When a Project is ready to be closed, a closing GL journal entry may need to be created in the system to ensure that there are no outstanding records to process such as POs or Invoices
- Open a Project you want to view
- Click the Extended Menu and select Create a Closing Entry. A confirmation window will open asking “This will recognize all revenue. Are you sure?” Click OK if you are sure.
- Enter the closing entry Date and click OK. If there are any outstanding transactions that require attention, a list will display (per the Check Project Close verification process), including unprocessed Change Orders or Un-posted Time Bills. Address these items first before re-attempting
- Once there are no impediments to the Project closure, the system will do the following:
- Write a closing Journal Entry, if necessary
- Set the Project Close Date
- Set the Project Status field to COMPLETED
When the closing entry is created, the Project is no longer ACTIVE, and system will not allow any further transactions that could affect the Project Revenue or Cost