Create Subcontractor Accruals
Use this screen to create subcontractor accrual journal entries for open subcontractor timesheets and expenses.
This process generates self-reversing journal entries (JE) for open subcontractor timesheets and expenses as of the month-end close date, allowing you to record subcontractor work hours and costs before timesheets and expenses are signed or approved.
On the Configure Subcontractor Accruals Settings screen, you can specify which subcontractor amounts to accrue and select the period for which these amounts are accumulated. Costpoint posts the subcontractor accrual JE to the appropriate project/account/organization and reverses it when the next Reversal Adjusting posting for the next period/subperiod or the first subperiod of the next accounting period occurs.
You can run the accrual process multiple times in a given period or subperiod. Multiple accrual JE transactions across periods or subperiods can be open at the same time. Costpoint adds the created subcontractor accrual JEs to the Manage Journal Entries application as an adjusting journal entry type.