Setting Up and Viewing WIP Accrual Batches (Setting up the Financials)

Creating/Viewing the WIP Accrual Manager
This feature defines revenue to be recognized and creates accounting transactions, based on the revenue recognition rules defined at the project level.

The WIP Accrual Manager creates batches to process the revenue recognition transactions for selected projects. The WIP Accrual Manager can also be set up by clicking the WIP Accrual Manager link on the Client Central screen (Portals > Client Central).

To create or view the WIP Accrual Manager:

Financial>WIP Accrual Manager

• Click WIP Accrual Manager to open the WIP Accrual Manager page.

Links/button available on the WIP Accrual Manager screen:

• New: Opens the WIP Accrual Batch Edit page to create a new WIP Accrual Batch.
• Delete: Deletes the selected Batch.
• Post: Posts batches and locks them for editing. Once a WIP Accrual Batch is posted, it can no longer be modified, deleted or exported to the accounting system. Additionally, the process cannot be reversed.
• Export (button): Exports batches with transactions, into the accounting system. This link is disabled when any system other than ACCPAC is selected as the accounting system.
• Export to Excel (icon): Exports the selected accrual batches to an Excel sheet. The Excel file created is in the format "WIP Accrual_<current date>". The Excel sheet lists a detailed view of all accrual batch transactions. If multiple batches are exported, a single sheet is created per batch within the same Excel book. The name of each sheet is set to the WIP Accrual Batch number.
• The Post, Export and Export to Excel links are disabled if there is no accrual batch selected. The Export button is disabled if there are more than one Accrual batches selected. You can only export one batch at a time to the accounting system.

To create a new WIP Accrual Batch:

• Click the New link at the top of the WIP Accrual Batch page.
• The WIP Accrual Batch Edit screen opens
• The Batch Number field is auto-generated.
• Select a company name from the Company drop-down list.
• Select a batch date from the calendar.
• Click Save. The WIP Accrual Batch Edit screen now displays the General and Transactions tabs
• The General tab displays information regarding the accrual batch (number, company and date), the total Amount to Recognize in the System currency and total Accrued Revenue in the System currency. These amounts are converted using the exchange rate of the Batch Date. In addition, the Accrual Batch has a grid that allows viewing the WIP details for each project.
• Suspended Projects are displayed in red.
• The Batch Number is automatically generated by the system using the accrual settings. If the Can override batch number option is enabled, then you can override the batch number. When you override the batch number and save, the system verifies that the number entered is unique. If it is not unique, a message is be displayed: "The WIP Accrual Batch Number must be unique." The Batch Number is read-only if the Batch is posted.

Links available on the General tab of the WIP Accrual Batch Edit page:

• Close: Closes the Accrual Batch Edit screen.
• Update: Is enabled as long as the Batch is not exported or posted. Once enabled, clicking it updates the entries and regenerates the transactions.
• Post: Locks the accrual batch and makes the projects available for selection in another batch.
• Once a WIP Accrual Batch is posted, it can no longer be modified, deleted or exported to the accounting system. Additionally, the process cannot be reversed.
• Select/Unselect Projects: Opens the Project Selection page through which you can select projects to add to the accrual or remove from the accrual. This link is only available from the General tab.
• The Transactions tab lists all the transactions (debit, credit and WIP reversal-in case of reversal type transactions) generated by the processing

Links available on the Transactions tab of the WIP Accrual Batch Edit page:

In addition to Close, Update, and Post links, the following are available:

• Export: Exports the accrual batch transactions to the accounting system and initiates an automatic post on a successful export. Same functionality applies as from the Accrual Manager screen. This link is available from the Transactions tab only, and is disabled when any system other than ACCPAC is selected as the accounting system.
• Export to Excel: Exports the accrual batch transactions to MS Excel. Same functionality applies as from the Accrual Manager screen. This link is available from the Transactions tab only.
• Click Close, after performing the required actions.

This feature prevents including entries that have an associated Revenue Recognition Schedule from being included in the WIP Accrual Batch.

When a policy of type Time and Materials exists on the Project, the WIP Accrual Batch excludes:

• Approved billable Charge entries that have an associated Revenue Recognition Schedule.
• Approved billable Product entries that have an associated Revenue Recognition Schedule.
• Approved billable Time, Expense, Charge or Product entries that are included in a Project level Revenue Recognition Schedule (through the Apply to<Time/Expense/Charge/Product> entries between <Project start/Custom> and <Project end/Custom> option).

When a policy of type Time and Materials exists on the Project, the WIP Accrual Batch is flagged for an update when:

• A Charge entry included in the Batch has a Revenue Recognition Schedule associated to it.
• The Revenue Recognition Schedule of a Charge entry, that was not included in the WIP Batch because it had a Revenue Recognition Schedule associated, is deleted.
• A Product entry included in the Batch has a Revenue Recognition Schedule associated to it.
• The Revenue Recognition Schedule of a Product entry, that was not included in the WIP Batch because it had a Revenue Recognition Schedule associated, is deleted.
• A Time, Expense, Charge or Product entry that is included in a WIP Accrual Batch becomes included in the Project's Revenue Recognition Schedule (through the Apply to <Time/Expense/Charge/Product> entries between <Project start/Custom> and <Project end/Custom> option).
• a Time, Expense, Charge or Product entry that was not included in a WIP Accrual Batch because it was included in the Project's Revenue Recognition Schedule (through the Apply to <Time/Expense/Charge/Product> entries between <Project start/Custom> and <Project end/Custom> option) now gets excluded from the Project's Revenue Recognition Schedule (either through the entry type change or through the date change).

When a policy of type Time and Materials exist on the Project, the WIP Accrual Batch will not be flagged for an update when:

• A Charge entry is updated and that entry has an associated Revenue Recognition Schedule.
• A Product entry is updated and that entry has an associated Revenue Recognition Schedule.
• A Time, Expense, Charge or Product entry is updated and that entry is included in the Project's Revenue Recognition Schedule (through the Apply to <Time/Expense/Charge/Product> entries between <Project start/Custom> and <Project end/Custom> option).

There will be no changes made to the functionality of the WIP Accrual Batch when a WIP Policy of type Percent Complete or Fixed Price with Average Rate is defined.