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- Cost Accounting
- Process
- Review and release cost variance
Review and release cost variance
Connect the issued baseline and actual posting before release. The handoff works when each person can follow the same source record and see the decision or operation result in context. Agree the record owner and the status rule before the first live cycle.
Step by step
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Link source records Variance Analyst
Variance Analyst selects the estimate, actual document, pool and cost object.
- Connects both cost sides
- Updates Cost variances, Standard cost estimates, Accounting documents
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Check difference Variance Analyst
Variance Analyst reviews amount, direction and memo while the variance is Scheduled.
- Checks amount and context
- Updates Cost variances, Cost pools, Business partners
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Release variance Variance Analyst
Variance Analyst runs Variance Release Action; it records an operation receipt and moves Scheduled to Released.
- Records release result
- Updates Cost variances, Operation receipts
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Inspect reconciliation Finance Reviewer
Finance Reviewer checks the released variance and uses its ledger reference to find supporting journal evidence.
- Compares the text ledger reference with a journal entry
- Updates Cost variances, Journal entries
Who does what
Roles and permissions- Cost Master Owner
- Maintains cost context; Cost Accountant prepares cost records; Cost Controller approves postings; Variance Analyst reviews differences; Finance Reviewer checks ledger evidence.
Set up Cost Accounting your way.
Start free, then use Proto to change fields, steps and approvals before your team goes live.