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Administrator Guide
Last Updated: 2023-06-23
Steps: Manage Project Labor Cost Summaries

Steps: Manage Project Labor Cost Summaries

Configure the
Verify Project Labor Cost Summarization
 business process and security policy in the Capital Projects and Projects functional areas for fully burdened and standard costing calculation methods.
You can manage the ledger posting of your fully burdened and standard labor cost summaries for projects.
  1. Configure your tenant to create project labor cost summaries.
  2. As you create your labor cost summarizations, consider:
    Option Description
    Create Project Labor Cost Summarization
    Run your summarization now or once in the future.
    Security:
    Manage: Project Labor Cost Accounting
     domain in the Capital Projects and Projects functional areas.
    Schedule Project Labor Cost Summarization
    Runs monthly.
    Security:
    Manage: Project Labor Cost Accounting
     domain in the Capital Projects and Projects functional areas.
  3. Enter the companies to summarize the project time transactions.
    Selected companies and company hierarchies must have the same fiscal schedule.
    Workday only summarizes labor costs from projects with an assigned company.
  4. Define the periods to summarize your transactions for. As you complete this step, consider:
    Option Description
    Create Project Labor Cost Summarization
    Select exact periods to include.
    Summarizes time transactions with transaction dates that are within the selected periods.
    Schedule Project Labor Cost Summarization
    Select the number of immediate past periods to include.
    Summarizes time transactions with transaction dates that are within the selected periods.
    When you summarize a period from a previously created labor cost summary, Workday creates a reversal and a new transaction to account for changes to:
    • A time block matching the worktags from the previous summary.
    • The project currency.
    • The project or worker company.
  5. (Optional) Access the
    Find Project Labor Cost Summaries
     report.
    To find intercompany labor cost summaries, you must search by project company. You can add the worker company as an additional dimension to narrow the results down further.
    Review the summarized time transactions and details for these labor costs when auditing your labor cost summarizations:
    • Fully burdened.
    • Standard.
    Security:
    Manage: Project Labor Cost Accounting
     domain in the Capital Projects and Projects functional areas.
Workday routes your summarizations for approval through the
Verify Project Labor Cost Summarization
 business process. Once approved, Workday creates
Project Labor Cost
 accounting for labor cost summaries in the currency of the project upon summarization. When the ledger currency is different from the project currency, Workday converts amounts to the ledger currency on the labor cost summary transaction date.
When the labor cost summary meets a Work In Progress (WIP) exclusion rule, Workday:
  • Doesn't create accounting for the
    Capital Projects Only
     configuration.
  • Creates accounting using the
    Project Labor Cost
     account posting rule instead of the
    WIP
     account posting rule for the
    All Projects
     configuration.
Capitalize labor cost summaries tagged to capital projects.