Managing Projects › How to Work with Project Properties › Financial Processing (Investments) › Define Financial Properties (Investments)

Define Financial Properties (Investments)

Use the following process to define the financial properties used in summary and detailed financial planning.

If the following conditions are true, when changing the financial status of a project from Open to Hold or Closed, an error message appears:

• The project has associated transactions in unposted or error status.
• The project has associated timesheet, or XOG transactions not posted to financials.

Follow these steps:

1. Open the project.

   The properties page appears.

2. Open the Properties menu, and from Properties, click Financial.
3. In the General section, complete the following fields:

   Company Name

   Defines the customer (internal or external) that drives rates and costs. You require creating a company profile.

   Project ID

   Defines the unique identifier for the project that is typically auto-numbered.

   Limits: 20 characters

   Required: Yes

   Affiliated Project

   Defines the project that is financially tied to the project.

   Department

   Defines the financial department associated with the investment.

   Required: No

   See the Financial Management User Guide for more information.

   Location

   Defines the financial location associated with the investment. The location requires belonging to the same entity as the department.

   Financial Status

   Specifies the status that determines how financial transactions entered against the project are handled.

   Values:

   • Open. All transactions entered against the project can be fully processed. Use the financial status to open it for financial processing, or to enable the project financially.
   • Hold. New transactions cannot accumulate on the project.
   • Closed. New transactions cannot accumulate. When you mark the project financial status as "Closed", it is no longer open for financial processing.

   Default: Hold

   Required: Yes

   Investment Financial Type

   Defines the billing method required for financial transaction processing.

   Values:

   • Standard. Standard bills let transactions accumulate over a given cycle and let you charge resulting transactions at any time.
   • Internal. Used to track financial transactions that are not meant for chargebacks.

   Default: Standard

   Required: Yes

   See the Financial Management User Guide for more information.

   WIP Class

   Defines the transaction category used to group projects for reporting.

   Investment Class

   Defines the class used to group projects for reporting purposes.

   Billing Currency Code

   Defines the currency that is used to process chargebacks and financial transactions on the project. After you process transactions or create detailed financial plans for the project, you cannot change this currency code value.

4. In the Labor Transaction Rates, Material Transaction Rates, Equipment Transaction Rates, and Expense Transaction Rates sections, enter the following cost or rate information as needed:

   Rate Source

   Defines the cost/rate matrix used to calculate the benefit amount of the transaction entry.

   Cost Source

   Defines the cost/rate matrix used to calculate the cost amount of the transaction entry.

   Exchange Rate Type

   Displayed only when multiple currencies are available. Defines the exchange rate type for transactions for the project. When the project is approved, you cannot modify the exchange rate type.

   Values:

   • Average. The blended derived rate over a period: weekly, monthly, or quarterly.
   • Fixed. The fixed rate that does not change over a defined period.
   • Spot. The variable rate that changes frequently, say daily.

5. Save the changes.

More information:

Financial Processing (Investments)

How to Set up Projects for Financials

Financially Enable Projects

Financially Close Projects

How to Set Up Projects for Tracking Costs