Incorrect postings due to wrong Profit Center assigned to WBS

[Former Member]

Dear Experts,

My client has created a project where a wrong profit center was assigned to a particular WBS. As a result of which while booking revenue end users picked up WBS based on name and while booking cost it was booked based on Profit Center, which was suppose to be linked to some other WBS.

eg. WBS 'A' was suppose to have PC1, while WBS 'B' was suppose to have PC2. But by mistake vice verse happened.

So in this case cost for WBS 'A' was booked against revenue of WBS B.

This is giving wrong picture while analyzing profitability.

Can you suggest some means by which we can correct this picture?

Thanks and Regards,

Manish

[Former Member]

Suggested JV

[Former Member]

Take help from your FI consultant. It can be corrected by JV postings.

[Former Member]

Dear Kuldeep,

I agree with JV, however since there are thousands of entries already posted, we are looking for some easy way out.

Please suggest

Thanks and Regards,

Manish

[Former Member]

Manish,

There is only way of JV posting, you post a single JV for all the line items at a time with cumulative amounts against each WBS element, else you have to reverse all the transactions of the each WBSE and then change the profit center and post the transactions which a very hectic job.

Regards

Praveen

[Former Member]

As per my understanding profit center of WBSE can not be changed even after reversing the postings on it. JV postings is the only way to come out of this problem.

[Former Member]

Hello. I'm quite curious about this topic. Since I've never done that, could you please explain it more in detail? And what does the abbreviation JV mean?

Thanks,

Petr

[Former Member]

Hi,

JV means Journal Voucher if am not wrong. As suggested by other forum member please take help from your FI consultant. He will be able to explain this and maybe even resolve this issue.

Regards,

Gokul

[virendra_pal]

The correct term should be FI journal posting (txn FB01)

JV in PS means Joint Venture Accounting used in IS-OIL