Page 53 - UNANET GOVCON: CLOSING A FISCAL PERIOD

Activity 6.3 Reconcile Project Subledger to the GL
Login as Glenda Manager (GL Manager) – glmanager

Run the Project Cost Summary (JSR) report on billable direct projects using the
actual indirect rates for all posted data in the fiscal year. A YTD comparison should
then be made to ensure Revenue, Direct Costs, Direct Margin, and Total Indirect Cost
within the JSR tie to the accounts on the Income Statement.

Activity Steps:
1. Navigate to Reports > Dashboard > Project Accounting > Project Cost Summary
(JSR)

2. Run the report using the following criteria:

REPORT ON All Projects I can see
COST REPORT NAME Fiscal Close - Margin Summary
INDIRECT COST RATE Actual
DATE RANGE Fiscal Period Date Range
REPORTING OPTIONS • Roll up all selected projects into a single block
• Include posted data only

3. View the JSR FISCAL YTD column on the report to answer the LEFT column:
JSR INCOME STATEMENT
FISCAL YTD
Revenue = 40.01 - Revenue =
•
Direct Labor = TOTAL Direct Labor =

ODCs = 50.20 - Direct - Non-Labor =

Gross Margin = GM - Gross Margin =

Indirect Costs = TOTAL Indirect Costs =

4. Compare the values to the Income Statement. Navigate: Reports > Dashboard
> Financials > General Ledger > Income Statement

5. Run the Income Statement for the Closing Fiscal Period

6. View the report to input the results above on the Right column then compare the
values from the JSR. Do the values match? YES or NO

LESSON 6: RECONCILIATIONS Page 53
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