A Reconciliation is the final stage in the costing process of a Project. Once all costs are completely finalised and invoiced, you can then create a reconciliation transaction in order to close the Project and set it’s status to ‘Sent To Accounts’.
Once the Project is Sent To Accounts it can only be re-opened by the accounts department, so make sure that all of the costs are in and have been invoiced for before setting the Project to this status.
Before Reconciliation can begin, you must set the Project status to Completed. In order to do this you must make sure that every item on the Project has been finalised. This means Costing all Jobs, Approving all Actuals and Sundry Costs, Cancelling or Confirming all Bids etc. You can use the Check Flags menu item in a Project to see why you might not be able to change its Status.
Once the Project is Completed there will be a new button on the Client Billing tab labelled “Reconcile”.
Clicking this link will do the follow (subject to the Project passing all final checks):
- Create a new Billing Approval of type “Reconciliation”
- Assign all costs, including negative Interims to the new Approval
- Set the total to be 0 (zero)
- Set the Project to Sent To Accounts
Setting the total to be 0 basically means that the positive total of the Line Items you bill will be squashed down (or up) to match the total of what you have Billed so far (this is what the negative Interim items show).
If there are problems, you will be informed and the Project status will remain on Completed.