UniPhi has the ability to track the monthly actual, forecast and budgeted revenue and expenditure and report on these on a financial year basis. To be able to do this, the relevant financial years of the company need to be established. You can pre-populate as many financial years as is necessary (past and future).
These financial years will be available to users via drop down boxes in the cost and fees tabs. The more financial years entered the more options in the drop down list options available. For this reason, it is common for only 3-5 financial years be available at any one point in time. More financial year periods may be required if the project runs over a number of years and the business would like to time-phase the cash flows over the entire project period.
Once a financial period is completed and the accounts signed off, the financial period is closed. Individual month periods can be closed out sequentially, or an entire financial year can be closed at one time. Once a period (month or year) is closed:
• All timesheets are marked as submitted and it submits any saved time that had not been submitted for that period
• No one can timesheet to that period.
• Cash flow phasing interfaces in the system show actual for that period instead of forecast.
• The API shows actual for that period and clears the forecast (this makes it easier for Act/fcst graphing)
Other business rules relate to accounting integration and are not relevant here including closing a financial year (won't import actuals for that year once closed for example).
Create Financial Years and Periods
To create a financial year:
1. Click on the Configuration > Financial Years tabs
2. Click on the Add icon to display the following:
3. Enter the start and end dates for a financial year and indicate if the financial year has been closed:
Note it is possible to enter a shortened financial year if for example UniPhi is deployed a portion of the way through a financial year, or a company changes its financial year period. The Period Closed tick box allows you to indicate single period or entire financial years where accounts have been finalised, which prevents data being entered against that year.
4. Save your entry
You have successfully added a financial year.
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