How does this affect me?
Organizations may have long running work for internal initiatives or customer facing projects. When cost and revenue profile rules are configured to post costs to the balance sheet (for example, as work in progress assets), there's a point when those costs must be recognized as expenses. At that time, the amounts are reclassified from the balance sheet to the profit and loss statement.
This feature enables manual movement of costs between the balance sheet and profit and loss statements. Enhancements include:
- A new Post costs form to view, select, and perform posting.
- Allowing users to select a single transaction or multiple transactions filtered by transaction date and transaction type (expense, hour, or item).
What action do I need to take?
This message is for awareness, and no action is required.
If you would like more information on this feature, please visit Post costs for manual transfer from the balance sheet.