Year-End Processing for Projects

Step-by-Step Guide

This plan covers year-end closing for projects in Exact Globe. Follow the steps below to complete the full year-end closing process:

Processing Purchase Invoices
Approve Project Deliverables
Generate Invoices
Processing Invoices
Closing out projects and releasing work in progress
Generate Work in Progress

Step 1: Process Purchase Invoices

This step is only necessary if the ‘Allow: Purchase Invoice’ setting in the ‘Invoice Lines’ section of the project settings is checked. If the setting is not checked, you can skip this step and proceed to step 2.

With this setting, you indicate that you want to include purchase invoices in the invoice proposal. The invoice proposal will then include an additional option that allows you to select purchase invoices, orders, or both. To include purchase invoices in an invoice proposal, the purchase invoice must first be processed. To process purchase invoices, navigate to:

Go to [Finance > Input > Process].
Here, you can filter by purchase journals and a date range.
Select all the purchase invoices you want to process.
Next, click the ‘Process’ button.

Step 2: Approve Project Deliverables

This step involves approving all project completions for the past year.

Go to [Projects > Input > Approve].
Use the selection criteria to view the projects that need to be implemented.
Check the ‘Fiat‘ column for the projects you want to approve.
Next, click the ‘Approve’ button.

PLEASE NOTE! Please keep the following in mind:

When multiple people are responsible for approving project deliverables, all of these individuals must approve the project deliverables for which they are responsible.
If you check the ‘Include: Previous (Weeks)’ option, the system will always go back to week 1 of the selected year. We therefore recommend checking each year to see if there is anything left to approve.

Step 3: Generate Invoices

In this step, you generate the invoices. You do this from the invoice draft in the menu path.

Go to [Projects > Inputs > Invoice Draft].
Use the selection criteria to display the invoice proposals you want to generate.
Click the ‘Show’ button.
Check the box in the ‘Fiat’ column next to the invoice proposals you want to generate.
Next, click the ‘Generate" button.

PLEASE NOTE! Please keep the following in mind:

If you have checked the ‘Allow: Purchase Invoice’ in the ‘Invoice Lines’ section of the project settings (see step 1), you must specify under ‘Posting Type’ that you also want to include the processed purchase invoices in the invoice proposal.

Step 4: Process Invoices

After you have generated the invoices, you must process them.

Go to [Invoice > Entry > Print/Process].
Fill in the following fields:

‘Process‘: Here you can specify whether you want to print draft invoices or final invoices. You can use a draft invoice to check whether the invoices look the way you want them to. When you print a final invoice, the invoice is permanently printed, and a transaction is created that generates an outstanding item for the customer. Once you have printed a final invoice, you cannot undo this action.
‘Export‘: Here, you can specify whether the output should be printed or sent via email. When you select the ‘Based on Contact’ option, the billing method you selected on the ‘Financial’ tab while managing the contact will be used.
‘Invoice Date‘: Depending on which option you selected under ‘Revenue: Date’ in the invoice settings, you can specify here which invoice date should be printed on the invoice. By default, today’s date is set here. This date determines how the invoice is processed in the financial records. If you selected the “During Entry” option, you will not be able to change the invoice date, because the revenue has already been recorded on the invoice’s entry date.
‘Report Date‘: You can use the report date to indicate when an invoice was entered; you can also use the report date in various financial reports (for example, [Financial > Entry > Reports > To Be Processed]). By default, this field is filled with the invoice date.
‘Layout / Compilation Layout‘: In the ‘Layout’ field, you can select the desired layout for the invoices to be printed. If you’re working with master layouts, you’ll see the ‘Master Layout’ field here, where you can select the master layout you want to use.
The other fields are optional.

03 Select the invoices you generated in step 3 and click the ‘Process’ button.

Step 5: Complete Projects and Free Up Resources for Maintenance Work

In this step, we close out the projects. If necessary, you can release any work in progress at this time. You can close out projects by clicking the ‘Close’ button in the menu path [Project > Projects > Manage Projects].

Go to [Project > Projects > Manage Projects].
Select the project you want to complete. You can select multiple projects here to complete them at the same time.
A screen will then appear where you can enter a date. This is the date that will be assigned to the project as its completion date.

If there is work in progress on the project, the following message appears: “Action Required: Release Work in Progress Entries.” In the message, you have the following options:

Yes – Any work in progress on this project will be released on the specified end date. In addition, the project status will be updated to ‘Completed.’.
No – Work in progress will not be automatically cleared. You will need to do this later via [Projects > Projects > Work in Progress]. The project’s status will, however, be updated to ‘Completed.’.
Cancel – The processing will be canceled. No work in progress will be released, and the project status will not be updated.

You can also use the ‘Automatically Close’ button in the menu path [Project > Projects > Manage Projects]. This opens a screen showing all projects that are automatically closed. By checking the box under the ‘Select’ column, you can specify which projects should be included in the selection.

Step 6: Generate Work in Progress

This step generates the work in progress for the active projects.

Go to [Project > Projects > Work in Progress].
Click the ‘Show’ button.
Next, check the boxes next to the projects for which you want to generate work in progress.
Click the ‘Generate’ button.

The result

Once you have completed these steps, the full year-end processing for projects is complete. In addition to projects, we also have step-by-step guides for performing year-end processing for: