Overview
This article provides a checklist of best practices for closing out General Projects. A checklist for closing out Sponsored Projects can be found here.
Essential Information
| Project Segment |
- Project segment is a value in the Chart of Accounts.
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| PPM Project |
- PPM Project is the Project in PPM
- PPM Projects are synched daily with the chart of accounts so all PPM projects are GL segment values regardless of PPM project status.
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| Project Status |
- Drives the ability for PPM transactions (costing, billing, etc.) to transact.
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| Project Dates |
- Drives the ability for costs/transactions to post within the project dates based on expenditure item date. These are driven by the task dates.
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| Task Dates |
- Costs can post within the task dates based on expenditure item date, regardless of transaction date.
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| Task Chargeable flag |
- Allows costs to be charged to task or not:
- Example: a non chargeable task with end date of 9/30/22, will not allow a cost with EI date of 8/30/22 to post.
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Next Steps
Checklist for Project Closure
☐ Clear Commitments in PPM; run Manage Committed Costs in OFC: Projects>Costs>Tasklist>Manage Committed Costs
☐ Run GL/PPM recon report by project and clear any variances
☐ Run the Project Cost Transfer Panorama Workflow Details Report (bah.ucsd.edu) to ensure there are no pending cost transfers
☐ (Optional) If there is a PPM budget, align budget to costs in OFC PPM
☐ If project was used in billing, use the Contract Management report (bah.ucsd.edu) to:
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- Ensure no open, unpaid invoices
- To write off the invoice, refer to KBA
- Ensure all revenue = billed=cash received
- Close Contract(s) in OFC - Contracts **Note that contract lines cannot be reopened once Closed, so be sure no further activity is needed
☐ Check GL Balance by Project
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- Suggested Reports (bah.ucsd.edu):
- GL Project Balances report: Available Balance should be zero
- General Ledger Panorama - General Ledger Balances: Accounts 300000 and up should net to zero; Accounts 1XXXXX (Assets) and 2XXXXX (Liabilities) should have $0 balances
- Fund/FinU/Project should be zero
- If balances exist Process transactions through appropriate subledger(s) or process journal to clear
- During the period of July-October before the allocation to account 300000 has posted in the 13_Jun period, run the General Ledger Balances report for the current period AND the prior 13_Jun period. Accounts 400000 and up from the 13_Jun period should net to zero with all accounts from the current period
- Projects can cross over funds—keep in mind while reviewing project balances
- Fund/FinU/Project combinations should all be zero to ensure no year over year equity transactions.
- Suggest checking the Project Setup to GL Match errors to check for this
- Costs will always be in PPM costs—this is a cost collector, the balances (resources to costs) are seen in GL
☐ Close the PPM project in PADUA.
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- This will prevent further PPM transactions
☐ Currently, Project Segment values are not being inactivated which means that it is possible for GL transactions to still post. An enhancement request has been submitted to ITS to inactivate the chart segment when the PPM Project status = Closed
- You can use the Closed Projects with GL Balance Report (bah.ucsd.edu>Department Exceptions Panorama) to monitor this
☐ If this is the last project on a gift fund, determine if fund needs to be closed and if so, submit Services & Support ticket to Gift and Foundation Accounting to request the fund segment value to be closed (Gift Funds > Gift Fund Setup & Transfer > Inactivate Gift Fund (Oracle or ESP))
Checklist to Close Task Only
These steps are not necessary if you are closing a project. They should only be followed when you just want to close a Task.
Tasks do not have a status, so you will need to consider Task Dates and Task chargeability when you no longer want to use a task and the activity is completed
☐ Clear Commitments in PPM; run Manage Committed Costs in OFC: Projects>Costs>Tasklist>Manage Committed Costs
☐ (Optional) If there is a PPM budget for the task, align budget to costs in OFC PPM
☐ If Task was used in billing, use the Contract Management report (bah.ucsd.edu)
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- Ensure no open, unpaid invoices
- Ensure all revenue = billed= cash received
☐ Ensure no pending cost transfers: Run the Project Cost Transfer Panorama Report (bah.ucsd.edu)
☐ Request Task end date to be the date that no additional costs with expenditure item date will post via PADUA
☐ Request Task to be set to non chargeable in PADUA if you do not want ANY further activity to happen on the task. Please make sure there are no pending transactions before changing this status in PADUA
FAQs
- Does every task on a project have to be “end dated” to close the project?
- If you close the project does it waterfall and set the tasks “end date” to the same as the project?
- What is “Closed” vs “UCSD Closed”? Are there any other statuses?
- Original business process was to use UCSD Closed, we are now just using CLOSED when a project is closed (there is a slight difference in what transactions are allowed)
- Once a project is closed can it be reopened?
- Can an open project have no tasks?
- NO, all projects have at least one task. A project with status=Active can have a single task with an end date that has passed
- Can a task be open on a closed project?
- Tasks do not have a status. Tasks can have future dates with project status=Closed
- What if I have a small balance to write off?
- Post costs to zero out the balance. If you need to transfer a partial cost, you can process a split and transfer. See KB0033457 for steps on processing cost transfers. For non gift related projects, you may be able to process a resource transfer of the balance. Contact ICA or Gift Accounting for additional support.