Project close guidelines

Use this list of steps as a guide to closing projects:

  1. Process labor distribution and certify effort.
  2. Update project end dates on project assignments.
  3. Review and close open commitments and encumbrances, both in labor distribution and open purchase orders.
  4. Post all open expense transactions. Run the Paid Invoice Project Update.
  5. Optionally, generate and journalize indirect burdens. Post entries.
  6. Bill and recognize any transactions that have not been processed, including unbilled milestones and installments.
  7. Review project funding. Transfer unused funding to other projects and update the end date for project funding.
  8. Review and complete open grant deliverables.
  9. Optionally, run interface capitalization for any project transactions that require capitalization.
  10. Run the Federal Financial Status (FFR) report for federal grant sponsored projects.
  11. Change the project contract status to closed. When a project is in a closed state, billing, revenue and capitalization activities cannot be performed.
  12. Review posting project end dates and run the action to change the posting project status to closed and change posting projects to inactive.
  13. Move the project structure to a closed parent structure.