WIP Costs in Fixed-Price Projects: Implementation Checklist
The following sections provide details you can use to ensure that the system is configured properly for billing a cost-plus projects with WIP costs, and to understand (and change, if needed) the settings that affect the processing workflow.
Implementation Checklist
We recommend that before you initially bill a cost-plus projects with WIP costs, you make sure the needed features have been enabled, settings have been specified, and entities have been created, as summarized in the following checklist.
| Form | Tasks to Perform |
|---|---|
| Enable/Disable Features (CS100000) form | Make sure that the Project Accounting feature is enabled. |
| Projects Preferences (PM101000) form | Make sure that all necessary settings related to project accounting have been specified. For more information about configuration steps that you have to perform before you can start accounting for projects, see Basic Project Configuration: General Information. |
| Chart of Accounts (GL202500) form | Make sure that an asset account for work in progress has been created. For details on configuring the chart of accounts, see Chart of Accounts. |
| Account Groups (PM201000) form | Make sure that an account group of the Asset type for work in progress has been created and the WIP account has been added to the account group. For details on configuring account groups, see Account Groups: General Information. |
| Allocation Rules (PM207500) form | Make sure that an allocation rule is configured as described in WIP Costs in Fixed-Price Projects: General Information. |
| Billing Rules (PM207000) form | Make sure that all the needed billing rules have been configured to process allocation transactions posted to the WIP account group. For details on configuring billing rules, see Billing Rules: General Information. |
| Projects (PM301000) | Make sure that the project has been created, as described in Project Creation and Processing: General Information. |
| Project Tasks (PM302000) | Make sure the WIP account group is selected for the project tasks in the Non-Billable WIP Account Group box on the Summary tab (Billing and Allocation Settings section). |
Validation of Configuration
To make sure that all configuration has been performed correctly, we recommend that in your system, you allocate projects by performing instructions similar to those described in WIP Costs in Fixed-Price Projects: Process Activity.