Check out this new article on Flipboard that describes how to enable a project for financial processing:
Thank you for sharing this Sarmistha!
Enabling a Project for Financial Processing
Thanks that is much better than what is in the current Wiki
Good that associating locations and departments is there, too, as it is not enough to have them separately.
More over both need to be for an entity which must also exist. (Having OBS structures called Locations and Departments is not enough)
IHMO a few suggestions would make it even better
If the WIP and Investment classes are required they should be listed as prerequisite.
A company profile must exist
I have not seen a system yet where Companies are used so this requirement should be clarified
To process financial transactions
that means that if the projects are no financially enabled any entries where these requirements are not met will stop in Transaction post to financials with an error status.
I think I also means that XOG transaction will error out if the financial attributes do not have values and if they do there will still be errors because the project data does not match.
The financial attributes are also required in manual entry pf transactions (if I recall correctly.
In this context it were also good to clarify which of these requirements apply for creating financial plans and getting them updated (actuals)
Finally there are also requirements for the user and resource to enter, view and edit the project financial data.
Currently there are financial rights and it used to be that the for some functionalities in this area the resource needed to be financially enabled (according to the documentation)
The link in the post of Chris points to this thread and not to the article itself.
If you wnat to promote flipboard should the link not point to Flipboard and not to Cookbook?
I am glad that you found the Flipboard article "Financially Enabling Projects" helpful. As for what is currently on the wiki, I am planning to update that to match the information in this article for a future wiki update. I am also planning to include the details that you have mentioned here such as an entity. WIP and Investment classes are required only if the cost/rate matrix has those columns and they use the values from the project to populate them. I have stated in the article "Depending on what columns you configured in the cost/rate matrix, the financial properties that you define can vary. For example, if the associated cost/rate matrix uses Department and Location from the investment, you need to specify these project properties." So, likewise for the other properties such as the WIP and Investment classes. I can clarify this more on the wiki if it is not clear.
When I say "A company profile must exist", I meant that a company profile must be created before you can associate that profile with the project. Else, you cannot select a profile from the project properties. Again, I can clarify this more on the wiki as it is obviously not clear.
As for errors, I just verified with an SME that if the financial status of a project is "open" but you do not have all the required setup for financial enablement, you will get messages when trying to process the actual transactions.
As for creating detailed financial plans, you do not need to financially enable a project to do that. The only thing required for creating detailed financial plans is to have the Department OBS unit. This Flipboard article primarily address financially enabling projects to process financial transactions. Financial plans is a different topic that is not addressed in this article. However, I have made a note to verify and update that piece of documentation (if needed) in the future based on your feedback in the recent past.
Regarding financially enabling resources and access rights required for financials, those are addressed on the wiki under different context. However, I will verify that the requirements you have mentioned here are covered and clarified on the wiki. Stay tuned and make sure to watch the wiki sites for the latest documentation.
Thank you very much for all your feedback!
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