Expense Recognition Wizard

Tobias Stenbråten Updated by Tobias Stenbråten

The Expense Recognition Wizard can be launched from multiple locations within the system for your convenience.

Accessing the Wizard

You can run the wizard from:

  • Project level – Navigate to the specific subproject or launch directly from the root header project
  • All Projects list page – Access the wizard from the main projects overview
The wizard remembers your previous selections and will display them when you reopen the form.

Field Descriptions

Configure the following fields in the wizard:

Field

Description

Automatic Calculation

Calculates automatically when you open the form

Include Subproject

If set to "Yes," the figures will include projects of type Investment in the total. Other project types in the structure will not be included in the calculations

Percent

Enter a percentage to calculate a new amount based on total WIP cost

New Amount

Select the amount to recognize. The percentage field will update automatically based on this value

Running the Wizard

Once you have configured the fields and reviewed your selections, click Next to proceed with the expense recognition process.

Specify whether transactions should be posted to Fixed Asset or to the ledger. You can select multiple fixed assets or main accounts, provided that the remaining percentage totals 100% and the remaining amount equals 0. The posting destination is determined by the form option currently selected when you click Next. For example, if you have selected to eliminate to Fixed Asset, clicking Next will post the transactions to fixed assets. Conversely, selecting the ledger option will post transactions to the general ledger.

Reduction Allocation

The wizard will automatically suggest posting reductions to investment projects within the structure. Note that project status is disregarded during this process, as this is considered a financial posting that does not impact operative project reporting.

If Distribute All is selected, all postings will be directed to the selected project instead of being distributed across the projects in the list. You can choose between two allocation methods:

  • Weighted Allocation – Takes into consideration the cost from subprojects as part of the total for investment projects within the structure. This method distributes amounts proportionally based on existing cost distribution.
  • Distribute Equally – Distributes amounts evenly across all projects shown in the list, disregarding any posting history or cost allocation to the respective projects.

Once you press Finish, the journal will be posted.

How did we do?

Setup Expense Recognition

Expence Recognition Overview

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