Requested Fund Details

The Requested Fund Details module is a comprehensive form used to manage, track, and process requests for funds within an organization. It serves as a central location for initiating fund requests, securing approvals, and disbursing funds through journal entries. The module is designed to ensure accountability, proper approval workflow, and integration with the accounting system.

Overview

This form allows users to request funds for specific expenses, manage approvals, and record transactions related to fund disbursements. It tracks the progress of the request from initiation to disbursement, ensuring proper controls and transparency throughout the process.

Field Descriptions

Below is a detailed explanation of the fields available in the Requested Fund Details module:

Disburse Funds

• Description: This button is used to initiate the disbursement of funds. It is enabled once the request is approved and a journal entry is pending.

Requested Date

• Description: The date by which the funds are required. This field is mandatory and becomes read-only after approval.

Expense Type

• Description: Specifies the type of expense for which the funds are being requested. This is a mandatory field that becomes read-only after the request is approved.

Request Description

• Description: A detailed description of the expense and the purpose of the fund request.

Request Amount

• Description: The total amount of funds requested. This field is mandatory and fetched from the expense type but can be edited. It becomes read-only after approval.

Request Currency

• Description: The currency in which the funds are being requested. This field is automatically populated and read-only.

Party Type

• Description: Defines the type of party receiving the funds. This is a required field and becomes read-only after approval.

Party

• Description: The name of the specific party related to the request (e.g., the name of the employee, supplier, or agent). This field is read-only after approval.

Invoice Number

• Description: The associated invoice number, if applicable. This field is read-only.

Quotation/Invoice Attachment

• Description: Used to attach supporting documents such as quotations or invoices.

Requested By

• Description: The user who created the request. This field is read-only.

Requested On

• Description: The date and time when the request was made. This field is read-only.

Recommended By

• Description: The person who recommended the request for approval. This field is read-only.

Recommended On

• Description: The date and time when the recommendation was made. This field is read-only.

Recommender Comment

• Description: Comments from the recommender explaining their recommendation.

Approved On

• Description: The date and time when the request was approved. This field is read-only.

Approver Comment

• Description: Comments from the approver explaining their approval decision.

Accounts Approved By

• Description: The name of the accounts personnel who approved the request. This field is read-only.

Accounts Approved On

• Description: The date and time when the request was approved by accounts. This field is read-only.

Posting Date

• Description: The date when the request was posted. This field is read-only.

Expense Account

• Description: The account from which the expense is to be paid. This field is fetched from the expense type and is mandatory.

Payable Account

• Description: The account to which the payment is due. This field is fetched from the expense type and is mandatory.

Payee

• Description: The name of the payee, if different from the party listed.

Request Status

• Description: The current status of the request. This field is automatically updated based on the progress of the request (e.g., Requested, Approved).

Journal Entry

• Description: Links to the journal entry created when funds are disbursed. This field is read-only.

Workflow

Initiating a Request

• A user initiates a fund request by selecting the expense type, entering the amount, and providing the required details such as the party type, party name, and supporting documents.

Approval Process

• The request moves through various levels of approval, including recommendation and final approval. Comments can be added at each stage.

Disbursing Funds

• Once the request is approved, the "Disburse Funds" button becomes active. This initiates the creation of a journal entry that records the fund disbursement.

Completion

• After funds are disbursed, the request is marked as completed, and the journal entry can be reviewed for reconciliation and accounting purposes.