Reconciling Project Costing to the General Ledger

Transcription

1 Reconciling Project Costing to the General Ledger Session ID: Functional Reconciliation / Analysis Tips & Tricks Prepared by: Jessica Mann Practice Director Grants Management SpearMC

2 Agenda About Us PC to GL Reconciliation Introduction Reconciliation Steps Other Reconciliation/Analysis Tips & Tricks 2

3 About Us 3

4 Your Presenter Jessica Mann Practice Director Grants Management 866-SPEARMC x Years PeopleSoft Consulting Experience 12 Years Specialty in PeopleSoft Grants Management Grants Project Costing Contracts Billing Accounts Receivable Commitment Control 4

5 About SpearMC Founded in 2004, SpearMC is a technology and professional services firm specializing in PeopleSoft Financials and Supply Chain Management PeopleSoft Human Capital Management and Payroll Maximo Enterprise Asset Management Oracle Business Intelligence ERP Architecture and Application Development Project and Program Management (PMO) Change Management ERP Training Mobile Technology 5

6 About SpearMC Offices in Chicago, Denver, Houston, Phoenix, Seattle and San Francisco We focus on local market delivery and capability development in line with industry focus areas unique to the regions we serve. Our local and well-connected network of top-tier business analysts, technical leads, developers and project managers keep travel cost to a minimum. 6

7 About SpearMC Each member of our Leadership Team leverages over 20 years of experience in Technology, Financial and Business Transformation. 7

8 About SpearMC Oracle Gold Partner since 2008: PeopleSoft Specialization Applications Reseller Hardware Reseller IBM Advanced Partner: 8

9 PC to GL Reconciliation Introduction 9

10 Project Costing Integration 10

11 Reconciliation Steps 11

12 Reconciliation Steps Determine Scope Identify Variances at Summary Level Identify Cause of Variances Determine How to Correct Existing Errors Determine How to Prevent Future Errors 12

13 Determine Scope 13

14 Determine Scope Identify the type of transactions that will be reconciled Expenses, Revenue, Transfers Identify the ChartFields that will be reconciled Identify Analysis Types for each type of transaction Consider creating a new Analysis Group (s) for reconciliation/reporting 14

15 Determine Scope Projects Activities Activities Transactions Transactions Transactions Transactions Budget (BUD) Budget (BUD) Budget (BUD) Budget (BUD) Actual Cost (ACT) Actual Cost (ACT) Actual Cost (ACT) Actual Cost (ACT) GL Expense (GLE) GL Expense (GLE) GL Expense (GLE) GL Expense (GLE) Indirect Cost (SFA) Indirect Cost (SFA) Indirect Cost (SFA) Indirect Cost (SFA) Billable Amt (BIL) Billable Amt (BIL) Billable Amt (BIL) Billable Amt (BIL) Billed Amt (BLD) Billed Amt (BLD) Billed Amt (BLD) Billed Amt (BLD) Fixed Billed (FBD) Fixed Billed (FBD) Fixed Billed (FBD) Fixed Billed (FBD) Fixed Rev (FRV) Fixed Rev (FRV) Fixed Rev (FRV) Fixed Rev (FRV) 15

16 Determine Scope Identify Project Costing field/fields to be used for determining Accounting Period E.g. Accounting Dt Note: must easier to reconcile as of a point in time (closed period if possible) 16

17 Determine Scope Proj Resource Accounting Dt An Type Account GL Distrib Amount 1/15/2015 ACT I $500 1/15/2015 IND D $100 1/15/2015 BIL D $500 1/15/2015 BIL D $100 PC/CA GL Staging Table Accounting Dt An Type Account Amount 1/15/2015 IND $100 1/15/2015 IND <$100> 2/28/2015 BIL $500 2/28/2015 BIL <$500> 2/28/2015 BIL $100 PC/CA GL Staging Table (CA_ACCTG_LN_PC) can be used to: Obtain the Accounting Dt for As Incurred Revenue (as the revenue may not be recognized in the same period as the original cost 2/28/2015 BIL <$100> Obtain the account for cost/revenue created in PC (Pricing) 17

18 Determine Scope Proj Resource Accounting Dt An Type Account GL Distrib Amount 1/15/2015 ACT I $500 1/15/2015 IND D $100 1/15/2015 BIL D $500 1/15/2015 BIL D $100 PC/CA GL Staging Table Accounting Dt An Type Account Amount 1/15/2015 IND $100 1/15/2015 IND <$100> 2/28/2015 BIL $500 2/28/2015 BIL <$500> 2/28/2015 BIL $100 In this example, the PC cost and revenue would be reported as: 2/28/2015 BIL <$100> Type 1/1 1/2015 2/1 2/28/15 Total Cost $600 $0 Total Revenue $0 $600 18

19 Determine Scope Accounting Date Tip: For Cost Collection from the GL, Date Type not only can be used to filter down journal entries to bring into PC but it also populates the Accounting Date field in PC (Proj Resource) with the field value of the specified data type - either Journal Date or Posted Date). Default is Posted Date. 19

20 Identify Variances at Summary Level 20

21 Identify Variances at Summary Level Build report/query to identify PC to GL variances at the ChartField string summary E.g. PCBU - Project Activity Fund Account Options: Query with multiple unions that reports balances in the PC and GL. Utilize Pivot table to obtain variances Custom Report Custom View which allow you to build a query reporting variances only Composite Query (PeopleTools 8.54) 21

22 Identify Variances at Summary Level 22

23 Identify Variances at Summary Level Keep in mind that the Analysis Group set up determines how the Amounts are brought into Proj Resource for GL 23

24 Identify Variances at Summary Level As of 9.2, Direct Journal transactions can be loaded to Project Costing during the Receivables to Project Costing interface process (PC_AR_TO_PC). 24

25 Identify Variances at Summary Level As of 9.2, Bills that are entered directly into PeopleSoft Billing can be loaded to Project Costing during the Billing to Project Costing interface process (PC_BI_TO_PC) (Billing Plan no longer needs to be entered.) 25

26 Identify Variances at Summary Level 26

27 Cause of Variances 27

28 Cause of Variance Build query to identify variances by Journal ID Three possible types of variances 1. In PC but not in GL 2. In GL but not in PC 3. In both but the amounts are different Start with one project and one variance. Research variance to determine cause. Once the variance is understood, create query to find error for all projects 28

29 Cause of Variance Continue process until all variances are explained 29

30 Cause of Variance 30

31 Cause of Variance 31

32 Cause of Variance 32

33 Cause of Variance 33

34 Cause of Variance 34

35 Cause of Variance PC to GL template can be helpful to linking each variance to the variance reason to explain all variances Tip: Start with the easy variances (not the largest and most complex.) 35

36 Cause of Variance 36

37 Cause of Variance Template Demo 37

38 Correct Existing Errors 38

39 Correct Existing Errors Easy/In progress errors: Process accounting or journal generate Post Journals Run or process allocation GL Only Entry PC Only Entry (Add Transaction) Correct Analysis Type-Account mismatch via JE Correct Jrnl/Accounting Date mismatch via JE Update customization or create new fix External journal updated to set PC Distrib Status to N 39

40 Prevent Future Errors 40

41 Prevent Future Errors Add additional checks/queries to Month End Close Create/update combo edits Update customizations Update batch New customizations 41

42 Other Reconciliation/Analysis Tips & Tricks 42

43 Other Reconciliation/Analysis Tips & Tricks Pivot Table (Excel) Concatenate (Excel) VlookUp (Excel) WorkCenters (9.2) Reconciliation Workbench (9.1) Project Recon Workbench Contracts Reconciliation Summary Subsystem Reconciliation/Assignment 43

44 Other Reconciliation/Analysis Tips & Tricks Pivot table Very quick way to summarize and analyze data in Excel. Drag and drop wizard allows you to easily move between less to more detail. Page fields allow you to filter summarized results to a specific value. Fast way to shift data presented in rows to columns. Fast way to shift between amounts versus count. 44

45 Other Reconciliation/Analysis Tips & Tricks Pivot table Very quick way to summarize and analyze data in Excel. Drag and drop wizard allows you to easily move between less to more detail. Page fields allow you to filter summarized results to a specific value. Fast way to shift data presented in rows to columns. Fast way to shift between amounts versus count. 45

46 Other Reconciliation/Analysis Tips & Tricks 46

47 Other Reconciliation/Analysis Tips & Tricks 47

48 Other Reconciliation/Analysis Tips & Tricks 48

49 Other Reconciliation/Analysis Tips & Tricks Concatenate Allows you to merge one or more Excel cells or text together as one value. For the PC to GL reconciliation template, concatenated the string Project Activity Account Fund as one value so that Vlookup could be used to link each variance to the variance reasons. 49

50 Other Reconciliation/Analysis Tips & Tricks Vlookup Allows you to search the first column of a range of cells, and then return a value from any cell on the same row of the range. in Excel. Used Vlookup to add or subtract each variance reason until all variances were fully explained. Tips List where you are looking for a value must be sorted. Sometimes adding a prefix to make all data consistent can be helpful (see Concatenate). S S29_ABC_FY

51 Other Reconciliation/Analysis Tips & Tricks 1.) Look up this value 2.) in this Column 3.) and when you find the value, display the value in the 6 th column. 51

52 Other Reconciliation/Analysis Tips & Tricks WorkCenters v9.2 WC s are central work area designed for the end user. The WorkCenter is intended to provide access to key components within the Financials and Supply Chain application Delivers information that a user needs to take action on, such as exceptions, reports and queries. 52

53 Other Reconciliation/Analysis Tips & Tricks WorkCenters v9.2 My Work: Critical Exceptions/Work you need to complete Work Area: Workspace to do your work Links: Other links you may need to use to complete work Other important Reports/Queries 53

54 Other Reconciliation/Analysis Tips & Tricks Reconciliation The Reconciliation Summary page allows you to view the results from the Reconciliation Summary process. This page provides the difference between billing and revenue at the detail level as well as the attributes that are related to retainages, withholdings, limits, and fees. The information provided on this page enables you to determine where to complete the remaining process, or to make an adjustment. 54

55 Other Reconciliation/Analysis Tips & Tricks Reconciliation 55

56 Other Reconciliation/Analysis Tips & Tricks 56

57 Get in Touch. Jessica Mann Practice Director Grants Management 866-SPEARMC X

58 SpearMC Online Resources 58

59 SpearMC Online Resources SpearMC online Tools & Resources can be found at 59

60 More SpearMC Sessions at COLLABORATE 16 60

61 SpearMC Sessions at COLLABORATE 16 PeopleSoft Pivot Grids A through Z! Session ID: Date: Tuesday, April 12, 2016 Time: 1:00 PM 2:00 PM Upgrading PeopleSoft Grants v9.0 to v9.2 Session ID: Date: Tuesday, April 12, 2016 Time: 4:45 PM 5:45 PM Fast Track PUM Implementation Strategy and Architecture Session ID: Date: Wednesday, April 13, 2016 Time: 8:00 AM 9:00 AM Extending PeopleSoft WorkCenters to your Supplier Partners Session ID: Date: Wednesday, April 13, 2016 Time: 9:15 AM 10:15 AM PeopleSoft 9.2 Financials Multi-Currency Best Practices and Real-Life Examples Session ID: Date: Wednesday, April 13, 2016 Time: 4:15 PM 5:15 PM 61

62 Thank You. 62

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