Related articles

Closing and Opening Reporting Periods

Closing reporting periods on your Cost project is fundamental to accurate reporting and time phased data calculations.

Required permissions
Cost Worksheet: Execute

Reporting periods are a set of pre-defined time periods that are applied to a project. These periods allow you to calculate the period budgets against which you will track progress, monitor performance, and measure project activities.

During every reporting period, the project is progressed by entering actual and committed values and evaluating progress and earned value. This is stored as historical data and is used for reporting and comparison.

Ensure all data has been entered into Cost for the current period before closing. This includes actual costs, project changes, forecast updates, contracts, contract changes and payment applications.

 

Closing a Reporting Period

  1. Ensure all data has been updated for the period.
  2. Verify the current reporting period is correct, this is displayed next to the Cost Worksheet title above the Toolbar. 
  3. Under Utilities click Close Reporting Period.
  4. Type at least the first six letters of the project name into the confirmation dialog.
  5. Click Close Period. 
  6. The process will begin and display a notification when finished.

Opening a Reporting Period

Opening the last closed reporting period is possible if you need to make adjustments after closing. This can occur if you receive late payment applications, progress updates, or forecast information.

Opening the reporting period does not roll back the project values to their previous state. Most of the data in your project will remain unchanged except time phased data and progress and forecasts calculated based on duration.

You can open multiple reporting periods by repeating the process.

  1. Ensure all direct actuals and payment applications in the current period have been removed or reassigned.
  2. Verify the current reporting period is correct, this is displayed next to the Cost Worksheet title above the Toolbar. 
  3. Under Utilities click Reopen Last Reporting Period.
  4. Type at least the first six letters of the project name into the confirmation dialog.
  5. Click Open Period . 
  6. The process will begin and display a notification when finished.

Tip!

You can only open a reporting period if there are no direct actuals or payment applications in the current period. Direct actuals need to be deleted, but payment applications can be temporarily reassigned.

What's next?

Was this helpful?