Enter Opening Actuals Balances

Enter Opening Actuals Balances

Overview

Before you start

To enter opening Actuals balances:

1. Open Project and Job Costing > PJC Transactions > Opening Balances.

Click here for help on the fields on the Opening Balances form.

2. Use the fields in the top section of the Opening Balances form to enter or select general information for the opening balances document.

   • Accept the ***NEW*** entry in the Document Number field to let the program assign the document number using the prefix and next number specified for opening balance documents on the PJC Options form.

   • Accept the New status.

   • Select the date and the fiscal year and period to which you want to post the document.

   • Enter a description and a reference for the opening balance document, using up to 60 characters for each.

3. Click the Detail button, then use the Detail Opening Balance form to enter Actuals balances.

4. On the Detail Opening Balance form, in the Opening Types field, select Actuals, if it is not already selected.

5. Enter the following general information for the detail you are entering:

Contract / Project. Specify the contract and project for which you are entering the actuals balances.

Actuals Type (if available). Select Revenue as the actuals type.

Category / Resource (if available). Specify the category and resource for which you are entering the actuals balances.

6. Use the detail entry grid to enter opening balance amounts for the detail. The columns that appear in the detail grid depend on the project style, project type, accounting method, and (for fixed price and cost plus projects) the actuals type.

1. In the Actuals column, in the Total Revenue field, enter the amount of revenue recognized in your previous job-costing system for this project level. If you previously entered an opening revenue balance for this project level, the program overwrites the existing revenue amount when you post the opening balance document.

If you use multicurrency, you enter revenue amounts in your functional currency and in the customer currency.

For time and materials projects and fixed price projects that use the billings and costs or accrual-basis accounting method, you enter the amount less any revenue that was not billed in your old system.

2. For time and materials projects and for fixed price projects that use the billings and costs or accrual-basis accounting method, also enter for the specified project level:

3. The amount of any unbilled revenue in the Remaining To Be Billed field.

4. Cost balances (quantity, extended cost, overhead amount, and, for labor categories, the labor amount).

In a multicurrency system, you enter cost amounts in your functional currency.

3. Click the Add button to add the detail.

4. If you are entering balances for a project that tracks revenue and costs at different levels, enter cost balances for each project category or project resource (depending on the project style), as follows:

1. Click the New () button beside the Line Number field.

2. Select Actuals as the opening type.

3. Specify the contract and project, as you did when entering revenue balances.

4. Select Cost as the actuals type.

5. Enter the cost balances for the category or the resource (quantity, extended cost, overhead amount, and, for labour categories, the labor amount).

6. In a multicurrency system, you enter cost amounts in your functional currency.

7. Click Add to add the detail.

5. If you want to enter additional actuals balances, click the New () button beside the Line Number field to start a new detail, then repeat steps 4, 5, and 6 until you have finished adding opening balance details.

7. Click Close to return to the Opening Balances form.

8. Click Add (or Save) to add the opening balance document.

You can use the Opening Balances form to recall the document and modify the opening balances, until you post the document.

9. Click Post when you are ready to post the document.

After adding opening Actuals balances

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