Certify Valuation

Explanation

This activity is used to certify a valuation. Once all items have certified values entered, the valuation can be certified. After certification, the amounts are recognized when the voucher is created.

Postings are created for the certified amounts using the Voucher Date, User Group and Voucher Type entered in the Certify Valuation dialog box. Note that an error message will be displayed if a default user group or voucher type does not exist.

If for some reason a valuation line item has a valuation value but no certified value, it will get the certified values copied from previous certified valuations. If there is no previous valuation in the Certified status, a zero amount will be copied.

If you override the retention for a contract item(s), and a maximum retention has been defined for the contract, an error message will be displayed at certification when the total retention for the item(s) exceeds the maximum retention.

When you are certifying the valuation and a contract item is withholding tax, the tax withholding tax code(s) and the corresponding tax rates on each item (retrieved when creating the valuation) are validated against the current tax withholding configuration for the supplier. If differences exist, a warning message is displayed giving you the opportunity to cancel the certification and refresh the tax withholding before certifying.

Note: When a valuation supersedes another valuation, and this valuation is completed though not certified, then certifying the latest valuation will automatically set the status of the older valuation to Archived.

If a project activity is connected to a contract item, used cost will be reported to the project when the application for payment related the item is received and when the item valuation is certified. When multiple currencies are involved, all calculations to reduce the committed cost when the used cost is reported are done in the transaction currency. The remaining committed cost is then converted to base currency, using the currency conversion rate valid to the system date, and updated to the project activity.

It is not possible to update a valuation that has been certified.

Prerequisites

• The valuation should be in the Certification In Progress status.
• Certified values should have been entered for items that have a valuation value, otherwise it will be handled automatically if the certified value is missing.

System Effects

• The status of the sub contract valuation is set to Certified.
• All postings created when initially setting the valuation to the Application Received status are reversed, and new vouchers are created for the certified amounts. More information about the postings created is available in Posting Types for IFS Sub Contract Valuation.
• The certificate number is generated automatically and a certificate can be printed.
• If the selected payment process is Self Billing, a supplier invoice is automatically created and matched.

Window

Sub Contract Valuation

Related Window Descriptions

Sub Contract Valuation

Procedure

1. Open the Sub Contract Valuation window.
2. Query (F3) for the valuation that is to be certified.
3. Right-click anywhere in the header, point to Status, and then click Certify. The Certify Valuation dialog box opens.
4. Make sure that the correct user group, voucher type and voucher date are entered.
5. If a project activity is connected, used cost is reported to the activity when the valuation is certified.
6. Click OK.