Settling a Project

The trade fair was a great success for the company! Now that you have gathered every relevant posting and cost on your project, you want to go over the steps to credit the project to the cost center of the Sales Department. You want to understand the best way to analyze the transferred data after the settlement.

Generally, actual costs are collected on projects only temporarily, at most until they are completed. The projects are then settled to one or more receivers as part of period-end processing in order to have their costs allocated to these receivers.

To be able to settle the project, a settlement rule needs to be defined for the sender. This settlement rule determines where and how the costs are to be settled.

The settlement rule is defined in the project master data, using for example the Project Control – Enterprise Projects app.

To run a settlement, the steps are:

1. Open the Run settlement – Actual tile.
2. Select the Cost Object Type Project.
3. Select your project.
4. Choose Test or Run depending on whether you want to affect the actual data or not.

The Display Settlement Documents app can be used to track the different settlement runs for a specific project. This app allows you to display documents containing transaction details that were created during the settlement and reversal process for a WBS element

Once the project is finished and completely settled, to be sure that no other cost will post on it, its status should be set to Closed.