Basic project accounting

foreign

cost project basic setup for cost project uh how to pose the hover Journal

and expense journal for these those details we'll discuss in basic cost

project normally uh in this session we are going to discuss

starting about a cause a basic cost price project

uh setup and creating the project and project transactions will process and

review of project statements those are our agenda in the starting

and to do that I am going to usmf Legal

entity and I'm going to create the project group

which is a cost price project group with the type is

cost project

so to create project group go to project management uh one thing

and it's a bit slow today

in the project management accounting setups and a setup project group

project groups hmm

so let me create project group basic

cost price project

um I should be questionable

once we select the coast project it's a it it is a cost project and it directly

goes to penal account there will be no impact balance sheet

and on account invoicing it will be none because it there will be uh no contract

for this project this type of projects cost projects these are uh

these are internal projects so

so this is a project create a project group for a basic cost project

course project type and once the project group created

actually in this cost price project there will be no on account transactions

we are because we are not building to anyone it will be like cost project it

is internal project and uh let's create a project to test this

particular basic setup of cost projects so let me create new project for this

new

type will be project type will be first project

and here I'll give same thing basic cost price

product and a customer I'm not selecting and

project manager if you want to select

Ed

foreign

if you want to post any transactions to this project

what we need to do we need to change uh stage to improve in process

otherwise system will not allow you to post any transactions for this project

so

still create

yeah once project is created I am just changing the

and clicked uh project group instead of project stage I

need to go to Project stage

in the project stage

so we have only in process and maybe it's uh mentioned

as a automatically changing starting stages uh in process let me check

what is the stage of this project

so it's uh it's once created it is uh moving to in process stage the that is

the setup behind this and

so this is the project we just created if you want to check it out go inside

and check whatever the details you have provided

oh I believe this is not our project it's

ours is basic Let me refresh it

'll take all

basic cost price of project this is in progress stage and

once the project changed to in progress let's create the hover journal for this

project

new lines

ah analyze I'm selecting the project date

and which project and uh what is the category of this and resource and

booking uh 10 hours

and posting this how was your Journal

award journal for this cost price project

once it is posted if you want to check it out uh the voucher transaction for

this particular power Journal uh go to uh

it will be in

uh not in the lines it is four straight now

you want to check the voucher of this particular transaction you can go to

um posted transactions of this project

and this is the journal and view it

you watch her

if you see here it has been posted to cost of goods Services account that

means uh this service we have selected some category while posting that uh uh

our journal and it is booking to project cost which is uh mentioned in that

particular uh Ledger posting setups as project Ledger posting setups and it's

booking to payroll allocation and let me show you where uh actually system is

picking those uh those main accounts for the hover Journal

um project management accounting

under setup will have the project Ledger postings

it's a bit slow

project cost will be debited and it's a payroll allocation is credited

so once I'll go to Ledger posting setup and the project

management accounting in this if you check

it's sorry it is in did company change the company

here project cost this is the cost account

so we have taken I guess what is the category we selected for our Journal

let me check it out

let me

I believe this is the journal we have posted Car Audio car audio is

the category that we selected for posting and here

category relation table is a Core Audio anything is there

um cover audio table level there is no set of a main account mapping and if

group level we need to check that Core Audio will come under which uh group

which category group if I go inside this category car audio

I can see the project category group and it these project category group is

Project I'll search for project project this is the one this is the combination system

is picking five double zero one three zero this is the account

available in our transaction as a debit account let's check it out

oh

yes five double zero one three zero it's speaking from this combination for

posting the hover Channel let's check another leg of uh journal

entry payroll allocation there is no other combinations it is all

all combination project relation also all as well as

category also or there is only one account map 600

300. check it out 600 300 EUR is your

payroll location okay foreign so this is the entry that posted for uh

about journal for this cost uh cost project let's go and post the uh expense

Journal as well so just to

post so project expense Journal

foreign

foreign

concept expense Journal I am posting

and in the expand journal the lines

[Applause]

so here I'm taking the project and category is travel

cost price I have selected a thousand and

um offset accounts is came six and six zero or double one

500. default offset account for this uh

project and category

it's

601 500 where it is mapped that particular expense account

they're snapped in the category six zero one five hundred

and this is the expense account it's mapped under uh

category unless post it

so let's see we shall which are the cones posted debit and which account it

will post as a credit

foreign

state

if you want to see the voucher you can go to posted track directions as well

that is the best manage tab

hosted transactions this is the one we just posted

check for the voucher so 601 500 uh

it is debuted that is Project cost account and Ledger Journal danger Journal is

credited so project cost will come from Ledger

posting

and offset account that expensive home Ledger Ledger

Journal Ledger Journal it's from category

expense account let's post one more entry to test from

bearing so here it's a confusion that both the

accounts it is having both the setups we are having same main account so

causing difficult to pick from where that particular main account is

coming from so let's what I can do is that

I'll edit this and I'll give some other account here

car rental I'll give or just testing purpose

once it is currently given I'll go to the project to create the

hover expense Journal for that particular project

is the project management of funding

and all projects

foreign

so let's create the expression Journal now

new lines

so it is the testing scenario for our expansion now from

where the particularly jio phone is speaking for this expression

so it is not picking from here because I have changed it and it's still picking

500 leak let's change the cost here

first account create new

so it's not as well

is there any setup for this default

one is Project cost from Project cost it is speaking for travel what is this

five thousand one Thirty

sure oh it's booked let's

six zero one five hundred both debit and grid project cost

where it is set up and this is a cost account

sorry it's group level where is that travel

anything is there no from here this travel will comes under

which group foreign

speaking different accounts

for travel oh yo

travel 501 is here table level

project course

let's try to post one more Journal let's check it out

posting without amount sorry

hmm roasted

um

yeah it's changed to core rental expenses but it's a

some refresh issue it's happened

y01 it's debited now so maybe once you change it here

at the category level let's change it now again

oh it's changing automatically based on your uh group level

category level setup and five zero

500 it is coming so another Ledger account from where it

is speaking out that we need to find out here

so I am also learning this but not uh really

from where it's speaking I'm not sure so let's

somewhere some default setup is being has been set up

for the expense

here in expense I have given 501 foreign

so once we click the expense and lines system is giving the automatic

automatically that particular account right so let's check from here

expansional new we are selecting

so in the journal level there is no setup

so let's go to lines once you click the lines it is speaking that automatically

so it may be in Project level

or category level that we need to check it out

ah

a hmm

in Project group we didn't we never given any accounts here

from where it's taking that particular account

you know

I will

so in this one we are giving these Suppose there is no 60 row and 500

account set up

uh stabilize the expense this is that

this is caused linger from where it is taking

let me Google it

so I see the behavior of standard condition is in our companies

I'm using Diamond material project a few expenses will charge you to charge

recharge later on when I click lines if this appears the

field you see default

project module there is form called default offset for expense

you can find this setup in posting section

okay

oh here is the one finally we found

so for travel it is six zero and five hundred from here it is speaking let's

change it from here so that

no what is the account it and from where it is speaking will come

to know exactly so let's go to line

I'll delete this particular line

if I create new one it will come 501 as I have set account finally we found

that

yes so finally we made it

so 1500 I'll give now

we have foreign the system is speaking from the

default uh offset account for expense account and

project cost account so once you post the entry

if you want to check the entries and go to poster transactions

manage tab hostage the transactions

this is the one Orchard now we have a clear picture that let me

make a note of this so

debit account is the project post

that map

in category level

of Ledger posting

setup then credit

default offset account

of expense

posting setup

okay let's give one more try I'll remove the

default offset of home or expense for travel let me remove it

so I removed from the default offset account now again we'll create the expense

journal for testing purpose let's go and go to that particular

project create the experience

so there is no default now default offset account for this

travel can't eat it see no offset about now

we can select by our

okay so this is the thing we came to know

today

so we have posted a few explosions

let's go and check the project statement so it looks like

so this is the general page and we have our experience item

in my neighborhood and there is let me click on calculate

so once we click on calculate it's added the transactions here cost X

plus three Chosen and 150 hour and total is three thousand and

fifty if you check the penal account this is the one

total cost is 3150.

so you can check all the hover rate everything 10 hours we booked and it is

300 uh 15 15 rupees per hour on 315.

our rate is 15. gross margin hover rate 315

value added hour rate 300 uh

and however quantity is 10. this is a