Overview:
The Job Status is used to help track projects in process, on hold, and completed. The Status can be used to close transaction types, to prevent additional costs from impacting the job.
This process walks through the steps required to successfully close, or re-open a job. When a job is closed, by default, PENTA will not allow any additional costs to post to the job. Also, during the next revenue recognition process, PENTA will adjust the calculated earned revenue amount to match what has been billed to date, assuming the following are true:
- The effective date of the job closed status is on or prior to the date the revenue recognition process was run
- No future dated costs and/or billings exist on the project after the revenue recognition date
Statuses:
- Active – For projects with current activity or expected activity in the near future.
- Inactive – PENTA prevents the entry of all accounting entries. Use this Status to temporarily prevent accounting entries on the Job. (The “Closed” status provides a more permanent way to prevent accounting entries on the Job.)
- Closed – Permanently closes a project. PENTA updates the Status from Closed to Delete during the next revenue recognition process, assuming no current processes or future transactions exist for the closed Job. If System Option 229 (“Auto Close Job Transactions”) is Y, PENTA automatically closes all transactions associated with the project.
- Delete – You cannot assign this Status to the Job, as the revenue recognition process automatically assigns it to the Job. As PENTA changes the Status from Closed to Delete, it also sets Earned Revenue equal to Total Billings—thereby removing any value in the Over or Under Billing account.
Benefits:
- Sets Earned Equals to Billed when Closed
- Job Status can be used on Reporting to include/exclude data when analyzing performance, metrics, etc.
- Stops additional transactions from being charged to the job when Closed
Roles:
- Project Manager/Coordinator
- Controller
Additional Content
Location:
- Project Management > Jobs > Job Information
Video: