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The Application-360 Grant/Encumbrance module allows you to record future expenditure obligations and provide managers with accurate reports of spending commitments to significantly reduce the likelihood of overspending.
The Grant/Encumbrance module setup allows you to optionally record approved requisitions and/or purchase orders in the General Ledger. Commitment and encumbrance balances by account can be viewed online with actual account activity. Application-360 automatically generates the entries to move commitment balances through encumbrance balances and then finally to actual expenditures when a supplier invoice is received.
Account commitment and encumbrance balances can be optionally included at run-time in all financial reports to provide decision makers with accurate projections of true discretionary account balances.
"Fund Accounting" is part of the Application 360 line of products, developed by Application 360.