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Question

Project cost correction — Report Code reclass or analytical GL posting?

  • May 4, 2026
  • 1 reply
  • 12 views
D
Do Gooder (Customer)

IFS Cloud. Rental object was assigned to the wrong project for a past period. Cost is sitting on the wrong project. Source reversal is blocked because the equipment is already out on a new rental on a different project (can't "return" it).

Two options on the table:

1. Project transaction pair with a dedicated Reclass-type Report Code: credit wrong project, debit destination. Produces a T voucher pair, keeps project ledger and GL aligned.
2. Pure analytical GL posting: manual voucher correcting the code-string dimensions only. Doesn't touch the project ledger.

Which do you use in production, and why? Anything I should watch out for if I go the Report Code route?

    1 reply

    desilvasachitha
    Hero (Partner)
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    Hi ​@DNVDDDP,

    Here’s it what i would do if i was in your shoes.

    I would lean towards using the Project Transaction Reclass (Option 1) unless you have a very strong reason not to. for me it would keep the Project Ledger and the General Ledger aligned, preserves auditability, and avoids future reconciliation headaches.

    On the other hand, Option 2 (pure GL correction) is technically allowed but creates a permanent mismatch between the project ledger and the GL — which almost always causes problems later.

    Here’s why i think option #1 works over the #2.

    1. It will move cost within the Project Ledger, which is the authoritative source for project cost reporting.
    2. Automatically generates a pair of T‑vouchers (credit wrong project, debit correct project).
    3. Keeps GL and Project Ledger synchronized.
    4. Creates and maintains a clean audit trail: “Cost originally posted to Project A, reclassed to Project B on date X.”
    5. Works as a workaround, even when the original rental transaction cannot be reversed.

    Since IFS is designed in away where project cost corrections can be done inside the project subsystem, not necessarily bypassed through GL, it makes sense to go wth option #1. 

    Even with Option #1 i would keep an eye out for the following. 
    1.  Ensure the original cost bucket is preserved (e.g., Equipment Rental, Internal Cost, etc.)

    2. If the project is closed or frozen, you may need temporary status changes.

    3. If capitalization is involved (fixed assets), ensure the reclass doesn’t break capitalization rules.

    hope this helps! 

    Cheers! 
    Sachitha D

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