Managing Projects › Project Properties › Financial Processing (Project) › Define Financial Properties

Define Financial Properties

Use the project's general financial properties to:

• Associate a company name for external billing purposes and to enable contracts.
• Specify a department and location to credit for project costs.
• Specify the billing type and status.
• Associate the project with a WIP and investment class.
• Financially enable your project.

To define a project's financial properties

1. Open the project.

   The Project: Properties: Main - General appears.

2. Select Financial from the content menu.

   The Project: Properties: Main - Financial page appears.

3. In the General section, complete the following fields, and click Submit:

   Company Name

   (Required for external billing and to enable contracts.) Defines the company to bill for project costs. Click the Browse icon to select a company. You must create a company profile.

   Note: See the Financial Management User Guide for more information.

   Project ID

   Read-only. Defines the project ID.

   Affiliated Project

   Defines the project that is financially tied to this project. Click the Browse icon to select an affiliated project.

   Department

   (Required for any type of financial processing.) Defines the department who incurred the cost of the project, investment, or services.

   Location

   (Required for any type of financial processing.) Defines the location to be used to match the project with rate and cost matrices if system or entity-level defaults indicate that the source location is taken from the investment.

   Financial Status

   (Required.) Defines the status that determines how transactions entered against this project are handled.

   Values:

   • Open. All transactions entered against a project can be fully processed.
   • Hold. New transactions cannot accumulate on the project, but existing transactions can be processed against the project.
   • Closed. New transactions cannot accumulate and credit memos cannot be issued against a project. When you mark the project's financial status as "Closed", it no longer is open for financial processing.

   Type

   (Required.) Defines the billing method required for financial transactions.

   Values:

   • Standard. Standard bills let transactions accumulate over a given cycle and let you to bill resulting transactions at any time. You can bill this type through demand billing and chargebacks. This type can process billable and non-billable financial transactions. Users can enforce a contract amount if desired.
   • Contract. Contract bills have a specified limit on the final amount. You can bill this type through advanced billing or through demand billing. You can enforce the contract amount.
   • Retainer. Retainer bills have no predetermined limit on the final amount You can process this type through advanced billing or demand billing. You cannot enforce retainer amounts.
   • Internal. This non-billable type is used to track financial transactions that are not used for billing or chargebacks.

   Note: See the Financial Management User Guide for more information.

   WIP Class

   Defines the transaction category used to group projects for reporting. Click the Browse icon to select a Work In Progress (WIP) class.

   Investment Class

   Defines the project used to group projects for reporting. Click the Browse icon to select an investment class.

   The project is financially enabled.

More information:

Financial Processing (Project)

Define Billing Information (Projects)

Financially Close Projects

How to Set Up Projects for Tracking Costs

Financially Close Projects

Define Project Contracts