Reconciling Project Costing to the General Ledger - Oracle...

Reconciling Project Costing to the General Ledger

& Functional Reconciliation/Analysis Tips & Tricks

PS NW RUG – May 12, 2015

Agenda

About SpearMC

PC to GL Reconciliation Introduction

Reconciliation Steps

Other Reconciliation/Analysis Tips & Tricks

About SpearMC

Founded in 2004, SpearMC is a technology and professional services firm specializing in

PeopleSoft Financials and Supply Chain Management

PeopleSoft Human Capital Management and Payroll

ERP Architecture and Application Development

Project and Program Management (PMO)

Change Management

ERP Training

Mobile Technology

About SpearMC

We focus on local market delivery and capability

development in line with industry focus areas unique to the regions we serve.

Regional offices in Chicago, Oklahoma City, Seattle and San Francisco

About SpearMC

Our local and well-connected network of top-tier

business analysts, technical leads, developers and project managers keep travel cost to a minimum.

Oracle Gold Partner since 2008:

Gold Level Partner

PeopleSoft Specialization

Applications Reseller

Hardware Reseller

About SpearMC

Services and Competencies

Technology and Business Consulting

Full-service ERP and BI Selection, Implementation and Integration

o PeopleSoft

o JD Edwards

o Oracle EBS

o Hyperion

o Dynamics AX

ERP Training

IT Transformation and Strategy

Infrastructure and Architecture

ERP Application Development

Capability Assessment

Program and Project Management

Business Transformation

Project Management Office

Project Portfolio Management

Change Management

Operations Improvement (Six Sigma, Lean)

CIO and CTO Advisory Services

Strategy for Pricing and Revenue Enhancement

Methods and Tools

Needs Analysis Assess Staffing Requirements

IT Strategy and Transformation

ERP Selection and Integration

Business Transformation

Project Management

Complement Existing Expertise

Capability Assessment

Methods and Tools

Continuous Improvement

Six Sigma and Lean

Agile Project Management Techniques

Change Management

Tools, best practices and proven management techniques include:

Methods and Tools

Marcus Bode, CPA Managing Director mbode@spearmc.com 866-SPEARMC x801 www.SpearMC.com

Your Presenter

Co-founded SpearMC Consulting in 2002 PeopleSoft Financials, Cash Management and Procure-to-Pay Expert Certified PeopleSoft v9.1 Financials 20+ Years Experience…majority PeopleSoft

Jessica Mann Practice Director – Grants Management jessica.mann@spearmc.com 866-SPEARMC x815 www.SpearMC.com

Your Presenter

15 Years – PeopleSoft Consulting Experience 12 Years – Specialty in PeopleSoft Grants

Management

Grants Project Costing Contracts

Billing Accounts Receivable Commitment Control

PC to GL Reconciliation Introduction

Project Costing Integration

• Determine Scope

• Identify Variances at Summary Level

• Identify Cause of Variances

• Determine How to Correct Existing Errors

• Determine How to Prevent Future Errors

Determine Scope

• Identify the type of transactions that will be reconciled

• Expenses, Revenue, Transfers

• Identify the ChartFields that will be reconciled

• Identify Analysis Types for each type of transaction

• Consider creating a new Analysis Group (s) for reconciliation/reporting

Determine Scope

Budget (BUD)

Actual Cost (ACT)

GL Expense (GLE)

Indirect Cost (SFA)

Billable Amt (BIL)

Billed Amt (BLD)

Fixed Rev (FRV)

Fixed Billed (FBD)

Budget (BUD)

Actual Cost (ACT)

GL Expense (GLE)

Indirect Cost (SFA)

Billable Amt (BIL)

Billed Amt (BLD)

Fixed Rev (FRV)

Fixed Billed (FBD)

Budget (BUD)

Actual Cost (ACT)

GL Expense (GLE)

Indirect Cost (SFA)

Billable Amt (BIL)

Billed Amt (BLD)

Fixed Rev (FRV)

Fixed Billed (FBD)

Budget (BUD)

Actual Cost (ACT)

GL Expense (GLE)

Indirect Cost (SFA)

Billable Amt (BIL)

Billed Amt (BLD)

Fixed Rev (FRV)

Fixed Billed (FBD)

Projects

Activities Activities

Transactions Transactions Transactions Transactions

• Identify Project Costing field/fields to be used for determining Accounting Period

• E.g. Accounting Dt

• Note: must easier to reconcile as of a point in time (closed period if possible)

Determine Scope

Accounting Dt An Type Account GL Distrib Amount

1/15/2015 ACT 527500 I $500

1/15/2015 IND 527500 D $100

1/15/2015

BIL 527500 D $500

1/15/2015 BIL 527500 D $100

Accounting Dt An Type Account Amount

1/15/2015 IND 593110 $100

1/15/2015 IND 493999 <$100>

2/28/2015 BIL 132900 $500

2/28/2015 BIL 432034 <$500>

2/28/2015 BIL 132900 $100

2/28/2015 BIL 432034 <$100>

Proj Resource PC/CA GL Staging Table

PC/CA GL Staging Table (CA_ACCTG_LN_PC) can be used to:

• Obtain the Accounting Dt for As Incurred Revenue (as the revenue may not be recognized in the same period as the original cost

• Obtain the account for cost/revenue created in PC (Pricing)

Determine Scope

Accounting Dt An Type Account GL Distrib Amount

1/15/2015 ACT 527500 I $500

1/15/2015 IND 527500 D $100

1/15/2015

BIL 527500 D $500

1/15/2015 BIL 527500 D $100

Accounting Dt An Type Account Amount

1/15/2015 IND 593110 $100

1/15/2015 IND 493999 <$100>

2/28/2015 BIL 132900 $500

2/28/2015 BIL 432034 <$500>

2/28/2015 BIL 132900 $100

2/28/2015 BIL 432034 <$100>

Proj Resource PC/CA GL Staging Table

Type 1/1 – 1/2015 2/1 – 2/28/15

Total Cost $600 $0

Total Revenue $0 $600

In this example, the PC cost and revenue would be reported as:

Accounting Date Tip: For Cost Collection from the GL, Date Type not only can be used to filter down journal entries to bring into PC but it also populates the Accounting Date field in PC (Proj Resource) with the field value of the specified data type - either Journal Date or Posted Date). Default is Posted Date.

Determine Scope

Identify Variances at Summary Level

• Build report/query to identify PC to GL variances at the ChartField string summary

• E.g. PCBU - Project – Activity – Fund – Account

• Options:

• Query with multiple unions that reports balances in the PC and GL. Utilize Pivot table to obtain variances

• Custom Report

• Custom View which allow you to build a query reporting variances only

• Composite Query (PeopleTools 8.54)

• Keep in mind that the Analysis Group set up determines how the Amounts are brought into Proj Resource for GL

• As of 9.2, Direct Journal transactions can be loaded to Project Costing during the Receivables to Project Costing interface process (PC_AR_TO_PC).

• As of 9.2, Bills that are entered directly into PeopleSoft Billing can be loaded to Project Costing during the Billing to Project Costing interface process (PC_BI_TO_PC) (Billing Plan no longer needs to be entered.)

Cause of Variances

• Build query to identify variances by Journal ID

• Three possible types of variances

1. In PC but not in GL

2. In GL but not in PC

3. In both but the amounts are different

• Start with one project and one variance. Research variance to determine cause. Once the variance is understood, create query to find error for all projects

Cause of Variance

• Continue process until all variances are explained

Cause of Variance

• PC to GL template can be helpful to linking each variance to the variance reason to explain all variances

• Tip: Start with the easy variances (not the largest and most complex.)

Cause of Variance

Template Demo

Correct Existing Errors

• Easy/In progress errors: • Process accounting or journal generate • Post Journals • Run or process allocation

• GL Only Entry • PC Only Entry (Add Transaction) • Correct Analysis Type-Account mismatch via JE • Correct Jrnl/Accounting Date mismatch via JE • Update customization or create new fix

• External journal updated to set PC Distrib Status to N

Correct Existing Errors

Prevent Future Errors

• Add additional checks/queries to Month End Close

• Create/update combo edits • Update customizations • Update batch • New customizations

Prevent Future Errors

• Pivot Table (Excel)

• Concatenate (Excel)

• VlookUp (Excel)

• WorkCenters (9.2)

• Reconciliation Workbench (9.1)

• Project Recon Workbench

• Contracts Reconciliation Summary

• Subsystem Reconciliation/Assignment

Pivot table • Very quick way to summarize and analyze data in

Excel. • Drag and drop wizard allows you to easily move

between less to more detail. • Page fields allow you to filter summarized results

to a specific value. • Fast way to shift data presented in rows to

columns. • Fast way to shift between amounts versus count.

Pivot table • Very quick way to summarize and analyze data in

Excel. • Drag and drop wizard allows you to easily move

between less to more detail. • Page fields allow you to filter summarized results

to a specific value. • Fast way to shift data presented in rows to

columns. • Fast way to shift between amounts versus count.

Concatenate • Allows you to merge one or more Excel cells or text

together as one value. • For the PC to GL reconciliation template, concatenated the

string Project – Activity – Account – Fund as one value so that Vlookup could be used to link each variance to the variance reasons.

Vlookup • Allows you to “search the first column of a range of cells,

and then return a value from any cell on the same row of the range.” in Excel.

• Used Vlookup to add or subtract each variance reason until all variances were fully explained.

• Tips List where you are looking for a value must be sorted. Sometimes adding a prefix to make all data consistent

can be helpful (see Concatenate). S60134606013460472106629 S29_ABC_FY20143161585527500265

1.) Look up this value…

2.) in this Column

3.) and when

you find the

value, display

the value in the

6th column.

WorkCenters 9.2

• WC’s are central work area designed for the end user. • The WorkCenter is intended to provide access to key

components within the Financials and Supply Chain application

• Delivers information that a user needs to take action on, such as exceptions, reports and queries.

WorkCenters 9.2 My Work: Critical Exceptions/Work you need to complete

Work Area: Workspace to do your work

Links: Other links you may need to use to complete work

Other important Reports/Queries

Reconciliation

• The Reconciliation Summary page allows you to view the results from the Reconciliation Summary process.

• This page provides the difference between billing and revenue at the detail level as well as the attributes that are related to retainages, withholdings, limits, and fees. The information provided on this page enables you to determine where to complete the remaining process, or to make an adjustment.

Reconciliation

Get in touch.

Jessica Mann Practice Director – Grants Management

jessica.mann@spearmc.com

866-SPEARMC X815

www.SpearMC.com

Thank You.

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