If you are using Project Controller you are probably already aware that closing the period (or year) for Project Controller is different than closing the period (or year) for the financial modules.  You close the financial modules (i.e. GL, AP, AR, etc.) using the Closing (01.560.00) screen found in the General Ledger processes section.  But, closing the period for Project Controller is done within that module using the Close Period (PA.CLO.00) screen.  But, how do you reopen a period in Project Controller?

It is actually quite simple.  You need access to Project Controller Setup (PA.SET.00).  On the General Information tab, the first field is “Project Controller Current Period”.  Simply change the period to the desired prior period and click Save.  You have now reopen a period in Project Controller.  When you are done making any corrections or changes in the prior period, you must close the period using the Close Period (PA.CLO.00) screen.  This is important enough to say a couple ways.  Do NOT move the period forward in Project Controller Setup.  You can only move the period backwards in that screen.  Backward with Project Controller Setup.  Forward with Close Period.

There are some other things to consider.  Do you need to rerun allocations in the newly reopened period?  If you are using Revenue Recognition (PA.REV.00) has it already been ran?  Do you use Indirect Rate Calculator (AL. IRC.00)?  Do billing transactions need to be loaded manually (BI.BTL.00)?

Overall, this simple, and fairly hidden, process comes in quite handy, but make sure you understand what any new transactions into the newly open period could do to the rest of the project series modules.