At the start of Fiscal Year 2024-25, the Contracts and Grants Accounting Payments Desk implemented a new feature in RAS to streamline the application of payments to open invoices.
Known as the Payment Predictor, this functionality automatically applies payments directly to invoices when the payment amount falls within a specific dollar threshold of the invoice amount. A payment within the threshold will automatically write-off any minor overpayment or underpayment. The RAS Invoice/Payment Reconciliation screen will indicate the write-off with a WU (write-off underpayment) or WO (write-off overpayment) entry and a zero balance.
Payments that exceed the threshold established by the Payment Predictor will not be applied directly and will result in a payment status of “worksheet,” indicating that CGA needs further review.
Key Benefits for Research Administrators
The Payment Predictor will eliminate the need to generate small balance invoices or adjust and re-enter invoices due to minor payment discrepancies.
- When payment is applied to an invoice within this threshold, the system creates a WU or WO on the invoice payment reconciliation and zeroes out the balance due.
- For payments over the threshold amount, RAS will no longer create an AO (overpayment) or AU (underpayment) AR item. RAS will generate a payment worksheet indicating that the CGA Payments Desk needs further review. If deemed necessary, CGA will apply the payment to the invoice. This will create either an overpayment or underpayment; however, it will not create an AO or AU entry.
If you have questions regarding any of our collection and payment processes, email [email protected].