Recent observations have revealed a loss of corporate memory in how Cost Monitor billing is carried out.
Please ensure that all billing (revenue/AR) billing is posted in TEMPLA using the Cost Monitor Master Workbill and NOT a workbill generated in the Purchase Order module for purchasing.Previously purchase orders could not be initiated until the project had been posted. From this point forward, purchase orders will be barred until the workbill number is retrieved (see above). Normally, workbill numbers are retrieved during (as the first step in) project posting but workbill numbers can also be manually retrieved via the edit menu ‘Retrieve Master Workbills’.
The expenditure records tell a story. It’s the place where:
purchase orders (committed cost) are inserted from the purchase order module (or manually),
expenses are records from supplier/contractors, and
forecast end costs are maintained.
The forecast costs are what you, as project managers, need to think about and they show your knowledge of the job and your trusted expectation for the final financial result.
When a purchase order is ‘posted’ by admins in the purchase order module, the value is inserted into the transaction register. It’s posted as a ‘reconciled’ transaction (bold date) and as such, is not accidentally deleted by Project Officers. If it is ever deleted, the associated purchase order acquires a black bar meaning ‘no associated transaction’.
When a TEMPLA workbill is retrieved from TEMPLA for the PO, the Order/Inv entry is updated to include the workbill number as well as the PO number e.g. CMP:45621-WB:112435 is both numbers, and the expenditure column acquires a blue bar.
Right click on the order and select ‘Enter Invoice for PO’ to start recording an invoice against the PO. The amount, by default, is the full amount of the purchase order. But this amount can be edited to something less than the full amount. Subsequent invoices can be entered against the same purchase order when they are presented.
Time now to re-assess the forecast cost for this work and add a line either reducing or increasing the forecast. It’s always better to add a line (either negative or positive) rather than edit the original forecast. Each entry adds to the story and provides a way to annotate the adjustment.
Cost Monitor projects can be created by estimate import or default project creation. In either case, the project may be left with cost codes which have no original value and no prospect of being used for orders.
In other cases, cost codes previously inserted may no longer be required.
The procedure shown above is a quick an easy way to remove these unrequired cost codes.