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