Process Project Accounting Process

The Process Project Accounting process selects transactions from the Project Transaction table based on accounting rules, and translates transaction amounts into the appropriate base currency that is specified for the GL business unit. If necessary, the central processor in PeopleSoft General Ledger creates interunit entries.

Use the Process Project Accounting process to apply accounting rules and generate:

  • Cost entries from transactions with analysis types that belong to the Accounting Costs analysis group (PSCST).

  • Revenue entries from transactions with analysis types that belong to the System Revenue analysis group (PSREV) or the GC (Government Contracting) System Revenue analysis group (PSRV2).

    Additionally, the transaction line must be linked to a contract line where the revenue plan is in a status of Ready or In Progress.

  • Purchase/sold time, shared discounts, and shared revenue entries with analysis types that belong to the Sharing analysis group (PSTDR).

Note:

The Contracts to Project Costing Application Engine process (PC_CA_TO_PC) picks up the revenue accounting rows for amount-based contract lines with associated project activities. The amount-based revenue rows in Project Costing are for project tracking and comparison purposes and are not sent to PeopleSoft Billing or PeopleSoft General Ledger.

If the transaction currency is different than the GL base currency when performing currency translations for:

  • Cost transactions, the system uses the currency effective date that is specified on the transaction.

  • Revenue-related transactions, the system uses either the accounting date or the transaction date as the currency effective date, based on the Currency Conversion Date option that is specified on the Installation Options - Contracts page.

  • Billing-related transactions, the system uses the invoice date as the currency effective date.

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