Enter Project Types for Separate GL/IL Rules

Explanation

Use this activity to enter information for a project group in the General Ledger and Internal Ledger tabs. The term project group can be used in more than one way. For example, it can be used for groups of projects of the same type and projects that must use the same reposting rules in each ledger. You can also use the project group as a control type in the posting control. Applicable information entered for the project group will be used as default values when new projects are created, based on a project group. 

Prerequisites

The Project Accounting code part function must have been specified for one code part in the Define Code String window. To be able to enter project series, these must have been specified in the Project Series window. General Ledger and Internal Ledger tabs will be enabled only when Capitalization Posting Method is set to Periodical and Separate GL/IL Rules is selected.

System Effects

As a result of this activity, you can enter information for a specified project and connect it to the project group. All applicable information will be used as default values when new projects are created. 

Window

Project Groups

Related Window Descriptions

Project Groups

Procedure

  1. Create a new record in the Project Groups window.
  2. Enter an ID in the Project Group field and a corresponding description in the field to the right.
  3. Set Capitalization Posting Method to Periodical by selecting it from the drop down list.
  4. Select the check box Separate GL/IL Rules.
  5. Save your changes. This will enable the General Ledger and Internal Ledger tabs.

Enter Information in the General Ledger tab:

  1. Create a new record on the Project Information sub tab of the General Ledger tab.
  2. Select a project type from the Project Type list.
  3. Select Revenue Recognition Method from the list.
  4. If your revenue recognition method is either POC Income First or POC Revenue First, enter data in the Revenue Recognition Information tab .
  5. Save your changes.

Enter information in the Internal Ledger tab:

  1. Create a new record on the Project Information sub tab of the Internal Ledger tab.
  2. Select a project type from the Project Type list.
  3. Select Revenue Recognition Method from the list.
  4. If your revenue recognition method is either POC Income First or POC Revenue First, enter data in the Revenue Recognition Information tab.
  5. Save your changes.