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17. Projects
1) Projects
2) Job Costing
3) Projects and Time Logs
4) Project Stages
5) Project Summary
6) Financial Reporting
17.1 Projects
A project is comprised of a project header and underlying project stage records.
Project Stages represent the major steps in the life of a project, some of which may incur costs.
Project numbers are assigned by the system and up to 99 stages per project are possible.
The 8 digit project code and 2 digit stage code are combined together and used as a single code when creating Job Costings, Time Logs or allocating actual costs.
Within the Ledger, the Analysis 3 attribute is used for Project/Stage codes. This allows for all the power of ledger reporting to monitor the financial progression and performance of projects.
Projects are created under Setup|Projects.
Set the project name, manager, customer and initial status. Use the Revenue, VAT and Payments Received amounts to hold these respective values for the project. Start and Due dates can be set to indicate the expected duration of the project.
As a project advances, change the status to reflect the changing state of the project.
Project stages also have a Status and Start and Due dates to indicate the expected duration of the each stage and its current status.
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17.2 Job Costing
Use menu option Sources|Projects|Job Costings to create planned revenues and costs for project stages. Revenues and costs are be planned by product/material, employee time and sundry item by revence and expense account.
These items can be allocated to a fiancial year and period for budgeting purposes.
After inserting a new record set the product or employee and rate id being planned. Then set its quantity. The system will calculate the revenue and cost and complete the Accounts and Analysis 1/2 settings. All computed values can be changed.
Customer discounts are taken into account when calculating the revenue amounts.
To entry sundry revenue and cost items, leave the product and employee attributes blank and select the accounts involded before entering the revenue and cost amounts.
When finished compiling the project/job cost, click Create Budget Version to convert your data into a financial budget.
Click Create Sales Quote to build a Sales Quote for the customer using the project/job costing data.
When Time Log records have been allocated to the project/job cost, these can be viewed by clicking Job Time Logs or Job/Employee Time Logs or Job/Employee/Rate Id Time Logs each one setting a differenct filter level as given by the title.
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17.3 Projects and Time Logs
As most revenue/cost items for a project will be Time Log entries a specific view has been created to review Time Log records allocated to project/job costing codes.
Use menu option Sources|Projects|View Projects and Time Logs to open this window.
Drill down is to the Time Log List for the selected item.
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17.4 Project Stages
Use the menu option Sources|Projects|View Project Stages to review the performance of each project stage, comparing planned to actual data for each project stage on which revenue/costs have been incurred.
To be included in this view, data must have been posted to the Ledger for project stage. So if a customer invoice has not yet been posted, or an internal cost journal has not been posted for a Time Log entry, then the amounts will not be included.
Various F3 drill-down windows are available, depending on the selected column:
- Actual Revenue, Revenue Account: Ledger Postings filtered on the selected revenue account and job.
- Actual Cost, Cost Account: Ledger Postings filtered on the selected cost account and job.
- Actual P/(L): Ledger Postings filtered on the selected revenue and cost accounts and job.
- otherwise: Job Costing List window, filtered on the selected project/job.
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17.5 Project Summary
Use the menu option Sources|Projects|View Project Summary to review the performance of each project, comparing planned to actual data for each project on which revenue/costs have been incurred.
To be included in this view, data must have been posted to the Ledger for project stage. So if a customer invoice has not yet been posted, or an internal cost journal has not been posted for a Time Log entry, then the amounts will not be included.
Various F3 drill-down windows are available, depending on the selected column:
- Actual Revenue, Revenue Account: Ledger Postings filtered on the selected revenue account and job.
- Actual Cost, Cost Account: Ledger Postings filtered on the selected cost account and job.
- Actual P/(L): Ledger Postings filtered on the selected revenue and cost accounts and job.
- otherwise: Job Costing List window, filtered on the selected project/job.
17.6 Financial Reporting
When a Project/Job Costings have been converted to a Budget, use menu option Ledger|Financial Reports to compare planned with actual financial data.
On the selection window set comparatives to Budget and select the Budget Version from the drop down list.
Then set the From/To range for Analysis 3 to encompass the project/job code.
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