Closing a Period or Month

You can close periods or months in Job Cost just as you close them in Microsoft Dynamics GP. Closing a period prevents posting any new Job Cost transactions to the period. In addition, the period closing procedure allows you to finalize cost and revenue amounts for the period as the first step in creating the percentage-of-completion journal entry.

When you close a period in the current fiscal year in Job Cost, you can no longer post from any Job Cost transaction entry windows using a transaction posting date that falls within that closed period. An exception to this is if a non-job related transaction entry posts to a Microsoft Dynamics GP module and the JC period check is disabled.

• You cannot close a fiscal period in Job Cost unless the previous fiscal period is already closed.
• We recommend that you close the Microsoft Dynamics GP Series periods prior to closing the period or month. Failure to do so might cause transactions not to be posted to Job Cost.

Before Closing a Period or Month

Prior to closing the period or month, complete the following procedures:

• Back up your Job Cost files. If you encounter difficulties during the closing process, restore the backup and complete the procedure again.
• Close all completed jobs. See Closing a Job. In addition, complete the following steps only if you are using the POC or RPO revenue recognition method. After closing the period, you will create a POC journal entry.
• Use the WIP reports to make sure your Job Cost WIP accounts balance with the WIP accounts in the General Ledger.
• Print the POC/RPO edit list.

Closing a Period or Month

1. Select Microsoft Dynamics GP > Tools > Routines > Job Cost > Month-End Closing.
2. Select the fiscal Year that contains the period or month to close. Enter the Period ID. You cannot close any fiscal period unless the previous fiscal period is already closed.
3. Select Close. A progress window appears, indicating the status of the month-end closing process. Once the period closes successfully, a message alerts you that you can no longer post transactions to the closed period.
4. Select OK. If you are using the percentage-of-completion or recognized performance obligation revenue recognition method, you must create a POC/RPO entry after closing a period or month. Refer to Creating Percentage-of-Completion Journal Entries or Creating Job Revenue Journal Entries and complete the steps outlined in that section. If the edit list that prints after you close the period differs from the entry list that you printed before closing the period, contact WennSoft Support.

Opening a Closed Job Cost Fiscal Period

You may need to open a closed Job Cost fiscal period if significant costs come in after a fiscal period is closed, and you want to record those costs in the period in which they were incurred. Once you have re-opened the fiscal period, you can recognize revenue for the new costs and, if necessary, create more billings for the period.
You cannot re-open a Job Cost fiscal period if

• The corresponding Microsoft Dynamics GP fiscal period is closed.
• The fiscal year containing the period is closed.

You can only open the most recently closed fiscal period. For example, if periods 1, 2, and 3 have all been closed, you cannot open period 2 without first re-opening period 3. Likewise, if you need to open the last period in an open fiscal year, but the following year contains periods that have been closed, you must open the most recently closed periods before you can go back and open periods in the previous fiscal year.

1. Select Microsoft Dynamics GP > Tools > Setup > Job Cost > Job Cost Setup > Fiscal Periods. The Job Cost Fiscal Periods Setup window opens.
2. Unmark the Series Closed checkbox next to the period you wish to open. This row of checkboxes is disabled if the fiscal year containing the period is already closed.
3. Select OK to close the window.

• If you had previously been using POC and are now switching to the RPO revenue recognition method, all entries for both POC and RPO are in one batch called REVR user date. Re-opening a closed fiscal period reverses all RPO and POC entries.
• If you were not using POC or RPO but are now using the POC or RPO revenue recognition method, re-opening a closed fiscal period reverses any POC/RPO entry that has been posted. If a POC/RPO entry has not yet been posted for the period, you receive a message indicating that a reversing entry did not need to be created. The batch ID for POC only is the POCR user date. The batch ID for RPO is REVR user date.
• If you were previously using POC and will continue to use POC, all POC entries are in the batch POCR user date.
• If you are not using POC or RPO, and you are using cost code posting accounts rather than division posting accounts, no reversing entry is created.

After you finish posting costs for the now re-opened Job Cost fiscal period, you can close the period again. If you are using either the POC and/or RPO method to recognize revenue, you must re-build and post a new entry/entries.