Use this screen to create the Cost Transfer Journal Entry. When the cost of a project is charged to the performing organization(s) and the revenue is collected by the owning organization, a mismatching of revenue and expenses appears on income statements printed by organization. This application creates a journal entry that will reallocate the cost from the performing organization to the owning organization. Once you have posted the journal entry, you can print, by organization, income statements that accurately match costs and revenue.
You must designate which accounts will be used to transfer the costs before creating this journal entry. You should have entered the accounts to be used for direct cost transfer in the Financial Statement Mappings screen (Accounting\Maintain\Financial Statements), and indirect costs in the Cost Pools screen (Projects\Maintain\Allocations). You should also have linked the transfer accounts to the proper organizations and to their respective financial statement lines.
You can select the ending subperiod this journal entry will encompass. You can also select the rate type, actual or target, at which costs will transfer. The entry will calculate on a YTD, reversing basis. The reversal of the journal entry will be inserted in the first open subperiod of the next period.
Note that you should create the Cost Transfer Journal Entry only once for a given period. If you need to create a second journal entry for the same period, you must determine whether the first journal entry has been posted. If the first journal entry has not been posted, use the Enter Journal Entries screen (Accounting\Transactions\Journal Entries) to delete it and create the journal entry again. If the first journal entry has been posted, execute the Reverse Posted Journal Entry screen (Accounting\Process\General Ledger) to delete it. After deleting the reversal of the first journal entry in the next period, create the journal entry again.
Use this process after you have completed all closing procedures for the period.
Use the fields in this block to create a new parameter ID or to retrieve a previously saved parameter ID. A parameter ID represents a set of screen selection parameters. Once you have saved a parameter ID and its related parameters, you can retrieve them using Query.
You can use the retrieved parameters to produce reports and run processes more efficiently and with greater consistency. Many users save a unique set of parameters for each different way they run a report or process. If you select a previously saved parameter ID or parameter description, the associated saved screen selection parameters will automatically display as selection defaults. You can change any of the associated selection defaults as necessary.
Enter, or use Query to select, a parameter ID of up to 15 alphanumeric characters. You should choose characters for your parameter ID that help identify the type of selections you made in the screen, such as “PERIOD” or “QUARTERLY.”
When you save your record, all the selections made in the screen are stored with the parameter ID. Later, you can retrieve the parameter using Query.
You can use the parameter to produce reports and run processes more efficiently because you can select the parameter ID with its previously defined screen selections. Once the default selections display in the screen, you can override the defaults as necessary.
Enter, or use Query to select, a parameter description of up to 30 alphanumeric characters.
Use this group box to select the period for which the journal entry should be created.
Accounting Period
This non-editable field displays the "One" option. This is because you can only run this process for one accounting period at a time.
Enter, or use Lookup to select, a valid fiscal year for which you are creating the Cost Transfer Journal Entry.
Enter, or use Lookup to select, a valid period for which you are creating the Cost Transfer Journal Entry.
Enter, or use Lookup to select, a valid subperiod for which you are creating the Cost Transfer Journal Entry.
This non-editable field displays the ending date of the subperiod in the Subpd (Start) field.
Use the fields in this block to select the rate type that should be used in the transfer. You should select the rate type that was used when revenue was posted for the period.
Use the field in this group box to select the rate type that will be used to calculate the indirect cost that will be reclassified. These rates will be taken from the Pool Rates subtask of the Cost Pools screen (Projects\Maintain\Allocations). If you select the "Actual" option in the Rate Type field, make sure that you have calculated rates for the period entered. If you select the "Target" option, make sure that you have entered the rates for the period entered.
Select a rate type with which you want to calculate the indirect costs for the transfer. The following options are available:
Actual- Select this option to transfer indirect costs at actual. You must be certain that you have calculated rates for the period entered in this screen. The actual rate for this calculation is taken from the Pool Rates subtask of the Cost Pool screen (Projects\Maintain\Allocations).
Target - Select this option to transfer indirect costs at target. You must be sure that you have entered target rates in the Pool Rates subtask of the Cost Pools screen.
* A red asterisk denotes a required field.
Changes to this screen update the GL_POST_SUM (General Ledger Posting Summary) tables.