Manage Project Beginning Balances
During system setup, use the Project Beginning Balances screen to initialize the beginning balances in the general ledger for project account/organization combinations. (Use the Manage Non-Project Beginning Balances screen to initialize non-project beginning balances.)
Before initializing beginning balances, you must first set up your accounts, organizations, and projects on the Manage Accounts screen, Manage Organization Elements screen, and on the Basic Info tab of the Manage Project User Flow screen, respectively, and link account/organization combinations to projects.
If you are initializing Costpoint at the beginning of the fiscal year, enter balances only for project balance sheet accounts. If you are initializing later in your fiscal year, enter only beginning-of-fiscal-year balances in this screen. Do not enter a "beginning" balance amount as a starting balance for your Costpoint activity that is actually a mid-year account balance. If you initialize mid-year, use adjusting journal entries to establish year-to-date activity amounts for project balance sheet accounts. (Initialize year-to-date balances for project income statement accounts with adjusting journal entries also. That is necessary so that the rate calculation programs can recognize and include the balances in the calculations.)
After you enter beginning balances during initialization for both non-project and project accounts, generate the Trial Balance report or General Ledger Detail report to verify that amounts were entered correctly. Once initialization is completed, restrict access to this screen. Thereafter, use it to make post-year-end adjustments to non-project beginning balances.