Virtual OneStop
Individual Fund Tracking Advanced Services
The Virtual OneStop Individual Fund Tracking Advanced Services module, designed for fiscal and administrative managers, includes multiple functions for financial fund management. The Individual Fund Tracking system (or IFT) is easily accessed as an additional feature of the Virtual OneStop system.
The IFT Advanced Services software solution has extensive functionality that allows managers and administrative staff to work with funds, track grant monies, use benchmarks, create contracts for training providers, control settings for monetary account limits, and set lookup tables with specific codes. Benefits of the ITA module focus on giving workforce development regions the ability to track the allocation of funds through Individual Training Accounts (ITAs). A region can easily track all funds by funding stream from allocation through expenditure.
In the Advanced Services IFT module, each ITA is treated as an obligation, dollars are verified against individual limits set by the funding authority, and confirmed against the appropriate fund allocation balances as defined by the funding authority. When all funds are obligated, no new ITAs may be issued without the proper authority to override, which can be set in the Fund Management feature. Simply put, the comprehensive IFT software solution offers an Internet delivery method to streamline the allocation and tracking of funds and expenditures. Available components are:
- Individual Training Account
- Fund Management
- Providers
- Courses and Services Management
- Contracts Management
- Administration
- Prepaid Expense Manager
- Training Referrals