Close Job - Final
Final closing a job refers to the process of officially closing out a project in the Project Accounting system after all finanical, operational, and administrative tasks have been completed. This means that no further transactions (such as costs, revenue, or adjustments) can be posted to the job, and it is considered full completed and reconciled.
Before final closing a job,
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Ensure all costs are recorded for labor, materials, subcontractor expenses, and overhead costs.
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Confirm all invoices have been issued and recorded.
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Reconcile job costs and revenue to compare actual costs vs. budgeted amounts.
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Make any necessary accruals, reallocations, or corrections.
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Close purchase orders and commitments to confirm that all outstanding POs or vendor committments are resolved.
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Review and approve project closure from project managers, finance, and stakeholders.
Final closing is important because it
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Prevents unauthorized transactions after project completion.
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Ensures accurate financial reporting.
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Helps analyze project profitability and lessons learned.
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Frees up resources for new projects.
In this section:
How do I final close a job? (2025.02)
Where can I see the GL accounts for closed jobs?