Costpoint Interim/Final Rates and Consolidated …...Billing - Create retroactive bills for the...

Costpoint Interim/Final Rates and Consolidated Billing Review

PCW12 Chesapeake L, Nov 14, 9am – 12pm

Our Workshop Scenario

Our Scenario

� Your company receives DCAA audit adjustments for 2015 that need to be recorded on your books for 2015, when the current fiscal year is 2020.

� Management needs to see the effect of the DCAA audit changes on financial statements and project profitability for 2015, without restating published 2015 financials and project reports.

� Costpoint to use the 2015 ceilings, project owning org, etc. to calculate the 2015 revenue.

� Project accountants need to be able to recognize revenue changes from the 2015 year in 2020, and bill final amounts to the customer, based on the final rates, with their current billing.

� Management also needs to better understand the financial basis of the company’s indirect rates as a basis for negotiating bids with government.

Our Scenario – Audit Adjustment DetailsFrom the 2015 DCAA Audit of Project VENUS.00.01.01 Revenue formula is Loaded Labor Plus Non-Labor with Burden and Fee at 5%

� Labor to be reclassed as Unallowable Labor

– 50 hours for PLC P-LEN, Employee GP005 Diedre Drayson

– 50 hours for PLC P-LEN, Employee GP102 Billy Joe Gregory

– 75 hours for PLC P-AST, Employee GP004 Devon Strathcliffe

� Professional Services of $62,000 to be reclassed as Unallowable Consulting

� Adjustments to be made in 2015 Pd13 Interim Adjustment Period

The Setup – Checklist

Our Scenario – Exercise 1 – The Setup Review and some ‘To Do’s’

To begin our workshop scenario we will follow the setup steps

The SetupStep Description

1 To DoIn Company 1 Open Fiscal Year 2015. Add Adjustment Period 13, Interim, to Prior Year

2 ReviewGo to GreenPines LLC Company. Review General Ledger Settings

3 To Do Configure Project Settings (Add Check as shown)

4 Review Configure Billing Settings

5 Link A/cReview ‘R+B’ Project Account Group: find unique account with PY Rev function (Link Account to all Orgs)

6 Review Configure Consolidation Settings

Step 1 - In Co 1, Open Fiscal Year 2015

Step 1 – Add Adjustment Period 13 to 2015 in Company 1

Add Period 13, 12/31/2015, the Status should be ‘Open’, the ‘Adjustment Period’ checked and the Adjustment Rate Type should be Interim. Save.

Step 1 - ‘Save’ will change Entry Edit Status to ‘Open’. Subperiod 1 is opened automatically.

The following Journal Types will Open:

AJE – Adj JEBLJ – Billing JournalMJE – Multi-Job AllocsPAJ – Pool Alloc JournalREV – Reversal Adj JE’sSJ – Sales Journal

Step 1 – Go to GreenPines LLC company

Review that2015 Pd 13 and Subpd 1are open

Step 2 – Review Configure GL Settings in transaction Company

Step 3 – Review Configure Project Ledger Settings

ADD THIS CHECK and Save

Step 4 – Review Configure Billing Settings

Step 5 – Review Manage Project Account Group

Link the PY Rev account to ALL Orgs

Step 5 – TO DO –Link Account 411-10 to All Transaction Level OrgsTo allow for Owning and Performing Org Revenue

Step 6 – Review Configure Consolidation Settings

The Process

Step Description

1 Enter and post audit adjustments in the prior year Adjustment Period

Revenue - Recognize revenue from that prior year in the current year, using the prior year PLC rates, project owning org, and formulas to calculate the prior year revenue

3Billing - Create retroactive bills for the prior year and combine that bill with the current bill in the current year

Evaluate the effect of the adjustments on indirect pool rates, project costs/revenue and the financial statements for the prior year

Our Scenario – Exercise 2 –The Revenue Process

Complete the steps in your handout for our workshop scenario

The Process

Step Description

Pre-Exercise Check that 2020 Pd1 Revenue is posted

1 Enter and post audit adjustments in 2015 Pd13

Build RAT, Compute and Post Pools and print SIE for 2015 Pd13. Add Target and Provisional Rates (Actuals if Final) to Pd13 in the Pools

3 Compute Burden Cost for 2015 pd13

4 Load Labor Rates, Compute and Post Revenue for 2015 pd13

The Process

Step Description

5 Update PSR/Create Project Report Tables for 2015 pd1

6Print PSR – Query ‘PSR1 – Venus’ for parameters - change date to 2015 pd13

7 Print Revenue Worksheet for 2015 pd13

8Print Comparative Income Statement for Org G, FY2015, Pd 12 & Adj Pd 13.

9 Do not Update GL Beginning Balances

The Process

Step Description

10 Update Prior Year History

Jump to 2020 process Pools, Compute Burden, Load Labor Rates and compute and post Revenue Pd 2 with prior year adjustment period at Target

12 Print Income Statement for 2020 pd2, review PY Revenue

13 Update and Print PSR and Project Reports for 2020 pd2

Step 1 – Enter, Approve and Post Adjusting JE’s in FY2015 Pd13For Project VENUS.00.01.01

Step 2 - Pools

Build Rate Application Tables, Compute and Print Pools for 2015 pd13. Add Target and Provisional (Actual if final) Rates to Pd13

Step 3 – Compute Burden Cost

For 2015 Pd13

Step 4 – Load Labor Rates

Step 4 – Compute Revenue

Step 4 – Post Revenue

Step 5 – Update PSR/Create Project Reports

Do not check this box or Revenue will be double counted in our scenario

Step 6 – Print PSRGo to Query>PSR1, Venus’ Change date to 2015 pd13

Step 7 – Print Revenue Worksheet

Step 8 – Comparative Income Statement for Org G

Step 9 – Do Not Update GL Beginning Balances

• In our scenario, our DCAA audit adjustments were ‘reclass’ adjustments

• We are going to recognize 2015 revenue in our current year 2020

• Our costs have not changed, therefore there is no need to Update GL Beginning Balances

• IF our DCAA audit adjustments had moved say expenses to capital, then we would probably want to roll the new GL balances forward

Step 10 - Update Prior Year History

Note: If prior year revenue from adjustment periods (2015) will be included in current period revenue (2020) calculation, do not include revenue in ‘Adjustment Period Data to Include’

Step 11 – Process as usual, then Compute 2020 pd2 Revenue with Adjustment Period for 2015

Revenue was posted at Target in 2015 pd13

Step 11 – Post 2020 pd2 Revenue with Adjustment Period for 2015

Step 12 – Print IS for 2020 Pd2

Step 13 – Update and Print PSR and Revenue Worksheet

Our Scenario – Exercise 3 –Combination Billing

Complete the steps in your handout for our workshop scenario

The Process – Combination Billing

Step Description

1Load Labor Rates and Calculate Standard Bills – include Consolidated Standard Bill Options

2 Review Bill and Supporting Schedules

3 Select for Posting and Post

Step 1 – Load Labor Rates, Calculate Bill

Step 2 – Review Bill and Supporting Schedules

Step 2 –Review Bill and Supporting Schedules

Step 3 – Select for Posting and Post Billing

Costpoint Interim/Final Rates and Consolidated …...Billing - Create retroactive bills for the...

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