Use the Create Purchase Order Accruals screen to post PO (purchase order) amounts to the general ledger before the actual payable is posted by voucher distribution.
A PO is a document that represents written authorization which allows a vendor to ship products to a company at a specified price.
This process generates a self-reversing journal entry from the summary purchase orderPO commitments calculated for the period-end date that coincides with the selected accrual period. This will allow you to record your purchased and received amounts on your financial statements without waiting for the entire payables process to be performed. This also allows some users to progress-bill their customers for these same items.
In the Purchase Order Accrual Settings screen, you can specify which commitment amounts are to be accrued and select the period for which these amounts are to be accumulated when the process is executed. This journal entry will be posted to the proper project/account/organization, and will be automatically reversed when the next Reversal Adjusting posting for the next subperiod or the first subperiod of the next accounting period occurs. The accrual process can be run multiple times in a given subperiod/period. Multiple accrual journal entry transactions across subperiod/periods can be open at the same time. Only one user at a time can run this process.
You must initialize the Fiscal Years, Accounting Periods, and Subperiods screens before creating PO (purchase order) accruals in this application.
Use this screen after you have identified the PO commitment amounts that must be accrued in the Purchase Order Accrual Settings screen and after you have calculated PO commitments in the Compute and Print Commitments screen in Costpoint Purchasing before creating accruals in this application.Execute this screen whenever purchase order accruals need to be created.
Use the fields in this group box to determine when the accrual liability will be posted.
Enter, or select from the drop-down box, an open fiscal year for this PO (purchase order) accrual. This will determine the accounting period in which this purchase orderPO accrual will be posted.
Enter, or select from the drop-down box, an open period for this PO (purchase order) accrual. The period selected must be open for the fiscal year selected. This will determine the accounting period in which this purchase orderPO accrual will be posted.
Enter, or select from the drop-down box, an open subperiod for this PO (purchase order) accrual. The subperiod selected must be open for the fiscal year and period selected. This will determine the subperiod in which this purchase orderPO accrual will be posted.
To have the system automatically assign the next available journal entry number, tab over this field. When the entry is saved, the system will use the next available journal entry number. If you want to manually assign the journal entry number, enter the desired number in this nine-character numeric field. Once you have manually entered a number can created the JE accrual, the system will start automatically numbering from the last number used (the journal entry number used for creating this entry).
The system date and time of the last purchase commitment calculation for the selected fiscal year/period/subperiod will be displayed here; it cannot be changed in this screen. Note that this information will change depending on your Fiscal Year/Period/Subperiod selection.
Select this checkbox to have the journal entry created from this accrual be a billable journal entry. The system default leaves this checkbox blank.
When you post this journal entry in the Post JEs screen, this journal entry transaction will be copied to the Open Billing Detail table within the system. The Open Billing Detail table is a system-accessed table that contains transactions from journal entries that eventually appear on a bill.
In Costpoint Billing, the corresponding flag, Update Open Billing Detail, is copied to the Journal Entry History tables and, for reversible entries, it is copied to the reversing journal entry.
Select this button on the toolbar to execute the actual accrual process. This will provide a printout of the journal entry created and create the actual journal entry.
Changes to this screen update the JE_HDR (Journal Entry Header) and JE_TRN (Journal Entry Transaction) tables.