List of items for customers to follow once they are Post Live
Time & Expense, Labor, & Payroll
- Employee Timesheet Entry – Employees should be filling in Time on a Daily Basis.
- Timesheet Approval – Supervisors should be reviewing and approving timesheet at the end of the pay period. If an employee has not completed or signed the timesheet it is the responsibility of the supervisor to reach out to the employee for prompt entry and submittal.
- Exporting Timesheets – After timesheets have been approved, the accounting department/system admins will run the Export/Import process. During this process timesheets are brought into the People module and labor costs are applied to the timesheet based off hours entered and employee salary setup. Once labor has been reviewed Timesheets must be posted.
- Posting Labor - Posting labor in Costpoint applies the cost associated with employees to the respective projects charged on their timesheets. The labor cost for projects are not applied to the general or project ledger until posted. When posted, it is a debit balance applied to the project charged by the employee, and a credit balance applied to the accrued salaries liability account.
- Posting Leave Accruals – Leave accruals must be computed and posted in the system. We recommend running this process after timecards have been posted to avoid any issues with leave ceilings.
- Recording Payroll – After you have submitted your payroll through your 3rd party payroll provided, you will need to record the payment of the labor as well as all taxes and fringe expenses paid and/or withheld. We recommend recording this cost as an AP voucher. PCI can help you with creating your payroll entry upon request.
Invoice & Credit Card Processing:
- AP Vouchers – As invoices are received AP Vouchers are to be submitted in the system. All money going out the door should be recorded as AP vouchers (debit card purchases, cash payments, ACHs, vendor invoices)
- Credit Card Transactions – When you receive your credit card statement you must create an AP voucher to record all of the purchases made on that months statement. PCI recommends entering one single voucher for the months statement unless the company has additional requirements in which they would need each transaction to be tied to the individual vendor purchased from.
- Payment Processing – Whether you are cutting physical checks, printing physical checks, using a Bill Pay tool, ACHing, or using a debit card you need to mark transactions as paid in the system.
Cash Receipts & AJEs:
- Cash Receipts – As your customers pay their outstanding invoices, you must record those as paid in the Cash Receipt Module.
- Other Income – If you receive any other income outside of invoice payments, such as interest income, you must also record these items.
- Adjusting Journal Entries – Be sure to post any Journal Entries needed each month such as depreciation and/or prepaids.
Statement of Indirects, Invoicing & Revenue:
- Statement of Indirects - After all Labor and AP items have been posted in the system you can then compute your statement of indirects. Indirect expense rates are generated to determine the actual profitability of projects. Indirect costs (fringe, overhead, G&A, material handling, facilities, etc.) are business expenses not directly allocated to a direct job.
- Invoicing – After all Labor and AP items have been posted in the system you must compute customer facing invoices. This process with provide you with a physical invoice to send to your client as well as increase your AR.
- Revenue - After all Labor and AP items have been posted in the system you must compute and post revenue. Please note that invoicing and revenue computation are two separate processes in the system.
Month End:
- Bank Reconciliation – At month end it is best practice process a Bank Reconciliation to ensure that all cash transactions have been recorded and posted.
- Financial Statement Review/Period Close – At month end it is best practice to review your financial statements for accuracy and make any adjustment as needed.
- Project Report Review – At month end you may want to review your project reports to review profitability by project. In these reports you are able to get insight into your projects from a financial standpoint.