Closing a Project

Overview

Before you start

  • Verify that all the work your company has undertaken for this project has been completed.
  • Process any invoices outstanding, including retainage invoices. (If you close a project that has invoices outstanding, you must reopen the project if you want to post the invoices, later. )

To close a project:

  1. Mark the project Completed, as follows:
    1. Open Project and Job Costing > PJC Transactions > Contract Maintenance.

      Click here for help on the fields on the Contract Maintenance screen.

    2. In the Contract field, type the contract number or use the navigation buttons or the Finder to display the contract to which the project belongs.
    3. On the contract Tree, click the number for the project you want to close.

      To display the Tree view, from the File menu, click Show Tree.

    4. On the Project tab of the Project Maintenance screen, change the status of the project you want to close to Completed.
    5. Click Save under the Project tab to save your change.
    6. Click Save on the Contract Maintenance screen to save the contract.
  2. Use the Create Revenue Recognition Worksheet to recognize revenue for a range of projects that includes the one you want to close.
  3. Display the worksheet in the Revenue Recognition Worksheet screen, then click Post to post the entries. The program displays a message, asking if you want to confirm closure of each project separately, or only for projects whose revenue exceeds the estimate, or close all projects without confirmation.
    1. Select whether or how to confirm closure of the projects, then click OK.
    2. If you selected an option to confirm closure, the program displays a message for each project until it has finished closing projects, unless you subsequently select the option to close all projects.
    3. Click Yes to mark the project, or projects, Closed.

    When you post the revenue recognition worksheet, click Yes when asked whether you want to close the project.