CREATE SUBCONTRACT PURCHASE ORDER RETENTION ACCRUALS

Use this screen to create subcontract purchase order retention accruals journal entries so you can post them to the general ledger as a liability. You can also use this screen to progress-bill customers for retention on completed work and stored materials if the Billable check box is selected.

This process creates a self-reversing journal entry to accrue amounts against the subcontract purchase order lines' project/account/organization. If the purchase order line has multiple account distribution rows, Costpoint distributes the amounts based on the allocation percentages specified on the Manage Purchase Orders screen. They are automatically reversed when the next Reversal Adjusting posting occurs for the next subperiod or the first subperiod of the next accounting period. Costpoint stores this subsequent posting of fiscal year/period/subperiod information in the Reverse Journal Entry (JE_RVRS) table when you run the accrual process.

The retention amounts are also credited against a retentions payable account/organization specified on the Configure Purchase Order Accrual Settings screen. You can also use that screen to credit the retention accrual liability to the organization associated with each purchase order line (instead of one specific organization), in which case Costpoint verifies that valid retention account/organization combinations exist.

You can run the accrual process multiple times in a given period or subperiod. Multiple accrual journal entry transactions across subperiods or periods can be open at the same time.

Only one user at a time can run this process.

Location

Identification

Use the fields in this block to create a new parameter ID or to retrieve a previously saved parameter ID. A parameter ID represents a set of screen selection parameters. After you have saved a parameter ID and its related parameters, you can retrieve them using Query.

You can use the retrieved parameters to produce reports and run processes more efficiently and with greater consistency. The saved parameters are also useful and necessary when you want to run the process as part of a batch job. Many users save a unique set of parameters for each different way they run a report or process. When you select a previously saved parameter ID or parameter description, the associated saved screen selection parameters automatically display as selection defaults. The page setup and print options are also included in the saved parameter ID if there are any. You can change any of the associated selection defaults as necessary.

Parameter ID

Enter, or click to select, a parameter ID of up to 15 alphanumeric characters. Choose characters for your parameter ID that help identify the type of selections you made in the screen, such as PERIOD or QUARTERLY.

When you save your record, all the selections made in the screen are stored with the parameter ID. Later, you can retrieve the parameter using Query.

You can use the parameter to run the process more efficiently because you can select the parameter ID with its previously defined screen selections. After the default selections display in the screen, you can override the defaults.

Description

Enter, or click to select, a parameter description of up to 30 alphanumeric characters.

Selection Ranges

Accrual Period

Use this block to select the fiscal year, period, and subperiod for which you want to create subcontract purchase order retention accruals (for completed work and stored materials). Costpoint verifies that the period is open and available for adjusting journal entry (AJE) transactions.

Fiscal Year

Enter, or click to select, the fiscal year for which you want to create subcontract purchase order retention accruals. The status of the fiscal year must be Open.

Period

Enter, or click to select, the accounting period for which you want to create subcontract purchase order retention accruals. The status of the period must be Open.

Subperiod

Enter, or click to select, the subperiod for which you want to create subcontract purchase order retention accruals. The status of the subperiod must be Open.

Ending Date

This field displays the ending date of the subperiod.

Generate

Journal Entry Number

If you want to assign the journal entry number yourself, enter a number. If you assign the number, Costpoint uses that as the last used journal entry number when it assigns numbers to subsequent journal entries.

Leave this field blank if you want Costpoint to assign the next available journal entry number when you create the accrual.

Delete Existing Unposted Accrual

Select this check box to remove unposted accrual amounts for the subperiod specified by your entries in Fiscal Year, Period, and Subperiod.

Create Additional JE to Change Posted Accrual

Select this check box to document modifications to a posted purchase order retention accrual. Any modifications result in an additional entry in the general ledger.

Billable

Select this check box if you want the journal entry created for this accrual to be a billable journal entry so you can progress-bill customers for the retentions for completed work and stored materials.

When you post the journal entry on the Post Journal Entries screen, Costpoint copies the journal entry transaction to the Open Billing Detail table, which contains journal entry transactions that eventually appear on a bill.

Create Subcontract PO Retention Accruals

To create subcontract purchase order retention accrual journal entries based on the processing options you selected, click Create Subcontract PO Retention Accruals or Print/Create Subcontract PO Retention Accruals on the Action menu.

The process generates a journal entry for the retention amounts in all subcontract purchase order lines based on the status update transactions dated within or earlier than the selected fiscal year/period/subperiod. Subcontract purchase orders with a status of Void or Pending are excluded from the calculations.