Overview:

This process has been developed for the Month End process for companies that wish to accrue uncertified subcontract claims (unapproved) within the financial period that is being closed. The process involves creating the accruals, and a final step to move the subcontract claims to the following period and creating the accrual reversal records on the next period.

The process can only be run for the current period as set in Period Maintenance.

Screen Guide

Open

Choose the Financial Company, select + New to create a new batch (or select an existing unfinalised batch), defaulting to the Financial Company you selected, then select Generate & Batch.

• When the subcontract claim accrual is generated with the [Generate & Batch] button, a batch of accrual records is created as of now, and it does not move the claims into the next period, nor does it create a reversal batch. An Accrual Record Count is populated on the screen (it is a count of Subcontract Claims included in the batch).

• The subcontract claim accrual batch report can be printed and checked, and if there are any changes required, the accrual can be regenerated with the [Generate & Batch] button.

• The batch can be exported and if any changes are required, the accrual can be unexported and regenerated, until it is right.

• At this stage, the subcontract claim accrual records are flagged as provisional and are not included in reporting or on the Month End tab of the Job Enquiry. This is to avoid double counting the unapproved revenue (or cost) in the period.

• Then, when the subcontract claim accrual batch is exported successfully, the Finalise button becomes available on the screen to finalise the process.

Select the Financial Company to see the batches created for that company.

Use the Details button to open the Batch screen and print the batch with the details of all the subcontract claims that have been included. You can also make changes to the batch header.

Once the batch is generated, you can export the batch through Export Control or mark it as Not For Export if you do not wish to export to the financial system.

Once you are satisfied with the batch and know for sure it does not require to be re-generated, you must Finalise it.

Open

Creating accruals batch

Things to consider:

• the system does not allow a new batch to be created if either
  (a) there is an existing unfinalised batch for that FinCo and period or
  (b) there are no unapproved subcontract claims for that FinCo (i.e. the accrual batch would be empty)

• Regenerating accruals deletes the existing accruals on the batch and populates the batch again from scratch as of now.

Next Steps:

You might want to follow up on why there are some Subcontract Claims unapproved and make sure they are not overdue for payment.