Setting up beginning balances in project accounting?

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Posted on by jakorsme

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How can I setup beginning balances (like billed to date info), in contracts, projects, for our fiscal year, without having to manually create a million timesheets?

Thanks,

John

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Community Member Microsoft Employee on at

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Re: Setting up beginning balances in project accounting?

Hi John,

There are a couple of options:

Create 'legacy' cost categories and create one entry for the carryforward amounts and bill

Create a miscellaneous log entry and bill

Create SQL scripts to update the pertinent tables with the carryforward summary transaction amounts

Combinations of above.

I have used all options with success. There are pros and cons to each option but PA is flexible enough to allow these options.

The deciding factor is how you wish to have the amounts posted to the GL accounts and, for ongoing Project reporting, how you prefer the amounts to be portrayed. The key to remember is that, at project close, you want the amounts to clear off the balance sheet correctly and entirely.

Utilization of test environment is recommended for all options including test closure of legacy projects.

Regards,

Hugh