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Title:gptip42day - Project Accounting Accruals

One of the shortcomings in GP Project Accounting is the inability to enter a journal entry against a project.  This is because the interface between PA and the General Ledger is not bi-directional.  Transactions originating in PA can be posted to the Financial Series, but not vice versa. The example presented here is specific to booking month-end accruals but could be used in any scenario where a financial charge needs to be posted to a project.

We're going to use the Miscellaneous Log transaction in PA to record the accrual.  Go

Transactions>Project>Miscellaneous Log Entry

* click image to enlarge

Let's imagine we need to record a Payables accrual at the end of November.  Simply fill in the required fields as indicated, enter a Comment, enter the Projects and Cost Categories, a Quantity of '1', and the value to accrue to each Project.  Check Distributions to verify that the credit will post to your Payables Accrual account and Save in a batch or Post.

Now, so we don't forget to reverse the accrual in December, we could enter a Reminder to pop up on whatever date is appropriate.  But, while we're entering the accrual, let's enter the reversal, with a date of say, 12/1/09, change the Comment, enter the Quantity as negative 1 on each of the detail lines, check the Distributions and Save in a batch or Post.

* click image to enlarge

That's all there is to it.  Not as easy as posting a reversing journal entry, but not terribly tedious either.

Category:TIPS AND TRICKS BY MODULES: Project Accounting
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Date Added:June 17, 2010 05:08:47 AM
Number Hits:106
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