Accounting Dates
SuiteProjects Pro lets you control accounting dates for a variety of transactions. You can associate accounting dates with timesheets, time entries, expense reports, receipts, invoices, revenue containers, and recognition transactions as well as with reports drawing from these accounting dates. The ability to maintain separate accounting dates can be particularly helpful when the original transaction date of an entity must be independent from the financial accounting date, as signified by a financial report or general ledger application.
Accounting dates can be populated automatically at a particular time, such as transaction creation, and with a particular date.
This is not equivalent to accounting period functionality as seen in a financial system. This feature permits transactions to be tagged with an additional date value to keep reporting consistent within a particular accounting period. Discuss this feature with SuiteProjects Pro Professional Services before deciding on whether this functionality is applicable in your account.
To enable accounting date functionality, Creating a Support Case and request that the following switch for accounting periods be enabled: Enable the accounting period feature to manage transaction dating.
To set up Accounting dates:
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Go to Administration > Global Settings > Organization > Accounting Dates.
The selections available in the drop-down lists for the Accounting date configuration vary according to the entity that is being set up. For each entity, select an event and then select an associated accounting date. For example:
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Timesheet events include: Timesheet created, Timesheet submitted, and Timesheet approved.
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Timesheet Accounting Dates include: Timesheet start date, Date timesheet is created, Date timesheet is submitted, Date timesheet is Approved, Custom date, and Custom Accounting period.
The drop-down values are similar to the above for time entries, expense reports, receipts, and invoices. These drop-down values are the events in SuiteProjects Pro that trigger the stamping on an accounting date onto the transactions. For example, when a Timesheet is submitted, the time entry is stamped with an accounting date of today's date.
After you select the settings and save the form, the accounting dates for the associated transactions are populated automatically according to the accounting date event and the chosen date. Any accounting date can be manually updated by editing the individual transaction and over-writing the accounting date.
The automatic population of accounting date for charges and revenue recognition transactions can be set up within the billing and revenue recognition rules. See Accounting Periods.