Opening Balances

Project and Job Costing lets you enter opening actuals balances, opening stored material balances, and opening activity statistics for contract projects and their related categories and resources, letting you transfer to Sage ERP Accpac contracts that you have been managing in another system.

This topic describes how to enter opening balances and activity statistics using the Opening Balances form. For detailed background information on processing opening balance transactions and entering activity statistics, see Entering Opening Balances for Ongoing Contracts.

Note: You update retainage opening balances separately, using the Update Retainage form. For more information, see Updating Retainage Opening Balances.

Contracts and projects for which you want to enter Actuals opening balances must have Estimate or Approved status.

Contracts and projects for which you want to enter Stored balances must have Estimate, Approved, or Open status.

To enter opening balances for a project in Project and Job Costing

After Entering Opening Balances

It is possible that, in your previous job-costing system, revenue was calculated slightly differently than in Project and Job Costing. You should compare the revenue recognized in your previous system to the Actual revenue amounts shown for a contract and its projects and categories in the Contract Maintenance form.

If the revenue amounts are different, you need to record manual General Ledger entries to adjust the appropriate accounts (revenue, billings, cost of sales, and work in progress accounts). Because opening balances are tracked only in functional currency, you may also need to record manual General Ledger entries to adjust source currency amounts.