This document describes the considerations and process for entering the labor and expense cost post initial balances.
Historical General Ledger balances will normally be set up via journal entry. As a result, we do not want transactions related to setting up project history to post to the GL. To assure this doesn't happen, you must set the Post to General Ledger Effective Date to a FUTURE date prior to posting existing labor and expense report costs. For example, in the below example, we loaded historical balances as of 12/31/13, so our post to general ledger date is 1/1/14. The historical labor and expense report costs must be posted to stop them being picked up in future labor cost and expense report cost postings once the system is live.
- You may decide, especially for new systems, to import project level historical labor and expense. For more details on how to import labor/expense cost and revenue, please visit this link or request access to: Quick Topic - Historical data load considerations of labor and expense
- Any existing labor costs and expense report costs should be posted via the Labor Cost Post and Expense Report Cost Post functions prior to going live. This includes Unanet systems containing time/expense data prior to usage of Unanet Financials as well as imported project data. To perform these posts, browse to and select the appropriate post option.
- The cost postings of historical data should take into account the fact that the Post Date specified in the cost posts will become the date used to display the cost transactions in the project accounting reports. As a result, the postings should be done based on the following time intervals:
- Periodic - to support the ability to see project results by period
- Fiscal Year - to support the ability to see project results by fiscal year. This is required for CP projects.
- Inception to Date - if you don't care about previous periodic results and don't have any CP projects.
To run the cost posts:
- Select the appropriate Include Actuals in Date Range prior to the Post to General Ledger Effective Date based on the intervals selected above.
- Select the appropriate Post Date to get the transactions to appear in the proper interval. Note that this should always be prior to the Post to General Ledger Effective Date.
- Click on List tab and verify that the amounts to be posted are correct
- Click checkbox(es) and Post button.
Repeat for the other posting process.