When you first activate project management within SuccessWare21®, it may be necessary to enter existing projects in the project management system. As a part of this entry, you will want to record opening balance information so that cost and sales reports will contain pre-activation information. Open balance entry for projects consists of:
· Open balance cost adjustments,
· Open balance billings/retainage entry.
You can use the cost adjustment entry feature of SuccessWare21® to record cost for a project that has not been recorded within SuccessWare21® via material receipts, a/p invoices, material requisitions, returns, timecard entries, or miscellaneous wage entries (to read more about the cost adjustment feature, click here).
Open balance cost adjustments will be included in all calculations and reports when summarizing costs for projects.
IMPORTANT: Be careful when making cost adjustments to projects: If the related cost for an adjustment has already been recorded within SuccessWare21® and associated with the project/phase via a timecard entry, miscellaneous wage entry, a/p invoice, receipt, material requisition or return, then this cost will be overstated on project reports.
GENERAL LEDGER NOTE: Entries made as cost adjustments to a project do not hit general ledger.
If billings for a project have been processed, but have not been recorded in SuccessWare21® and/or have not been associated with the project via the normal project invoicing/billing methods, you will want to record these billings on the project as ‘open balance billings’. You can do this from the billing page of the project form. Right-click and select ‘Add A New Open Balance Billing Entry’. This will open the ‘Open Balance Billing’ window where you can record a date, phase, part, labor, and miscellaneous sale along with billings retained and retainage billed. All of this information must be related to a particular phase of the project so that project reporting can be processed properly on a phase basis.
Open balance billings will be included in all calculations and reports when summarizing sales and retainage information for projects.
GENERAL LEDGER NOTE: Entries made as opening balance billings for a project do not hit general ledger.