Enter Opening Balances for Stored Material
Overview
Before
you start
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Make sure you have posted outstanding transactions and recognized revenue in your previous job costing program before you set up and use Sage ERP Accpac Project and Job Costing.
To enter opening balances for stored material:
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Open Project and Job Costing > PJC Transactions > Opening Balances.
Click here for help on the fields on the Opening Balances form.
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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.
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Accept the New status.
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Select the date and the fiscal year and period to which you want to post the document.
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Enter a description and a reference for the opening balance document, using up to 60 characters for each.
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Click the Detail button to open the Detail Opening Balance form.
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In the Opening Types field, select Stored as the opening type.
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Enter the following general information for the document on the Detail Opening Balance form:
Contract / Project. Specify the contract and project for which you are entering opening Stored balances.
Category. Enter or select the project category for which you are entering balances for stored material.
Resource. If you are entering stored balances for a standard project, enter an item number for a material resource that you have assigned to the project category. You must enter a valid item number, and you cannot leave the field blank
If you are entering stored balances for a basic project, you can either leave the field blank, or:
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If you use Inventory Control, select an item number from Inventory Control.
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If you use Purchase Orders as a standalone program, you can select an item number from Purchase Orders.
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If you use neither Inventory Control nor Purchase Orders, enter any reference using up to 24 characters.
Use AIA Report.
Select this option if you need to keep stored balances
for the AIA report.
This field appears for standard projects, once you enter a contract, project, category, and resource.
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Enter Stored-type opening balances on the entry grid, as follows:
Quantity. Enter the opening quantity of material stored for this category or resource category.
If you use Inventory Control and that program allows fractional quantities, you can enter a stored quantity using up to four decimal places. If you do not Allow Fractional Quantities in Inventory Control, you must enter a whole number in this field.
If you do not use Inventory Control, you can enter a stored quantity using up to five decimal places.
Extended Cost. In this field, enter the extended cost for the opening quantity of stored material for the specified category or resource category.
If you use multicurrency, enter the amount in your functional currency.
Overhead Amount. In this field, enter the amount of overhead costs associated with the stored quantity you entered.
If you use multicurrency, enter the amount in your functional currency.
Total Cost. Project and Job Costing calculates and displays the stored total cost for the category or resource category, in your functional currency. You cannot change the amount.
The following fields appear on the grid only if you selected the option Use AIA Report. (If you use multicurrency, you enter the amounts in the customer currency.)
Total Revenue. Enter the amount of any revenue previously reported.
Previous Work Completed. Enter the amount from columns D and E on the last AIA Report you generated for this project. The amount you enter in this field appears in column D when you next generate the AIA report.
Previous Certificates for Payment. Enter the amount reported on Line 7 of the previous AIA G702 report.
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Click the Add button to add the detail.
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If you want to enter additional balances, click the New (
) button beside the Line Number field to start
a new detail, and then repeat steps 6 and 7 until you have finished adding
balance details.
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Click Close to return to the Opening Balances form.
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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.
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Click Post when you are ready to post the document.
After
adding opening Stored balances
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Print the Stored Material Audit report. This report shows the amount of the change to stored quantities and costs.
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You can also print the Detailed Transactions Report, selecting the option to include opening balance transactions, for a report of the opening balance documents you posted.