Reconcile a Project

When a Project is Reconciled we look at the unassigned billing rows across the whole Project and assign them to a Reconciliation Transaction.  We then discount the prices (from their Rate Card price) until the total matches the grand total of all Interim invoices on the Project.  Most services will be discounted by the same percentage, but you may have some Outside costs and even some that are Non-discountable or flat-rated. Those charges are excluded from this process and retain their original value.

(Subject to the Project passing all final checks) Once you Reconcile a Project the following things will happen:

• A new Reconciliation Billing Approval will be created
• All costs, including negative Interims, will be assigned to the new Approval
• The total will be set to zero (Invoice line items will be amended proportionally, so that the total matches the actual invoiced amount)
• The Project Status will become 'Sent To Accounts'

Follow these steps to Reconcile a Project:

1. Open the Project
2. Check Project Status is 'Complete'
3. Open Billing > Client Billing
4. Click 'Reconcile' and OK to complete the Reconciliation
   (To Reconcile, the system will attempt to make the calculations which will bring the transaction total to zero, taking into account any outside costs, existing invoices, no charged, non-discountable and flat rated services. If there are problems, you will be informed and the Project status will remain on Completed)
5. Once everything has been assigned and the total is set to zero, the Project status will be changed to 'Sent To Accounts', this is the final status
6. Once your Project is Sent to Accounts, you can choose to edit the Closed Date
   (This is the date that accounting will use to report on (for commission periods etc). Please note that the closed date will be saved automatically, as the Project save button is disabled when the Project gets to the 'Sent To Accounts' status.)