The following describes the accounting transactions the system creates when you close a project phase.
Prerequisites
The following values are used in the transaction calculations for the purpose of this example:
| Variable | Value |
|---|---|
| WIP cost | 80 |
| Invoiced amount | 20 |
Created transactions
The following transactions are created when a project phase is closed:
| Transaction type | Description | Amount Debit |
Amount Credit |
|---|---|---|---|
| 768 | Project phase close debit | 60 | |
| 769 | Project phase close credit | 60 | |
| 771 | Project material issue | 60 |
Calculations
The following equation outlines how the values in this example have been calculated:
| Calculated value | Equation | Calculation |
|---|---|---|
| Phase close cost | WIP cost – invoiced amount | 80 – 20 = 60 |
Related topics
- Overview of accounting transactions for project order transactions
- (Accounting) Issue material for a project order
- (Accounting) Report services for a project order
- (Accounting) Report activities for a project order
- (Accounting) Receive purchased items for a project order
- (Accounting) Receive manufactured items for a project order
- (Accounting) Invoice a project transaction
- (Accounting) Invoice a project invoice plan