It’s helpful to understand how the information from your project type affects and controls your project. Most of the project type information can be overwritten at either the project template level or at the project level. The Project Type form is composed of header information and ten tabs. In the header, you will select the [...]
When you are looking at your expenditure items, did you ever wonder how the cost was calculated and how the accounting was derived? For you to find the answer to these two questions, you need to understand the different cost flows in Projects and how the transfer status flag affects how accounting is derived. Let’s [...]
In my last post, I discussed how the Project Billing module uses currencies when generating revenue. In this post, I would like to examine how the Project Billing module uses currencies when generating invoices. Project Billing uses the same currencies as revenue with one exception. Billing has one more currency, the invoice currency. When generating [...]
Like my post on using multiple currencies in Project Costing, I would like to use an example to explain how currencies work during revenue generation. For revenue, you can have up to six currencies. These currencies are project functional, project, agreement, bill rate schedule, billing event, and billing transaction. For my revenue example, I will [...]
I think the best way to explain how the Oracle Project Cost module uses currencies in a global project is with an example. In my global project example, we’ll have three operating units (US, UK, and Finland). Since the project is lead from the US, we’ll setup the project in the US operating unit. This [...]
Step 3: Finding permanent and timing variances To find permanent and timing variance, we need to understand the processes for each type of flow. The figure and tables below detail how the accounting flows for cost categories and the variances you could find when reconciling. Uncosted and Costed Flow Variances for Uncosted and Costed Sources [...]
Step 2: Comparing balances at the GL source and category level Now that you have an apples-to-apples comparison for your project and GL information, what happens when you still have a variance? Then you need to go down one more level and add the GL source and category to both sets of data. This will [...]
Step 1: Getting an apples-to-apples comparison Let’s get started on step 1 by looking at the common data elements in financial reporting and project reporting. Here is where we will add the information that is typical to a financial report to the information that is typical to a Projects report. This will give us a [...]
You are reviewing reports from both Projects and the General Ledger. You discover that sometimes the reports equal but other times they do not. You would like a checklist and some guidelines to solve this puzzle. You can put together the pieces of the puzzle by first understanding the flow of accounting entries to and [...]
