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MESSAGE 041811-01
DATE April 18, 2011
AUTHOR Asset Management
Subject Projects in Project Costing Module
Message Text:

Topic: Closing Projects in Project Costing Module—New Project Status

 If your agency has closed or plans to close any Projects in the Project Costing module, you will need to validate whether or not there are any capital assets with that Project Id. If there are capital assets with the Project Id that needs to be closed, you should change the Project Status to “X” (Asset Processing Only) rather than closing the Project. This new status does not allow that Project to be saved on new requisitions, purchase orders, or vouchers. The Project will be available in the Project lookup on these source documents, but you will receive an error message if you select that Project and try to save.

The reason a new Project Status was created is due to Asset Management journals. When an asset is added with a value in the Project chartfield and that Project is later closed, any future journals for that asset (like depreciation and adjustment journals) cannot post to the General Ledger. This new status allows assets with “inactive” projects to post to GL while preventing a user from saving requisitions, purchase orders, and vouchers with a Project that shouldn’t have further activity.

To determine if there are any capital assets with a specific Project Id, use Search for An Asset (Asset Management > Search for An Asset). The following fields should be populated:

 Unit: your business unit

Book: CAFR

Asset Status: In Service

Click the Chartfield Search Criteria hyperlink, enter the Project Id, and click OK.

Then click Search. A list of all capital assets with that Project will return. If no assets return in the results, you should be able to close the Project. If assets do return in the results, use a Project Status of “X” to prevent any journals from erroring in the future.

SMART Team


 

 

 

 

 

 

 

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