:
Repayment of Revolving Funds Scheme back to ICAR from Institute would happen in installments.
Income/ Revenue Booking in Institute from Revolving Fund Scheme:
- Revenue would be booked as Misc. Receipt in Accounts Receivable Module wherein Account segment would capture information pertaining to revolving scheme code.
- Expenditure booking would happen in PO/AP Modules against this revolving scheme code.
- A Consolidated Report would be developed to show all transactions (income and expenditure) related to a particular revolving scheme.
Navigation To run ICAR Revolving Fund Report
NAARM Budget User Responsibility->View->Request
• Once you click on Submit, the Request ID for the report will get generated.
• Click on No in the Decision Box
• As soon as you click on No, the following screen will open.
• Click on Find to view your request
• Once you click on find, a screen with all the reports appear.
• Click on your request and click on View Output
• Once you click on output, the following reports open
• The report will show the Expenditure and incomes for the particular revolving scheme along with the liabilities and the assets purchased with the fund.