Enter Project Information
Explanation
Use this activity to enter information for a project in IFS Financials.
If Separate GL/IL Rules is not selected, the project
data need to be defined in the All Ledgers tab. If Separate
GL/IL Rules is selected data need to be entered in both General Ledger and Internal Ledger tabs.
Prerequisites
Before detailed project information can be entered, the following must have been
completed:
- The code part function Project Accounting must have been specified for one
code part in Define Code String in IFS/Accounting
Rules.
- Information on the project group must have been entered in
Project Groups in IFS/General Ledger.
System Effects
As a result of this activity, the project identity can be used as a code part
value when financial transactions are created.
Window
Projects,
Project
Related Window Descriptions
Projects,
Project
Procedure
Use the following procedure to enter detailed project information
when Separate GL/IL Rules is not selected:
- Open Project Details. The window contains
the tabs All Ledgers, General Ledger and Internal Ledger.
- Use the New function to enter an identity and description, unless automatic
allotment is defined for the project group.
- Use the List of Values and
enter the project group (select a project group that does not use
Separate GL/IL Rules). Default values for the project group are displayed.
- Change the date in the Valid From field, if appropriate.
You can also enter optional information for the project, e.g., the name of
the project manager.
- Capitalization Posting Method
and value for Separate GL/IL Rules will be defaulted from the
Project group. Changing these details on the project is not advised as
selecting or unselecting Separate GL/IL Rules will define if
project rules are to be defined in the All Ledgers tab or in both
General Ledger and Internal Ledger tabs.
The steps
here explain the setup for when Separate GL/IL Rules is not
selected. Only the All Ledgers tab will be available for selection in this
case.
- Save your changes. This will enable the All
Ledgers tab and default data will be copied to the sub tabs of the
All Ledgers tab.
- The All Ledgers tab
contains the sub-tabs: Project Information,
Reposting Rule,
Revenue Recognition Information, Job
Information and Project Totals.
- In Project information tab, If the project
type is Capitalize exp., if required, enter a contribution margin.
- For project types Capitalize Exp and Capitalize Rev/Exp, you can enter reposting
rules in the Reposting Rule tab. When doing so, use the New function.
Enter the Distribution Percentage and code part values to which the capitalized costs should be posted at
project completion. You are allowed to enter multiple reporting rules but
total distribution percentage for all reposting rules must be equal to 100%.
- It is optional to enter information in the Job Information tab if the project origin of the project is Job. Default data will
be fetched from the project group of the project, but it can be changed if required.
Enter the user group and the voucher type that is to be used at project
completion. Select the Close Project on Final Invoicing check box if
the job should be closed automatically after final invoicing. The automatically
created project completion vouchers of such projects will have the system
date as the invoice date irrespective of the manual changes done to the invoice
date of the final invoice. Important: it will only be allowed to set
Project Origin to Job when Capitalization Posting Method need
to be set to Transaction.
- For projects with Revenue Recognition Method POC Income First or POC Revenue
First, it is required to enter information in the Revenue Recognition
Information tab. Default data for the tab can be provided based on the
selected project group. If not, enter the POC Method, Project Progress Method
and Revision Accounting Method.
- For projects with Revenue Recognition Method POC Income First or POC Revenue
First and where Project Origin is Financial or Job, the estimated revenue
and costs can be entered in the Project Totals tab. When doing
so, use the New function. If Project Origin is Project then these values will
be fetched from IFS Project. The estimated income and margin will be automatically
calculated based on the estimated revenue and costs. The values
in the recognized revenue, costs, income and margin are based on information
generated by the revenue recognition functionality. The recognized income and
margin will be automatically calculated based on those values. The actual revenue and costs fields will contain the revenue and costs from IFS General Ledger. The actual income and margin will
be calculated from those values. The breakdown of actual cost and revenue in
IFS General Ledger is displayed in the lower part of the window.
- Save the information.
Use the following procedure to enter detailed project information
when Separate GL/IL Rules is selected:
- Open Project Details. The window contains the
tabs All Ledgers, General Ledger and Internal Ledger.
- Use the New function to enter an identity and description, unless automatic
allotment is defined for the project group.
- Use the List of Values and
enter the project group (select a project group that has Separate
GL/IL Rules selected). Default values for the project group are displayed.
- Change the date in the Valid From field, if appropriate.
You can also enter optional information for the project, e.g., the name of
the project manager.
- Separate GL/IL Rules can only be
selected when Capitalization Posting Method is set to
Periodical. Changing these details on the project is not advised as
selecting or unselecting Separate GL/IL Rules will define if
project rules are to be defined in the All Ledgers tab or in both
General Ledger and Internal Ledger tabs.
- Save your changes. The General Ledger
and Internal Ledger tabs will get default values from the
selected project group.
- Both the General Ledger and
Internal Ledger tab contains the sub-tabs
Project Information,
Reposting Rule, Revenue Recognition Information,
Job
Information and Project Totals.
- Select the General Ledger tab.
- In the Project information tab,
if the project
type is Capitalize exp., if required, enter a contribution margin.
- For project types Capitalize Exp and Capitalize Rev/Exp, you can enter reposting
rules in the Reposting Rule tab. When doing so, use the New function.
Enter the Distribution Percentage and code part values to which the capitalized costs should be posted at
project completion. You are allowed to enter multiple reporting rules but
total distribution percentage for all reposting rules must be equal to 100%.
- For Projects with Revenue Recognition Method POC Income First or POC Revenue
First, it is required to enter information in the Revenue Recognition
Information tab. Default data for the tab can be provided based on the
selected project group. If not, enter the POC Method, Project Progress Method
and Revision Accounting Method.
- For projects with Revenue Recognition Method POC Income First or POC Revenue
First and where Project Origin is Financial or Job, the estimated revenue
and costs can be entered in the Project Totals tab. When doing
so, use the New function. If Project Origin is Project then these values will
be fetched from IFS Project. The estimated income and margin will be automatically
calculated based on the estimated revenue and costs. The values
in the recognized revenue, costs, income and margin are based on information
generated by the revenue recognition functionality. The recognized income and
margin will be automatically calculated based on those values. The actual revenue and costs fields will contain the revenue and costs from IFS General Ledger. The actual income and margin will
be calculated from those values. The breakdown of actual cost and revenue in
IFS General Ledger is displayed in the lower part of the window.
- Save the information.
- Select the Internal Ledger tab.
- Repeat steps 9 to 12 in the sub-tabs of Internal
Ledger.
It is mandatory that both General Ledger
and Internal Ledger tabs contain two complete sets of data when
operating with Separate GL/IL Rules.