Managing Projects › Project Properties › Financial Processing (Project) › Financially Close Projects
Financially Close Projects
Before you can deactivate or delete a project, you must close its financial properties. In addition, when a project is complete, it is good practice to close the project financially to ensure that additional funds are not assigned to or billed for the project.
Financially Closing Projects Rules and Guidelines
Before you financially close a project, review the following rules and guidelines:
- For Contract and Retainer project types, you must close all child projects before you can close the billing projects. Do this in billing hierarchies where one project's costs are billed to another.
- For Standard project types, you must adhere to the rule for Contract and Retainer project types, but with the following exceptions:
- For projects where the contract amount is not being enforced, transactions in WIP must have an amount remaining of zero.
- For projects where the contract amount is being enforced, transactions in WIP do not have to have an amount remaining of zero provided that total billings are equal to the contract amount.
- When a project belongs to a hierarchy that consists of multiple branches, you must follow all of these rules and guidelines for each project within the branch.
To financially close a project
- Open the project you want to financially close.
The Project: Properties: Main - General page appears.
- Click the Financial link on the content menu.
The Project: Properties: Main - Financial page appears.
- Select Closed from the Financial Status drop-down and click Save.
The project is financially closed.
More information:
Financial Processing (Project)
Define Financial Properties
Define Billing Information (Projects)
How to Set Up Projects for Tracking Costs
Financial Processing (Project)
How to Delete Projects