1. Month End Close Process
(ID.16)

2. Objectives
Describe the process an agency will follow using Vantage Standard Functionality to meet the requirements of a particular Key Business Scenario.
This document focuses on the following areas:
Description of current scenario and details of execution in Legacy system
Process execution of standard Vantage functionality with high level steps
Vantage standard process documentation, which agencies will use to execute the scenario in Vantage

3. Current Process

4. Current Process – Key Components
Computron Close Reporting Schedule (Sample June’2013) – Local Office

5. Current Process – Key Components
Computron Close Reporting Schedule (Sample June’2013) – Shared Services
Due
RESPONSIBILITY
SCH #
DESCRIPTION
M/Q
SHARED SERVICES
8.1
CLIENT ACCOUNTS RECEIVABLE AGING
9.1
EXPENDITURES BILLABLE TO CLIENTS Q
20.1
FIXED ASSETS, COST
20.2
ACCUMULATED DEPRECIATION
20.3
FIXED ASSETS, NET
20.4
FIXED ASSETS - Prior Year Capital Expenditure Accrual
20.5
FIXED ASSETS - PROCEEDS ON THE SALE/DISPOSAL OF FIXED ASSETS
Note: Certain schedules are due only on the quarter, some are due every month and others only Year end- this is indicated below (M = every month) (Q = quarterly

6. Objectives and Success Criteria

7. Objectives and Success Criteria
Describe the process an agency will follow using Vantage Standard Functionality to meet the requirements of a particular Key Business Scenario
This document focuses on the following areas:
Description of Current Scenario and details of execution in Legacy system
Process execution high level steps using Vantage Standard Functionality
Supporting Vantage Standard process documentation agencies will use to execute the scenario in Vantage
Our intent is to make sure you have a solid understanding of the of the month end close processes within Vantage

8. End of month - Managing costs

9. Billing End of Month - Managing Costs Overview of Activities
Post AP
All PO based invoices have been approved by the buyers
All non-PO invoices have been coded by the LO invoice controller and approved by Finance checker.
Post Time
All time for that reporting period is posted
Time super user has the ability to execute the time posting program on demand.

10. Billing End of Month - Managing Costs Overview of Activities
Run Reports and prepare for review meetings
Project Summary/Activity Reports
Transfer/write-off reports
Missing Time reports
Job Closing – set job status to stop allowing costs to be incurred (STIN)
What other end of month cost managing activities do you do today?

11. Billing End of Month - Managing Costs Agency Assignments
Activity
Responsible Person
Accountable Person
Consulted Person
Informed Person
Timing
Communication
Post AP
Buyers/PO creators
Buyers/PO creators/approvers
N/A
Ongoing; end of month push (before 3rd week and month end)
communication
Post Time
End users; time super user
Analysts
Weekly; all time by EOM
Run reports; prepare for review meetings
Billers, Account Mgmt/Production teams
Analysts if issues arise
Ongoing for the first three weeks
Meetings
Job Closing - STIN
Production, Account Services al – Acct Svcs
Account Mgmt, Production, Finance
Ongoing; push during billing; push at EOM
Meetings (Billing meeting); ongoing meetings

12. Billing End of Month - Managing Costs Agency Assignments
Activity
Reports Used
Forms Used
Post AP
ZWF_RPT
N/A
Run reports; prepare for review meetings
Transfer/write-offs
ZPAR/ZAWIP
Priced Time
Missing time
Job Closing - STIN
ZPAR

13. Billing End of Month - Billing Agency Assignments
Activity
Responsible Person
Accountable Person
Consulted Person
Informed Person
Timing
Communication
Review Hard Costs
Billing
Account Services, Production AP
N/A
Prior to 3rd week (Billing)
Meetings
Determine charges/time to postpone
Analysts (time)
Suraiya Ahmed
Prior to month end (during 3rd week of month)
Determine hard costs transfers and write-offs
Review of time posted to job
Analysts
Prior to month end (during 3rd week of month); End of month
Determine time transfers
Account Services, Production (varies by agency)
Ongoing; Prior to month end (during 3rd week of month); End of month
Form ; as needed
Approval of transfers
Cheryl Gordon/Suraiya Ahmed
Maintain rates
Account Services
MD’s
Ongoing as rate changes; end of year
Contract,
Reprice rates as necessary
Job Closing - STBI
Ongoing; push during 3rd week
Meetings,

14. Billing End of Month - Billing Agency Assignments
Activity
Reports Used
Forms Used
Review Hard Costs
ZPAR (Project Activity)
Determine charges/time to postpone
ZBILL
Determine hard costs transfers and write-offs
Review of time posted to job
BW/ZPAR, Priced Time Report
Determine time transfers
ZPAR
Approval of transfers
Time transfer report
Manual form offline
Maintain rates
VK13
Reprice rates as necessary
N/A
Job Closing - STBI
Job Close Status Report

15. End of month - Revenue

16. Billing End of Month - Revenue Agency Assignments
Activity
Responsible Person
Accountable Person
Consulted Person
Informed Person
Timing
Communication
Run reports; prepare for review meetings
Billing
Analysts
N/A
Account Services
4th week
Meetings
Create ETCs
Suraiya Ahmed
Currently 1st week; as soon as value is known; 4th week moving forward
Check revenue recognition settings on new jobs
Ongoing
Enter ETC values
Enter Earned Monthly (if applicable)
Run revenue reports to confirm revenue
during 4th week; End of day 1; through day 4
Month end meetings
Perform manual accruals/deferrals
Day 2 – day 4
Job Closing - STRR
Alexis / Suraiya Ahmed
Billing, Account Services
Meetings,

17. Billing End of Month - Revenue Agency Assignments
Activity
Reports used
Forms used
Run reports; prepare for review meetings BW
Create ETCs
Offline spreadsheets
Check revenue recognition settings on new jobs
ZRRBS (Accrual, Deferral, WIP by job)
Enter ETC values
*Vantage report – ZRRBS?
Open question w/ Network – what does NY want?
Enter Earned Monthly values
Run revenue reports to confirm revenue
1. ZRRTYP (Revenue by Typ)
2. ZRRMON (Revenue by Month)
3. ZRR01/ZRR03 (Revenue Detail Report)
Perform manual accruals/deferrals
JE forms used now – won’t be needed in Vantage (backup can be attached)
Job Closing - STRR
N/A
N/A – will this be needed moving forward as once status is set job cannot be reopened?

18. Proposed Future State Process - Details
The period end close managed globally by Corporate and the Shared Service groups
The close schedule was developed based on current Corporate deadlines
The close schedule can only be modified by Corporate
Month End Closing Schedule: