Committed Cost Report for Sage Intacct #MakeYourForemanHappy
One important report that construction companies need is a committed cost report. This report allows you to see what the committed costs are on a job. The committed costs are funds that you’ve committed to spend but have not spent yet.
In Sage Intacct, you can build a committed cost report, but you need to make sure your system has been configured correctly.
Step 1 – Set Up a Custom Book in the General Ledger called Commitments
Step 2 – Set up a User-Defined Journal for Commitments. You can create one journal for the booking of the commitment and an additional journal for the reversal of the commitment.
Step 3 – Set up your Transaction Definitions. In our example, we are purchasing for subcontracts so we will have two Transactions Definitions created (Purchase Order Subcontract and Vendor Invoice).
When you create the Purchase Order Transaction Definition you will need to make sure you are posting to the General Ledger
When you create the Vendor Invoice Definition you will need to Post to Accounts Payable but also an additional posting
This will let you Configure Purchasing as follows. Note, we created one journal for the initial posting and one journal for reversal.
Once you have this all created, make sure to test the process all the way through.
If you have questions regarding the setup of the Transaction Definitions, please contact us here at ETHOSystems and we can talk through the other configuration settings.
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