Project Closing Checklist Requirements

Question:

I am trying to close my project in Transactions-Project-Project Closing, but some of my checkboxes are not marked. What are the requirements for each checkbox?

Answer:

Time and Materials Checklist

All cost transaction posted
No unposted / work cost transactions

All transactions billed; Billings = Project Amount
No unposted / work billing transactions
Actual Billings = Project Amount
Cost of Earnings = Actual Total Cost

All biller documents applied or written off
(Actual Receipts + Actual Write off + Actual Discount Taken Amount + Actual Discount Dollar Amount – Actual Write off Tax Amount – Actual Terms Taken Tax Amount) = Actual Billings

All retainers applied or refunded
Account Amount = 0.00

All cost of revenues recognized
Actual Total Cost = Cost of Earnings

All Purchases received and matched or cancelled
Work / HIST POs must not have a Line Status of Released, Change Order, Received
No records in table PA_PO_ReceiptLine for the specified project
If there are no POs attached, Quantities shipped = Quantities invoiced

All revenues recognized; Earnings = Project Amount
Earnings = Project Amount
If When Billed, Actual Total Cost = Cost of Earnings



Cost Plus / Fixed Price Checklist

All cost transaction posted
No unposted / work cost transactions

All transactions billed; Billings = Project Amount
No unposted / work billing transactions
Actual Billings = Project Amount

All biller documents applied or written off
(Actual Receipts + Actual Write off + Actual Discount Taken Amount + Actual Discount Dollar Amount – Actual Write off Tax Amount – Actual Terms Taken Tax Amount) = Actual Billings

All retainers applied or refunded
Account Amount = 0.00

All cost of revenues recognized
Actual Recognized Revenue = Project Amount
Actual Total Cost = Cost of Earnings

All Purchases received and matched or cancelled
Work / HIST POs must not have a Line Status of Released, Change Order, Received
No records in table PA_PO_ReceiptLine for the specified project
If there are no POs attached, Quantities shipped = Quantities invoiced

All revenues recognized; Earnings = Project Amount; all BEE / EEB adjustments done
Actual Recognized Revenue = Project Amount
Actual BIEE Amount = 0; Actual EIEB Amount = 0
Actual Total Cost = Cost of Earnings

All receivables retentions billed
All cost transactions posted checkbox must be marked
All retentions must be billed and posted or Actual Retention Amount of Project Master = Actual Billed Retention of the retention fee in Project Fee Totals Master

NOTE:
**Recognized Revenues/ BIEE/ EIEB are all updated in the Revenue Recognition Entry window.

**Cost of Earnings or Cost of Revenues are updated in Cost Transactions if TM: When Performed; in Billing Entry if TM: When Billed; in Revenue Recognition Entry if CP/FP: Cost to Cost/Eff. Expended/ Completed







This article was TechKnowledge Document ID: 23893