Financially Enable Projects
To process financial transactions against a project, define the financial properties of the project such as the financial department and location associated with the project. Also, associate the project with a cost/rate matrix so costs incurred on the project can be determined. Defining the financial properties of a project enables the project for financial processing.
Verify the Prerequisites for Financially Enabling a Project
Before defining the financial properties or financially enabling a project, verify that you have defined the following financial setup.
- A financial entity that is associated with a department and a location OBS. SearchConfigure an Organization Breakdown Structure (OBS).
- Financial locations that set the geographical boundaries for the entity. SearchSet Up Financial Locations.
- Financial departments that set the organization boundaries for the entity. The departments are associated with the locations. SearchSet Up Financial Departments.
- A cost/rate matrix that determines cost and charge rates. SearchSet up a Financial Cost/Rate Matrix.
Without the required setup, error messages appear when you try to process transactions against a project with a financial status set to "open".
Define the Financial Properties of a Project
Depending on what columns you configured in the cost/rate matrix, the financial properties that you define for a project can vary. For example, if the associated cost/rate matrix uses department and location from the investment, specify these properties for computing project rates. Similarly, if your cost/rate matrix uses WIP Class or Investment Class values from the investment, specify these financial properties. SeeEnable Investments, Resources, and Roles for Financial Processing for details on how to define the financial properties for a project.