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:

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:

  1. Open Project Details. The window contains the tabs All Ledgers, General Ledger and Internal Ledger.
  2. Use the New function to enter an identity and description, unless automatic allotment is defined for the project group.
  3. 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.
  4. 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.
  5. 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.
  6. 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.
  7. The All Ledgers tab contains the sub-tabs: Project Information, Reposting Rule, Revenue Recognition Information, Job Information and Project Totals. 
  8. In Project information tab, If the project type is Capitalize exp., if required, enter a contribution margin.
  9. 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%.
  10. 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.
  11. 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.
  12. 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.
  13. Save the information.

 

Use the following procedure to enter detailed project information when Separate GL/IL Rules is selected:

  1. Open Project Details. The window contains the tabs All Ledgers, General Ledger and Internal Ledger.
  2. Use the New function to enter an identity and description, unless automatic allotment is defined for the project group.
  3. 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.
  4. 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.
  5. 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.
  6. Save your changes. The General Ledger and Internal Ledger tabs will get default values from the selected project group.
  7. Both the General Ledger and Internal Ledger tab contains the sub-tabs Project Information, Reposting Rule, Revenue Recognition Information, Job Information and Project Totals.
  8. Select the General Ledger tab.
  9. In the Project information tab, if the project type is Capitalize exp., if required, enter a contribution margin.
  10. 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%.
  11. 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.
  12. 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.
  13. Save the information.
  14. Select the Internal Ledger tab.
  15. 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.