Enter Project Group

Explanation

Use this activity to enter information for a project group. The term project group can be used in more than one way. For example, it can be used for groups of projects of the same type and projects that must use the same reposting rules. You can also use the project group as a control type in the posting control. Applicable information entered for the project group will be used as default values when new projects are created, based on a project group. 

Prerequisites

The Project Accounting code part function must have been specified for one code part in the Define Code String window. To be able to enter project series, these must have been specified in the Project Series window.

System Effects

As a result of this activity, you can enter information for a specified project and connect it to the project group. All applicable information will be used as default values when new projects are created. 

Window

Project Groups

Related Window Descriptions

Project Groups

Procedure

  1. Create a new record.
  2. Enter an ID in the Project Group field and a corresponding description in the field to the right.
  3. Enter the project series ID to enable automatic allotment of project IDs. This value is required if the project is to be created from IFS/Customer Orders. 
  4. Enter the Capitalization posting method.
  5. Save your changes.
  6. On the Project Information tab, create a new record and select the project type from the Project Type list.
  7. Select the Revenue Recognition Method.
  8. Enter Default Reposting Rule if needed.
  9. Save your changes.

For the project origin job, continue with the following steps:

  1. For projects with the project origin Job, you can enter information in the Job Information tab. Click the Job Information tab.
  2. Enter the user group and voucher type that will be used at project completion.
  3. Select the Default Project Group for Jobs check box. This is mandatory if the project is to be created from IFS/Customer Orders.
  4. Select the Close at Final Invoicing check box if the job should be closed automatically after final invoicing. This check box can be selected only when the Status of the project group is Active.
  5. Save your changes.

For the revenue recognition method POC Income First or POC Revenue First, continue with the following steps:

  1. Enter the POC method, project progress method, and the revision accounting method to be used.
  2. Select Apply 0% Margin until POC check box and define the POC limit if 0% margin need to be applied for a project until reaching a specified POC.
  3. Save your changes.

If the revenue recognition method is Event Based, events should be defined at project level.

Note: All above steps need to be followed for each ledger if the Separate GL/IL Rules check box is selected for the Project Group.