Project close guidelines

Use this information 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 Paid Invoice Project Update.
  5. Optionally, generate and journalize indirect burdens. Post the 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. Run the Inactive Contract action on the contract. When a contract is inactive, the billing, revenue, and capitalization activities cannot be performed. You cannot inactivate a contract if it contains open invoices or revenue.
  12. Review the end dates on posting projects. Change the status on the posting project to closed. Change the posting project to inactive.
  13. Move the project structure to a parent structure that is closed.