Project Posting Groups
Project Posting Groups are used to direct postings for Work in Progress (WIP) project activities to accounts within the General Ledger. The default Project Posting Group is set up when the initial setup is run (using the Project Setup Checklist); however, the accounts need to be specified.
The fields on this page that are relevant for COSMO Project Manufacturing are described in the following table.
| Field | Description |
|---|---|
| Code | Unique identifier for the posting group. |
| Description | Short description of the posting group. |
| Default WIP Method | WIP Method that will be defaulted to the Project Card for this posting group. The options are Cost Value, Sales Value, Cost of Sales, Percentage of Completion, and Completed Contract. |
| WIP Value | Asset account, used to capture the calculated project value; that is, for expenses that can be processed at a later time. |
| WIP Prospective Cost | Liabilities account, used to capture the expected future cost; that is, for expenses that are released but will be processed at a later time. |
| WIP Impending Losses | Accrual account, used to capture exceeded estimated costs. |
| WIP Cost of Sales | Revenue account, used to capture summarized costs. |
| WIP IS Adjustment | General Ledger account (Income Statement), used for periodic accrual adjustments. |
| WIP IS Impending Losses | General Ledger account (Income Statement), used for periodic accrual adjustments of impending losses. |
| WIP IS Prospective Cost | General Ledger account (Income Statement), used for periodic accrual adjustments of prospective costs. |
| WIP IS Cost of Sales | General Ledger account (Income Statement), used for periodic revenue adjustments. |
| WIP Max. Cost Range | Indicates the maximum amount of cost to be calculated as WIP. The options are Cost Amount and Sales Amount. |
| WIP Adm./Sales % | Percentage value to reduce the calculated WIP based on the WIP Method: - Cost Value/Cost of Sales: Reduces the WIP Max. Cost Range. - Sales Value: Reduces the calculated WIP. A minimum of 0 and a maximum of 100 can be entered. |
| Post Impending Losses | Select to post the calculated impending losses to the general ledger. |
| Post Prospective Cost | Select to post the calculated prospective costs to the general ledger. |
| Post Cost of Sales | Select to post the calculated cost of sales value to the general ledger. |
Note
If the Project Posting Group has been used by any WIP calculation and posting, it is not possible to change parameters in the Project Posting Group. Additional set up can be performed at any time but will only apply to future project activities; they cannot be made retroactively.
See Also
Project Card
Project Evaluation
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