6 Replies Latest reply: Mar 7, 2013 11:19 AM by user10413494 RSS

    Project Closure

    Tasneem
      Hi,,,

      How to close a project ??? from all aspects (Financially, technically,etc...), which includes ensuring that every thing is done right??


      Thank U,,,

      Tasneem
        • 1. Re: Project Closure
          Dirk Blaurock
          In PA exists a custom API, which can you extended.
          By closing of a project, this API is called.

          Please have a Look into the PA API documentation.

          The logic for closing of a project is to defined by you.
          We have follwoing logic implemented:
          - All AP Interface transaction are uploaded
          - All AP invoices (incl. all expense reports) are posted from AP to PA
          - All billable items are billded
          - ...

          Dirk
          • 2. Re: Project Closure
            Dina Rotem
            Hi

            In the list of project status you should have a status of closed projects.
            You can implement the project verification client extension called when user is selecting the change status button. That will help in forcing some of the business rules that are set.

            We have list of criteria that we are validating based on project type class. Here is a sample list of business rules we have implemented.
            For all projects we verify there are no open commitments, no transactions in the interface table, no transactions which are not costed or accounted. We are berdening our projects, and need to apply the final burden rates at the end of each year. Therefore, project cannot be closed before final burden rates were applied. We are allowing users to make adjustments to time cards for some limited time. Therefore, we ensure the project is not closed before that time period.

            For capital projects we verify all capitalizable costs were included in asset lines and interfaced to GL.
            For contract projects we verify all invoices were paid by customer, there are no unbilled billable items, and that the UBR/UER balance is zero.

            Dina
            • 3. Re: Project Closure
              Tasneem
              Hi,

              1- All checks u mentioned previously are done manually or automatically??

              For capital projects we verify all capitalizable costs were included in asset lines and interfaced to GL.
              For contract projects we verify all invoices were paid by customer, there are no unbilled billable items, and that the UBR/UER balance is zero.

              2- What is UBR/UER balance??
              • 4. Re: Project Closure
                Lkal-Oracle
                Hi,

                UBR - Unbilled receivables and UER - Unearned Revenue, This plays the major part of the Accounting concepts in Project Billing. When you transfer the Invoices from Oracle Projects to Oracle Receivables, Oracle Projects maintains the Project balances of Unbilled receivables and unearned revenue and creats the accounting transactions. Oracle has the design it allows to generate invoice first or the revenue first based on your business requirements.

                say for example: you generate the Invoice first, Accounting entries will be Billed Receivables Dr to Unearned revenue (UER) Cr
                when you recognize the revenue, then the accounting entries will be Unearned revenue (UER) Dr to Revenue Cr

                say in vice versa,that is generating revenue first, there comes the unbilled receivables into picture, accounting entries are unbilled receivables (UBR) Dr to earned revenue Cr.
                when you invoice it, then the entry will be billed receivables Dr to unbilled receivables (UBR) Cr

                Lavanya
                • 5. Re: Project Closure
                  Dina Rotem
                  Hi

                  The validations I have described are done automaticlly. This is part of our custom development using the Project Verification Client Extension.

                  Dina
                  • 6. Re: Project Closure
                    user10413494
                    Is anyone willing to share the specification or technical details for a project closure or project verification extension?