Considerations when Creating Accounting for Transactions

Create accounting entries for project transactions either for selected transactions or for a batch of transactions by running the Create Accounting process. If the accounting is not correct, you can modify the transaction attributes used to derive the accounts or modify the accounting rules.

Creating Accounting for Selected Transactions

You can create accounting entries for individual cost, cross-charge, revenue, and billing offset reclassification transactions. For cost or cross-charge transactions, search and select the transactions in the Manage Project Costs page and then create accounting in draft mode or directly create accounting in final mode and post the accounting entries to the ledger. You can also create the accounting for individual cost or cross-charge distributions from the Expenditure Item Details page. For revenue transactions, accounting is at the distribution level. You can search and select the revenue transactions and then create accounting entries from the following pages.

• Edit Events

• Manage Revenue Distributions

• Edit Revenue Distributions

You can similarly search and select billing offset reclassification transactions and create accounting entries from the Manage Accounting Transactions page.

Creating Accounting for a Batch of Transactions

To create accounting entries for all transactions or for transactions assigned to a specific processing category, you can run the Create Accounting process anytime from the following pages.

• Costs: Tasks pane in Project Costs work area

• Revenue: Tasks pane in Contract Revenue work area

The Create Accounting Process report tracks the details of impacted transactions. Review and correct the errors and then run the Create Accounting process to create accounting entries and then post them to the general ledger.