to select, the starting project to include
on the journal entry. If you select All
or From Beginning in the Range
Option field, this field will be inactive.Use this screen to compute the Cost of Goods Sold (COGS) transfer journal entry. This entry transfers the Work In Process (WIP) project costs, which have been recorded per your setup, from the Balance Sheet to the Income Statement. These WIP costs are stored on the Balance Sheet until they are transferred to the Income Statement as COGS.
The timing of this process depends on your company's setup of the Cost of Goods Sold screen (Projects » Project Setup » Revenue Setup) for each project. In that screen, if you have selected Billed Amount, Estimate at Completion as the Calculation Method, create this journal entry after posting your bills. Execute the Compute Burden Cost screen (Projects » Cost and Revenue Processing » Project Cost Processing) after creating and posting the COGS journal entry. If you have selected an Estimate to Complete method, you should post bills and compute the burden before creating the COGS journal entry. This ensures the WIP costs have been updated for inclusion in the COGS entry. Run the Compute Burden Cost screen again after posting the COGS entry.
Use this group box to select the projects for which you will compute the cost of goods sold entry.
Enter or select the range of projects to include on the journal entry. Valid options are:
All
One
Range
From Beginning
To End
Enter, or use to select, the starting project to include
on the journal entry. If you select All
or From Beginning in the Range
Option field, this field will be inactive.
Enter, or use to select, the ending project to include
on the journal entry. If you select All,
One, or To
End in the Range
Option field, this field will be inactive.
Use this group box to identify the ending period you would like to use in the computation of the journal entry.
Use the drop-down list to select the ending fiscal year you want to use in the computation of the journal entry.
Use the drop-down list to select the ending period you want to use in the computation of the journal entry. Amounts incurred in periods up to and including this period are included in the journal entry.
Use the drop-down lists to select the ending subperiod you want to use in the computation of the journal entry. Amounts incurred in subperiods up to and including this subperiod are included in the journal entry.
Use the options in this group box to select the rate type you want to include in the journal entry. This selection should be consistent with the rate type used to post revenue. This selection is not used in the creation of the COGS journal entry unless the COGS Calculation Method is Billed Amount, Estimate at Completion, as selected in the Cost of Goods Sold screen (Projects » Project Setup » Revenue Setup). This rate will be used in the computation of indirect costs.
If you select this option, Costpoint will use the actual rate from the Pool Rates subtask of the Cost Pools screen (Projects » Cost and Revenue Processing » Cost Pool Setup) to calculate the indirect costs. Be sure that you have calculated indirect rates for the period entered.
If you select this option, Costpoint will use the target rate from the Pool Rates subtask of the Cost Pools screen (Projects » Cost and Revenue Processing » Cost Pool Setup) to calculate the indirect costs. Be sure that you have entered the indirect rates for the period entered in the Pool Rates subtask.
Click the Compute COGS Transfer JE icon on the toolbar to create the journal entry in accordance with the entered parameters. After you start the process, the system will display a message stating that, if a journal entry number does not appear before the processing ends, the application will not create a journal entry. After you click OK, the entry will be created, and a message will display the entry number. You can then review and post the journal entry, as usual, in the Post JEs screen (Accounting » General Ledger » Journal Entry Approvals and Posting).