Utilizing Transaction codes for Grant Tracking and Reporting with Third Party Software

Joseph Galvin

We are reviewing use of grant records and transaction codes to report on revenue and expenses by grant record. These grants may cross project IDs which are built into our chart of accounts. These coding structures (use of account and transaction codes) are intended to give various methods of reporting. We have multiple third party software for billing, payroll, and procurement. Do other agencies implement both the account and transaction codes into third party software? We anticipate to have a growing volume of grants/contracts. Is use of transaction codes keeping in mind use of other software and larger volume of activity resulted in successful use and results of reporting on contract/grant spending? I found that once a transaction code is assigned to a grant record, it cannot be assigned again? Does this make tracking of recurring/renewing grants difficult? Does inclusion of grants covering periods other than fiscal year pose issue to other companies? Thank you.