Estimated Final Cost (EFC) is the projection of the anticipated costs to complete the Production, equal to the sum of the estimate to complete and the actual costs to date for the Production. Use EFC Entry [efcent] to make EFC changes. Once an EFC/Variance change has been created, PSL3 automatically adjusts the Cost to Complete, Estimated Final Cost and Variance amounts on the Estimated Final Cost Report [efcrpt].
Please note EFC's and Variances are created by one of three ways which are as follows:
|1.||By directly accessing the Variance Entry [bdve] screen and inputting the change(s) there.|
|2.||By making the change(s) in the EFC Entry [efcent] screen. After making and saving the EFC change(s), a Variance is created with the new Variance Entry [bdve] Reference Number appearing directly in the EFC Entry [efcent] screen for your records. |
|3.||By making the change(s) in the Cost Report/EFC Worksheet [efcws] screen. After making and saving the EFC change(s), a Variance is created with the new Variance Entry [bdve] Reference Number appearing directly in the Cost Report/EFC Worksheet [efcws] screen for your records. |
Although PSL3 allows you to select any of the three previously mentioned options, the result of entering an EFC or Variance in either Variance Entry [bdve], EFC Entry [efcent] or in the Cost Report/EFC Worksheet [efcws] screen is exactly the same.
|►||To access the EFC Entry [efcent] screen, click the 'Budget' or 'Cost' module from the menu tree (see following screen shot). |
|►||You can also access this screen by typing the screen or acronym name in the blue prompt bar located above the 'Setup' menu. Then, press Enter.|
The screen then appears.
|•||Budget - Name of the budget in which the EFC changes will be made. To choose multiple budgets, press the F2 Key or right click in this field and hold down the Control Key while simultaneously using your mouse to select. |
|•||Production - Production Code for the Budget Name. The Production Code defaults when the budget is input. Please note you are not able to access this field|
Reference & Batch:
|•||Press the F2 Key or right click in these fields (Batch and Company) to choose the necessary codes if they don't already default. The codes selected will be associated with the Variance Entry [bdve]transaction once created. To run EFC Entry [efcent] from a previous Variance transaction created, use the Variance Reference field to input the Reference Number.|
|•||Effective Date - Date of the transaction that is recorded and affects the Estimated Final Cost Report [efcrpt]; should default with today's date. You can always change the Effective Date by typing over the defaulted date or by right clicking in that field for the calendar selection to appear. Please note you can not input a date that is in a previously closed period.|
|•||End Date - Cut-off date for this transaction to include up to. Please note many transactions are created with future dates; therefore, the worksheet will only include information up to this date, not past it.|
*Please note the Effective Date and End Date are usually input with the same date for consistency purposes.
|•||From and To - Account numbers to include in the worksheet. To restrict the worksheet to only include information for a single account number, input the same account in both the From and To fields. To multi-pick certain accounts, press the F2 Key or right click in either field and hold down the Control Key while simultaneously using your mouse to select. To select all account numbers, leave both fields blank.|
|•||Press the F2 Key or right click in these fields (Series, Location and Set) to choose the necessary codes. To select all Series, Location and Set Codes, leave these fields blank. Check mark the 'Combine' option to combine all Series, Location and/or Set Codes into one line on the worksheet.|
|•||Include Committed Costs - Check mark to include Committed Costs (items entered in the database, but not yet paid) which consist of P/O's and Open Items.|
|•||Include Inactive Accounts - Check mark to include accounts that had no activity/distributions posted to them during the date range selected or have a zero dollar balance.|
Please be advised if you are adding a new account number to a budget, it must be added in both Chart of Accounts Entry [glca] and Budget Amount Entry [bdent] for it to appear in EFC Entry [efcent]. If you have added the account number only in Chart of Accounts Entry [glca], it will not appear in this screen when check marking 'Include Inactive Accounts'.
|•||Budget Amount as Activity - Check mark to include accounts that had no distributions posted to them, but do have a non-zero amount budgeted. |
|•||Open Items as Actuals - Check mark to include Open Items (items posted but not yet paid). Only P/O's will be treated as Commitments.|
|•||Over Budget as Negative - Check mark to show over budget amounts as negative numbers.|
|•||Source - If you have more than one currency in your database, you can choose to include only transactions denominated in one currency, two, three, etc., or all currencies. To choose multiple Currency Codes, press the F2 Key or right click in the field and hold down the Control Key while simultaneously using your mouse to select.|
|•||Target - Base currency set up in the System Control Information Entry [suctrl] screen located in the 'Setup' module defaults. This Currency Code is what all transactions are converted to on the worksheet. |
|◆|| Start to populate data:|
|►||To proceed with making the EFC changes, press the F1 Key, then 'S' option or select 'Start' located in the top right hand corner of the screen. Make sure to input all white colored fields as white fields are required before the 'Start' option is made available. Once you select 'Start', the worksheet at the bottom of the screen becomes available. You are able to make changes to the light blue colored fields which include: Cost to Complete, EFC, Variance and Description. If you leave the Description field blank, PSL3 defaults the description to "EFC Entry Variance" in Variance Entry [bdve]. Please note if you press the F2 Key or right click in the light blue worksheet fields, a calculator displays for your convenience.|
Once all EFC changes have been made, save the changes by pressing the F1 Key, then 'A' option to Accept which saves and clears the screen or select the 'Accept' icon located on the toolbar. A Variance transaction is created and the Variance Entry [bdve] Reference Number displays on the screen.