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When a job is complete and all billings and cost transactions have been posted, you can close the job. If you use the completed contract or percentage-of-completion revenue recognition method, Job Cost automatically creates journal entries to recognize the final cost and revenue for a job when you close it.
You can also close each fiscal period. When you close a month or fiscal period, the system prevents any future job-related transactions from posting to that period. The year-end closing process clears all year-to-date balances and reclassifies the balances of prior year-to-date amounts for reporting purposes.
If the
Closing Jobs Journal Entry check box in the Posting Options window is marked, a general ledger journal entry will be created for each closed job. A general ledger batch is created for each day's closed jobs. The batch ID contains the letters
JCC, plus the day's date. For example, if jobs were closed on 01/02/16, the batch ID would be "JCC 1/2/2016."
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Closing a job
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- Choose Microsoft Dynamics GP > Tools > Routines > Job Cost > Month-End Closing.
- Choose the fiscal Year that contains the period or month to close. Enter the Period ID. You cannot close any fiscal period unless the previous fiscal period is already closed.
- Choose Close. A progress window appears, indicating the status of the month-end closing process. Once the period closes successfully, a message alerts you that you can no longer post transactions to the closed period.
- Choose OK. If you are using the percentage-of-completion or recognized performance obligation revenue recognition method, you must create a POC/RPO entry after closing a period or month. Refer to Creating percentage-of-completion journal entries or Creating RPO journal entries and complete the steps outlined in that section. If the edit list that prints after you close the period differs from the entry list that you printed before closing the period, contact Key2Act Support.
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