Entering Opening Actuals Balances

To enter opening actuals balances:

1. Open Project and Job Costing > PJC Transactions > Opening Balances.

2. Click the New button beside the Document Number field.
3. In the Status field, accept New, and then enter information in the other fields above the table.
4. Click the Detail button.

   The Detail Opening Balance screen appears.

5. In the Opening Type field, select Actuals.
6. Enter the following general information for the detail you are entering:
   • Contract / Project
   • Actuals Type (if available)
   • Category / Resource (if available)
7. Use the detail entry table to enter opening balance amounts for the detail. The columns that appear in the detail table depend on the project style, project type, accounting method, and (for fixed price and cost plus projects) the actuals type.
   1. In the Actuals column, in the Total Revenue field, enter the amount of revenue recognized in your previous job-costing system for this project level. If you previously entered an opening revenue balance for this project level, the program overwrites the existing revenue amount when you post the opening balance document.

      If you use multicurrency, you enter revenue amounts in your functional currency and in the customer currency.

      For time and materials projects and fixed price projects that use the billings and costs or accrual-basis accounting method, you enter the amount less any revenue that was not billed in your old system.

   2. For time and materials projects and for fixed price projects that use the billings and costs or accrual-basis accounting method, also enter for the specified project level:
      • The amount of any unbilled revenue in the Remaining To Be Billed field.
      • Cost balances (quantity, extended cost, overhead amount, and, for labor categories, the labor amount).

      In a multicurrency system, you enter cost amounts in your functional currency.

   3. Click the Add button to add the detail.
   4. If you are entering balances for a project that tracks revenue and costs at different levels, enter cost balances for each project category or project resource (depending on the project style), as follows:
      1. Click the New button beside the Line Number field.
      2. Select Actuals as the opening type.
      3. Specify the contract and project, as you did when entering revenue balances.
      4. Select Cost as the actuals type.
      5. Enter the cost balances for the category or the resource (quantity, extended cost, overhead amount, and, for labour categories, the labor amount).
      6. In a multicurrency system, you enter cost amounts in your functional currency.
      7. Click Add to add the detail.
   5. If you want to enter additional actuals balances, click the New button beside the Line Number field to start a new detail.
8. Click Close to return to the Opening Balances screen.
9. Click Add (or Save) to add the opening balance document.

   You can use the Opening Balances screen to recall the document and modify the opening balances, until you post the document.

10. Click Post when you are ready to post the document.