powerpoint presentation · ch-ch-changes: time to face the change elaine browne, baker tilly susan...

CP-127:Ch-Ch-Changes: Time to Face the Change

Elaine Browne, Baker TillySusan Eggleston, Baker Tilly

Baker Tilly Virchow Krause, LLP trading as Baker Tilly is a member of the global network of Baker Tilly International Ltd., the members of which are separate and independent legal entities. © 2018 Baker Tilly Virchow

Krause, LLP

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―Accounting Module Changes

―Change Accounting Periods

―Change AP Accounts

―Change Fixed Asset Records

―Project Module Changes

―Change Project Account Group

―Change Project Account Group Set Up

―Change Owning Organization

―Change Revenue Formula

―Change Billing Formula

―Change Modifications

General Ledger

Accounts Payable

Fixed Assets

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―Move transaction from period to period

― Includes Journal Entries, Vouchers and Timesheets

―Bank accounts have changed

―GL account has changed

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―Used to track changes made to assets

―Can create Journal Entry for General Ledger movement

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―Selections are made for fields to be tracked

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―Changes requiring posting are posted in Post Fixed Assets Journal

Project Setup

Billing Setup

Project Controls

―Changing Project Account Groups (PAG) can cause account changes

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―Compare accounts charged on project to the new PAG

―Move costs to new accounts

―Add old accounts to new PAG (BAL Function Code)

―Reverse costs from old account

―Run the Assign Account Function Code Utility

―Change accounts added to PAG to Inactive

―Update and Create Project Report Tables to validate data is accurate

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―To stop charging an account, make the account inactive

―Can I delete an account -depends

―Can change function code with Assign Account Function Code utility

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―Select the PAG that changed

―Run for all projects

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―Changing the Owning Organization requires processes to be run

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―Change the owning org on the project

―Populate the Org History subtask

―Retroactive – moves YTD Revenue

―Non-retroactive – change is going forward only

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―Run the Process Organization Changes for Create Journal Entries

― If a Journal Entry is created, post the Journal Entry

―Run the Process Organization Changes for Update AR History

―These processes should be run IMMEDIATELY after org change

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―Recommended Method – Reverse Bills

―Option – Adjust Manage Billing History

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―Must check Rebill These Transactions

―Should check Assign New Invoice ID

―After reversal, post invoice

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―Each record would need to be adjusted to reflect correct billing method

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―Revenue is populated in different columns depending on formula

―Changing formula clears revenue information for the fiscal year selected

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―Modifications can be changed or deleted

―Must run utilities

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―Updates all fields in the modification and project tables

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―Updates the Period of Performance based on selections