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WBS settlement run through CJ8G

Jan 17, 2017 at 12:15 AM

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Hi,

We have all the project costs sitting in PL - WIP GL. These costs are settled down to WIP account in balance sheet by running a variant and processing via CJ8G during end of the month process.

Rather than waiting for the end of month, I want to run the settlement on a weekly basis and settle them to Balance sheet weekly rather than once a month.

Could there be any issues in running settlement on a weekly basis ?

Thank You

Regards

Chins

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4 Answers

Jaymin Bhatt Jan 17, 2017 at 04:49 PM
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If the Cost aren't getting settled to a fixed asset, we can run the settlement on week to week basis. Make sure to enter the Posting date correctly if the cost are settled on weekly basis. If not all the settlement accounting documents will get posted as at month end date.

Jaymin B.

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chinmay mehta Feb 13, 2017 at 01:10 AM
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Thank you Jaimin, Highly appreciate your assistance. I was away hence the delay.

So just to summarize, I can run a variant through CJ8V on weekly basis and keep on settling cost out of P/L to AUC account in BS. How I understand is the variant which will run on weekly basis will select the new postings and separate them from the older ones and take them to BS (when I run CJ88).

Right ?

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Jaymin Bhatt Feb 13, 2017 at 01:57 PM
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CJ8V will be for creating the variant, you need to change the variant only in case when a new project or wbs elements are created or needs further filtering. Unless necessary you might not need to run CJ8V on weekly basis. Yes the settlement job - CJ8G will consider all the new posting that as occurred from the last settlement date/run.

A curious question, why a weekly settlement is required? Ideally Project settlement is a part of month end activity and it is easier to track the monthly posting of settlement rather than weekly.

Jaymin B.

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chinmay mehta Feb 13, 2017 at 10:23 PM
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We have new projects created on quite a regular basis (perhaps 10 -15 a week) and additions of costs to the existing projects are also frequent. What happens is we have to wait till EOM of month to get the right AUC balance for analysis and during the EOM while running the settlement , chances are we get errors in the settlement process and takes quite a lot of time to resolve them. EOM is just one day.

The idea being if the settlement happens on a weekly basis then

1) AUC balance is updated every week and any analysis can be ran on accurate / recent data and minor projects can be closed quickly

2) On the EOM day , we are left with only those costs which has being posted in the last 2 or 3 days of the week. Any settlement errors are picked up during the month, investigated and then resolved.

Happy to get any ideas.... Chinmay

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