Project Balance Sheet—Initial Exercises

Basic Data Setup

Project Code Part

Purpose: The purpose of this exercise is to show you how to set up a project code part for your company.

Windows:
Define Code String

  1. Open the Define Code String window and enter the code part Project.
  2. If IFS/General Ledger is installed, in the Code Part Function field select Project Accounting from the list.
  3. In the Logical Code Part field select Project from the list.
  4. Set the code part Account (code part A) as the base for project cost/revenue elements.
  5. Save your changes.

General exercise for Chart of Accounts

Project Group

Purpose: The purpose of this exercise is to show you how to create a project group in the general ledger.

Windows:
Project Groups

  1. Open the Project Groups window and create a project group with the required project type.
  2. Save your changes.

General exercise for Project Accounting

Site

Purpose: The purpose of this exercise is to show you how to enter a site and connect it to your user.

Windows:
Sites per User

  1. Open the Site window and enter a new site.
  2. Open the Sites per User window and connect the site to your user.

General exercise for Site

Create and Approve Engineering Project

Purpose: The purpose of this exercise is create an engineering project.

Windows:
Projects
Project
Project Navigator

  1. Create a project and connect it to the site you created in the previous exercise.
  2. Approve your project.
  3. Create a subproject and an activity.
  4. Release the activity.

General exercise for Creating Projects
General exercise for Building a Project Plan
General exercise for Approving and Starting Projects

Create an Account and set to Exclude Project Follow-Up

Purpose: The purpose of this exercise is to enter a new account and to set it to Exclude Project Follow-Up.

Windows:
Account

  1. Open the Account window and create a new record.
  2. Click the Basic Data tab and enter the following details. You can modify the information as required.
Accountnt Description Account Type Account Group Exclude Project Follow-Up
2850 Accrued Rent LIABILITIES 280 Select
  1. Save.

General exercise for Chart of Accounts

Connecting Project Cost Elements to Account

Purpose: The purpose of this exercise is to connect project cost elements to code part Account.

Windows:
Project Cost/Revenue Element per Code Part Value

  1. Open the Project Cost/Revenue Element per Code Part Value window. 
  2. Query for 5110 account (or the account for which you want to change project cost element connections).
  3. Enter a cost element in the Project Cost/Revenue Element field, or use the List of Values to select one of the company's project cost elements.

Note: Accounts set to Exclude Project Follow-Up cannot have cost elements connected to them. Similarly accounts which have the cost elements connected to them cannot be marked for project follow-up. However, It is possible to connect the same cost element to several accounts.

General exercise for Setting Up Project Cost/Revenue Elements

Main Exercise

Journal Entry to Account Set to Exclude Project Follow-up

Purpose: The purpose of this exercise is to show you the different voucher entry requirements when vouchers are posted to accounts set to Exclude project follow-up and those that are not.

Prerequisite: Cost elements need to be connected to the accounts that report project cost.

Windows:
Voucher Entry

  1. Open the Voucher Entry window and create the following records. 
Account Debit Amount Credit Amount Project Proj Activity Seq No.
511010 100   Select your project from the List of Values Select your activity from the List of Values
2851   100 Select your project from the List of Values Select your activity from the List of Values

  1. Save.

Note: The account which has the Exclude Project Follow-up check box selected cannot have a value in the Project Activity Seq No field, and it will not report project costs. Accounts that are not set to o Exclude Project Follow-up are validated for an activity sequence number when posted to an engineering project.

Main Exercise - View Project/Activity Cost

Purpose: The purpose of these exercises is to show you how project cost are reported on to an activity from a voucher row.

Windows:
Project Navigator/Activity

  1. Open the Project Navigator window and query for your project.
  2. In the Navigator, select the activity you used in the previous exercise and click the Activity tab in the header area.

Note:e: A used cost of 100 is reported for the activity on the cost element you connected to 5110 account.

  1.  Select the Connections tab. (Note that only one voucher row is displayed as a project connection.

Note: Accounts set to Exclude Project Follow-up do not create project connections from the voucher rows posted with a project ID.