How do people deal with the “Total Commitments”, “Open Commitments”, & “Cost to Complete” amounts on the Project Cost Report? They appear to be values as of the report run date rather than as of the period reported. This means that if you close your accounting period and start reviewing the report and someone on the construction team enters a new change order, all of these numbers change. It also means that if you rerun a prior period’s report, all of these numbers might change from what you reported to management, quantity surveyors, banks, investors, etc.
I’m pretty sure the report pulls these amounts from the data behind the project summary screen and I’m not sure how to change the report to build this data as of a reporting period (or what DAC to use).
We take a couple of weeks to close our accounting and get our reports finalized, surely we can’t expect our construction teams to not enter any change orders for two weeks every month. Not to mention that we can never reproduce our historic reporting.
This must impact the entire industry so I’m hoping this is just a training issue and that I’m doing something wrong.
