Separate Contract Valuation Performance Surplus from Performance Shortfall to enable separate treatment for Balance Sheet purposes
Currently both Contract Valuation Performance Surplus or Shortfall per project must be coded to one Balance Sheet account. For Financial Reporting purposes this is often not the case whereby the Performance Surpluses are treated separately then Performance Shortfalls. One being an asset and the other a liability. Splitting these can only currently be undertaken via a manual process of downloading.
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Company
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Built
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Job Title / Role
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Senior Finance Systems Support Analysts
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I need it...
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6 months
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Cheers Michael,
We will watch votes and consider for promotion to roadmap.
If at any stage you feel you need to bring this forward, it would be
approved as a customer funded mod, should you see the value in this
approach.
cheers
Andrew
Hi Andrew,
Thanks for the feedback and suggestion. Agree that the PSS should be as minor amount as possible with accurate forecasting. However, for our formal financial statements (which we do monthly) we are still required to separate this amount out and it would save time and effort if Jobpac could do this automatically rather than relying on excel downloads.
Kind regards
Michael Knapman
Hi Michael,
Another way you may be able to achieve that, in lieu of an enhancement, is
by enforcing analysis of the PSS during Contract valuation. ie your staff
could move the PSS into either underclaim or overclaim categories depending
on the sign, or any of the other categories. Ideally the PSS should be as
close to zero as possible, indicating the difference between Turnover and
Revenue is understood, or has been substantiated, otherwise a large,
unsubstantiated PSS, could indicate an inaccuracy in Contract Valuation and
might trigger a forecast review, or claims review, for example.
Nevertheless we will consider the change for future development.
Cheers
Andrew