Costpoint Online Help

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Percent of Costs

If you want to recognize COGS based on a percentage of costs, select this calculation method and complete the Percent of Estimated Costs field.

Costpoint multiplies the percent entered by the Estimated Costs field to arrive at the COGS. If you enter the same total cost amount that is displayed in the Project Values group box, Costpoint assumes that you want this field to equal the amount of modifications that were entered for this project, and it is updated whenever you enter a new modification. If you enter an amount that is different from the total cost amount, Costpoint does not automatically update whenever a new modification is entered, and you must update this field manually. Make any modifications to the Estimated Costs or Percent of Estimated Costs fields before computing the COGS entry.

Each time you execute the Create Cost of Goods Sold Entries screen, the balance of the general ledger account designated with the WIP TRANS OUT Function Code for that project's account group is summarized for the fiscal year, including the beginning balance, up to and including the period of calculation. This amount, which is the COGS already posted Inception-To-Date, is subtracted from the COGS calculation amount to arrive at the amount to post. The owning organization of the project is used for calculation and posting purposes. Because this method is not dependent on billings, you can enter it at any level.

Example:

100,000      Estimated Costs
x .30      Percent of Estimated Costs
 30,000      COGS Calculated
30,000      COGS Calculated
- 12,000      "WIP Trans Out" G/L Account Balance
 18,000      Amount of COGS to Post

When using the Percent of Costs method, you can compute the COGS entry at any time (the Create Cost of Goods Sold Entries screen). After posting the COGS entry, run the Compute Burden Costs screen again, followed by Compute Revenue screen. If you want a WIP Project Status Report, you must run the Update Project Status Report Table screen before printing the report.