Deltek Vantagepoint Help

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Timesheets

Use Timesheets as the basis for all labor costing and billing. Usually, timesheets are entered at the same frequency as payroll, such as weekly or monthly. To be able to generate accurate and up-to-date costing reports, you can enter timesheets more often.

Posting

When all of your employees' timesheets for a selected labor period have been submitted and approved, you are then ready to post the timesheets to your database.

Before you post timesheets for a selected labor period:

  • The data on all submitted and approved timesheets must be accurate.
  • Close the labor period to prevent users from making any changes to their timesheets.

When timesheets are posted, Vantagepoint:

  • Debits the direct or indirect labor account set up for the labor type. (For example, in the Standard Chart of Accounts for a regular employee, Vantagepoint debits account 602.00 - Direct Labor - Employees or 702.00 - Indirect Labor - Employees.)
  • Credits the job cost variance account set up in your Chart of Accounts. (For example, in the Standard Chart of Accounts, Vantagepoint credits account 703.00 - Job Cost Variance.)
  • If applicable, updates the time taken for benefit accrual plans (for example, vacation, sick, and personal time).
  • Recognizes multiple cost rates and effective dates if the cost rate option is selected.
  • Adds new employee records to the Employees hub if Payroll is installed but there is no record for the employee.
  • When you post time for a salaried employee, Vantagepoint computes a standard hourly job cost rate for the employee based on the amount entered in the Cost Rate field of their Employees hub record.

Posting Log

In addition, Vantagepoint generates a general ledger summary for timesheets. This reports lists the general ledger accounts that were affected by the posting.