Through the magic of InfoEd, an institution with the Financial Tracking module can create accounts with the budgets of the awards that they receive. Once an account is created, it can then be updated with pertinent information and then pushed to the institutions accounting system via the Financial Staging Area. When the award time frame is completed, or at least hits the current end date of the award, the account may also need to be closed out. If an end date has been specified on the account, then a status change can be automatically spawned and help notify the correct individual that the closeout process may need to be done for the account.
In Pre/Post Admin–>PAM Setups–>Common/Shared–>Automatic Status Change–>Change Account Status when Account End Date has passed to: A status can be set and the account will be changed to when the End Date has passed. If this is checked to be included, then every night, the system will check to see if there are any accounts that meet the criteria and change the status accordingly. Then, if the institution sets up an alert to check for this status on a daily (or whatever timeframe is appropriate) basis, then they will be easily notified that there is some action that needs to be done for this account. Once the account is updated as needed, the changes can then be pushed to the institution’s financial system via FSA to keep everything in sync.