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Up next in 10
1. Creation of project group
2. Ledger posting
3. Accounting impact
4. Project creation
5. Create hour journal
6. View voucher
7. Controls – Project statements
8. Invoicing
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foreign
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foreign
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okay now we are going to discuss about uh basic time and material project
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concept like it's just a basic
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so in this
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in this we are go planning to do this
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creation of project group
2:05
and second part is like uh we are doing in
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USM at right postings
2:20
and boom thing
2:26
impact
2:31
project creation
2:36
means time and material project creation create our Journal
2:53
future and
3:02
will see the project 8 minutes
3:17
invoice
3:43
so these are the things we are going to perform in this uh episode
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so first of all I'm going to use submap company legal entity
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and in the project management accounting the project management accounting
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uh we'll go and create the project free project group
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foreign
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groups
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thank you
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foreign
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I'm creating basic time and material project
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here project type must be Diamond material and Ledger postings such priority is a
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category I have given and like these all uh other fields I'm not changing
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anything I am taking uh as per this standard thing
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so let's save this we'll discuss these
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fields maybe in a future episodes
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so time and material basic I already given with the same name so
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that's its way that's why it's uh throwing an error
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message so I'm saving it as Diamond material one as a project group
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and uh so once the project group is created
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Next Step as per our agenda it's Ledger setup
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so let's just set up in Ledger posting profiles
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laser posting setup in this Ledger posting setup we need to
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um I have the main accounts for cost
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as well as payroll allocation to book the hover Journal so I am booking this
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particular uh cost
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table and
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so
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category I'm picking as appreciate
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Apprentice sorry as an apprentice and I'm booking for
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maybe you will use six zero one six zero one
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five zero one this is the main account I am using for this Apprentice category
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and uh next account that is required to book the our Journal is that
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payroll allocation in this in this setup we need to select
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the payroll allocation and need to map the main account
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thank you
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so let's select the payroll location
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and here it's given as uh all all and
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this one 600 300. so let me create new one
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uh to select the table level category
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I'll use some other account Maybe
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maybe this one I'll use 600 350. these are the two outcomes that
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I have mapped for the cost account as well as payroll allocation uh next thing
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what we are going to do is that project creation go to all projects
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taking new to create the new project
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so I am taking the time and material project so then basic
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maybe basic
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DM power
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I'm giving for representation purpose easy recognition purpose I'm giving like
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that and select the project group that you have selected just now and it is
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basic tm1 why we are getting only three groups means it is a timing material we have
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three groups so project contract if you want to create the new one you can pick it out
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right click view details
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and take new
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I'll give the same thing basic time
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contract and customer account that I am giving is
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funding source account maybe I select I'll select one of the
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customer in this US Supreme legal entity from the drop down list
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I am taking maybe this one here is zero zero one
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once done click on OK
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so it will zero one eight three is our project ID sorry project group sorry
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project contract
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foreign
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map that project ID here
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and project manager I'm not giving anything and just creating the project
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thank you
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thank you let's take one time
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once the project is created and we need to change it to uh in process
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stage otherwise it won't allow any entries to post
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so once it is changed to in process will go and create
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the hover Journal
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let me click on this Howard Journal
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hmm
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okay new
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foreign
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ties as we created setup for
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Apprentice category so I'm picking up from this year
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so that we can recognize which account it is booking so
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taking seven hours and
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posting the whole version
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foreign
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let's go and check the wheelchair
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from posted transactions we can check it out
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from the main step hosted transactions for this project
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so sale price it is 80 rupees 80.5 amount in transaction around 70.
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so what is the account expect car rental expenses 5 0 1 5 0 1 is
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project cost account and credit is payroll allocation Accord
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which we mapped in the uh Ledger posting setups
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if you want to check it again go to
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asmf company project management Ledger posting setup
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there we can cross check which accounts is picked whether it's pink correctly or
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not we have given the table level of apprentice project cost of six uh this
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particular account uh 60150 on account and for payroll we have
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picked category apprentice and six digit six double zero three five zero we have provided there based on
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that setup that our Journal has been posted and debate debate the cost
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account project cost account to the payroll uh
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payroll allocation account
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foreign
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so laser postings later
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so for cost for Apprentice 601501
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601501 is the debit account okay and payroll
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allocation will be the credit account for payroll allocation for Apprentice
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600350 is the main account we mapped so that is credited so this is the way uh
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our Journal will post and what is the uh uh voucher impact
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and let's go and see that project statement
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how it looks after posting the hover Journal
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control tab you can view the project statements
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if you scroll it down
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this is a revenue thing go to profit and loss account
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and view WIP and consumption
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in ways our rate these are the project statements we have
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after posting will come and see here what is happened and how it has been
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changed the pnl account everything so first we'll go and do the
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invoice for that our Journal uh to do invoice
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go to manage tab invoice proposal
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select the hover Journal that you have posted previously
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foreign
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foreign
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the entry is supposed to be customer account will be debit why because they
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are providing the services so
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customer customer account will be the debate and the project invoice Revenue will be the
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predict
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foreign
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um will be debited and the project invoice revenue account will be created
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if you want to see invoice journals and check here
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oh you want to see the wheelchair and it will be
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sorry here
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first we have book cost to the project constitute the project means somewhat
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one of the posts have worked by their practice for that project and he given
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services for the project so we booked project cost uh project has to pay that
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amount so project cost has been debited and payroll allocation has been credited
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so once the invoice done uh we are giving the invite we are once the
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invoice done uh invoice is created so invoice proposal we are running that at
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the time customer account customer balance will be debited and
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service Revenue will be credited project invoice Revenue
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so project invoice Revenue has been credited and customer balance will be
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debited so this is our expectation this came from accounts payable sorry accounts
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receivable Ledger postings and four zero one two hundred it's come it's
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came from Project invoice Revenue project invoice Revenue
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the revenue accounts if you
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know four zero one two hundred for
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foreign one two hundred this is the account it's
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picked category group relation here so if you
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check that Apprentice category what is the relation group relation then we'll
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come to know which group it falls under and that's why it's book two four zero one
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two hundred so this is some basic thing uh regarding
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the time and material project um booking the hover journal and
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invoicing the original once the cast is booked and the new uh
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project invoice Revenue has been booked and customer customers uh
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balance also it's so that's
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in this video we will discuss uh basic uh fixer price project in next
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