Posting Time Transactions
For information on the availability of Job Costing and Project Budgeting, please contact your account representative.
After you have defined and assigned your project expense types and set your default project cost variance account, you can begin posting time transactions. When a time transaction is saved and approved, it is available for posting. When you are posting time for Job Costing, the default preference for grouping the journal entries is by project. You can also set a company-wide preference for grouping journal entries by employee, class, department, or location.
If you don't enable the Intercompany Time and Expense feature (Setup > Enable Features > Accounting > Intercompany Time and Expense), the post Time page can contain limitations such as displaying your subsidiary records only.
To set preferences for job costing and project budgeting:
-
Go to Setup > Accounting > Accounting Preferences.
-
Click the Projects subtab.
-
Under the Post Time, in the Group by Field, select how you want to group the job costing journal entries.
-
When you have finished, click Save.
When posting time for job costing, the selected task record determines the labor cost for posted time transactions. When creating a project task, you must assign each employee who works on the task with a labor cost. The employee labor cost can be overridden first at the project level and then the project task level, if desired.
To post time transactions:
-
Go to Transactions > Financial > Post Time.
-
If you want to update the Project Cost Variance Account list, select a different account from the list. By default, it is populated with the selected default project cost variance account. See “Setting the Default Project Cost Variance Account” for more.
-
In the Posting Period field, select an open accounting period.
NetSuite dates each created journal entry with the date of posting. Depending on your company’s accounting settings, it may be possible to post time for transactions outside the selected period.
Note:If your company uses the Require Approvals on Journal Entries preference, the Posting Period field is not available.
-
To filter the list of time transactions, do any of the following:
-
In the Employee field, select an employee.
-
In the Date field, enter or select a date.
-
-
To view any time transaction:
-
Click on the date of the time transaction.
-
To return to the Post Time page, click Back.
-
-
Check the box in the Post column for each time transaction you want to post.
Note:You can select all time transactions on the current page by checking the Mark All box at the top of the column. If you have multiple pages you want to post, after checking Mark All, check the Select all time entries box to post all available time transactions.
-
When you have finished, click Submit. A status page appears.
-
Click Refresh to update the status.
After a time transaction has been posted, you can view the journal entry at Transactions > Financial > Make Journal Entries > List. Posted time is used to calculate labor cost when determining project profitability. For more information, see Project Profitability Report.
Journal entries created from posting time are stamped with the date and time they are posted, not the date and time of the original time transaction entry.
Searching for Time Transaction Journal Entries
You can search journal entries to determine which entries were created by posting time transactions.
To search for time transaction journal entries:
-
Go to Transactions > Financial > Make Journal Entries > Search.
-
Check the Use Advanced Search box.
-
On the Criteria tab, in the Filter field, select Posted Time. A popup window appears.
-
In the Time field, select none of. Click the arrow button Next to the multiple select field.
-
Select ‒None‒ and click Set
-
Click Submit to run the search.
NetSuite displays a list of all journal entries created from time transactions.
Manually Marking Time as Posted
On time transactions, a Posted field is available. You can mark this field manually or automatically by posting time. The Posted field is visible only to roles with the Post Time permission.
Manually marking a time transaction as posted should be used only for time transactions that have been previously accounted for and then imported into NetSuite. Any new time transactions created in NetSuite should be posted through the Post Time page at Transactions > Financial > Post Time.
The Posted field is displayed on approved time entries in edit mode when the time is associated with a project. The field is available for customization, SuiteScript, searching, and SuiteFlow. If you check the Posted field, the status of the time transaction changes to Posted. The transaction is no longer available for posting and it appears on the Void Time page. Manually checking the Posted box on a time transaction does not create a corresponding journal entry. Voiding a manually checked time transaction clears the Posted box.
When you use Charge-Based Billing, you can no longer edit the time transactions associated with charges. With Time Tracking, there is a new Mark as Posted button available in view mode to manually mark a time transaction with charges as posted. You can click the Void button on manually posted time transactions to clear the Posted box.
The Mark as Posted and Void buttons are available only with Time Tracking.
Voiding Time Transactions
After you post the time transactions, you can no longer edit or delete them. To make changes or delete an already posted time transaction, you must void the time posting.
If several time transactions were posted with a single journal entry, and you void that journal entry, all associated time transactions become voided.
To void a time transaction posting:
-
Go to Transactions > Financial > Void Time.
-
If your company uses reversing journals, select an accounting period in the Posting Period field.
Each reversing journal entry created is dated with the date of posting. Depending on your company’s accounting settings, it may be possible to void time for transactions outside the selected period.
-
In the Employee field, you can filter the time transactions by selecting an employee.
-
Check the box in the Void column for each transaction you want to void.
-
Click Submit.
NetSuite displays a warning that all associated time entries will be voided.
-
Click OK to proceed.
After a posted time transaction has been voided, you can edit or delete the transaction if necessary. When the time transaction is approved again, it is available to be posted.