Configuring Accounts in Posting Groups
When items are posted to the General Ledger, the accounts to which the various items are posted are determined based on the rules specified in Posting Group Setup. Posting Groups let the user specify to which financial organizations and accounts a transaction should be posted. For example, in the posting group pictured below, a posting of billed amounts (typically an accounts receivable account) will first look at the project to see if a billing account is specified, then the Project type, and then the legal entity and finally if no other account has been identified in those places the amount will be posted to the Account listed in the Posting Group (in this case, 10-01-000 Accts Rec - Contract).
Ensure your Posting Groups are configured prior to performing any Post in the system. For more detailed information on Posting Groups, consult the Additional information section below.
For clients using Billing but not using Financials, the Posting Groups need only be set up with the five accounts used in Billing:
- Deferred Revenue
- Recognized Revenue
Navigate: Admin > Setup > Accounting > Posting Groups > Edit Pencil Icon > Posting Defaults.
This screen determines which dates and indirect rates are used in the Post processes.
Navigate: Admin > Setup > Accounting > Posting Options.
The Post process will use this data as follows:
- Cost Plus Bill Rate: determines which type of indirect cost pool rate (Actual, Provisional or Target) to use when calculating bill amounts on Cost Plus billing type projects. Provisional Rate is the default.
- Cost Plus Recognition Rate: determine which type of indirect cost pool rate (Actual, Provisional or Target) to use when calculating recognized revenue from Cost Plus billing type projects. Actual Rate is the default. Any difference between the billed and recognized amounts from Cost Plus projects will be shown as Deferred Revenue.
- Labor Posting: determines whether to use the Worked Date or Posted Date for an item when applying the "Include Actuals Through" date selection condition. The default value is "Using Worked Date".
- Expense Report Posting: determines whether to use the Line Item Date, Voucher Completion Date or Posted Date (this is the optional date that can be stamped on Expense Line Items during the expense extract process) for an item when applying the "Include Actuals Through" date selection condition. The default value is "Using Line Item Date".
Ensure that your Posting Options are configured prior to performing any Posting in the system.
For more detailed information on Posting Options, consult the Additional information section below.