Project Management & Accounting -1

okay uh so today I'm going to start uh project

management accounting in uh last video I have covered few topics but I am going

to cover uh again uh lost topic concept as well as

this session I'm going to cover some few more uh topics types of projects individually

basic fixed price project creation how the entries will go time and material

project those things I'll cover so coming to project management accounting project what is Project

so any group of activities designed to produce any service produce an output

produce a uh to achieve your results by consuming the

resources or whatever required for that project by consuming those resources and

raw material to get the financial project or a finished product or

complete to achieve the results are providing any type of service

and it will create the revenues as well as assets

so that is project so any group of activities that will result to a

particular producing a product or service so that

that will generate you a revenues or fixed assets so that will be project for

example simple exam sample constructing a building or concept constructing a apartment is one type of

project so where we are using our raw materials as well as resources to constructability

finish achievement is fixed asset building is asset right so

uh final output is fixed asset

so in the same way we have two types of projects uh external and internal so

normally for external projects it requires contract if you are going to

take any external project from some other person then its Mustang should

have contract right so we'll have a contract but in case of internal project

no contract required because normally it is like

I have for office building uh

additional things if we are doing for the office own building then it will be

like uh internal contract internal project and if it is external project

for example you are taking a project from the customer and providing the

services like constructing a building those constructing a software those type

of stuff comes under external project and it contains contract external

project can requires contract so internal project no need contract

because it is for us only internal project won't generate Revenue

immediately it will generate revenues in coming future based on this

ah based on the activities performed in this project for a best example is that

in officers they will give some mandatory courses

and all that will mandatory courses or uh

for mandatory courses employees learning skills communication

skills those type of stuffs will be increased by uh

capability building so those things will cover and the internal project it won't generate any

Revenue immediately maybe after that employees got that particular

knowledge they will Implement that uh whatever they learned in the trainings they will

Implement in the project so that it will help to the business

so those are covers cover and internal projects

then coming to project management accounting

stages so normally there are

open Word document

normally there are there will be three stages in the project project initiate

project execute project and analyze project in the initial stage of the

project normally what are the activities will perform create send and confirm

quotations create project contracts project create project WBS

work break down stretcher create project focus and budgets build project team

these are the activities performed at the stage of initiate project

execute project in the execute project what we'll do enter the time time and

expenses manage forecast and budget transactions and monitor and digest the

WBS procure product and services recognize Revenue process project

revenues project invoices this will be covered under executive project

analyze project reviewing the profit and profit

profitable things and review invoices analyze cash flow analyze utilization

these are the things will perform at that time of analyze phase there will

be three types three phases initiate uh phase execute fish analyze phrase

initiate phase normally it will be a creation of fewer items like creation

and send of quotations create uh project contracts create WBS create forecast and

budgeting those are creation thing and execute project stage will enter the

transaction time and material produce the procuring the product or Services manage

forecast and budget this type of stuff under execute project analyze project reviewing the invoice cash flow and

profitability those type of stuff we'll check in the analyze phase okay coming

to the application part so first is navigation uh how to go to project management

accounting if you want to go to project management accounting modules we have

project management accounting and we have project management workspace

as well object management workspace

it's taking time

okay let's keep on loading

so I'll open USSA legal entity

okay if this is still loading meanwhile I'll proceed with a project creation how to

create project so go to project management accounting

it's also taking time okay it's came this one a workspace in

the project management workspace we have all projects to view all projects we can

click this one and if you want to check the project templates you can check it

here and we have journals here if you want to post any Harvest Journal expense

Journal item free Journal you can post from here for uh invoicing also we have

proposal as well project invoice here and the workspace itself inquiries and reports

and parameters setups as well we we have in

under project management workspace

same things will have under module itself if you want to go to uh workspace

to do this few activities you can do it or you can go to the particular module

and you can proceed with the activities why it's taking too long

okay so next is that project creation and sub

project creations how to do the sub projects and creation

of project normally sub projects will be used for example we have one project and

we have a phases phase one phase two like for example best example is Metro

project is there Metro project there will be some phases one care forum two

tin Factory one phase of Metro once this is complete this is like sub projects

and silk board to uh ah tin Factory one project one phase so

that means a Metro is the uh header project and we have sub projects like KR

purum two twin Factory and silkboard to Tin Factory so for that we need to create the sub

projects right so that will do here what is the use of sub projects to

differentiate um one night

okay then we have for example if you want to

client request you to build the bill time and material during a fixed price

project fixed price project will be the top under fixed price project there will

be time in material project there is there will be time and material

project which will provide you uh to book a time and material

okay then these are a few scenarios where uh sub projects required

so now we'll proceed to create uh projects

and before creating the project I'll show one feature under project

management parameters how the uh sub project format will be designed

okay in the project management accounting parameters we have default

sub project format uh here hyphen uh two

hash are there that means if your project ID is 1000 uh your sub project

ID will come for for the header project is 1000.01

000 hyphen zero one or dot zero one so it is a suppression of separation

from the header project so how it will come so this is the

format here and default project type we have whenever you are creating project types

I will explain in a bit later uh so normally if you want to default any

project type while creating the project currently it is time and material

automatically system will pick the time and material project while creating the project as a default

okay these are the projects we have and let's go and create the project now

go to project management accounting all projects

so I'll create one header project and sub projects

see here time and material project came automatically because default project

type is time and material so that's why it scheme as a time and material I'll

keep the same and I'm going to create uh

I'll give Vinnie head project

and project group those things will discuss anyway currently I'm taking one

of the group which is already there even contract as well I am taking one of the

contract which is already there project contracts also in coming episodes we'll

discuss how to create and what are the main fields in

the project contract customer is selected based on the project contract

and if you want to give any project manager to the project you can select

the resource I'm selecting one of the resource as a project

manager then create it so once you you click the create button

it will create the project

hmm once the project is created

how to make the project as a header project

okay now it's created the project so if you see here to make this project

as a header header project uh uh no need to book the transactions if

you want to make it as a header project and you can post the transactions at the

sub Ledger sub project level so to make this project as a header project we have

project hierarchy tab in under project hierarchy tab you have option called

header so when you make this project as a header

what I'll do is that once now it is Project is which stage

it's created status where it will be created stage currently project stages

also I'll explain bit later currently it is created status

stage created stage if you want to change it to

in process in created State system won't allow you

to post any entry so I am changing it to in process stage currently this project

is in in progress or in process so once project is created and when the

project is in in process stage you can go to Project tab I am trying to

create the hover Journal here

new original so this journal name it is Journal name

this this also I'll cover in the coming uh maybe next uh within one hour

so once this is create new uh our Journal taken click on the lines

so see here we are creating our journal for the

project this one which we created just now the project 153 is defined as a

header project registration should be done under sub projects that means

header project system will not allow to post any entries if you want to post any

entries under this project create a sub project and make your

transactions that is what it is saying so I am deleting this

so once that's completed and

this is defined as a header project now we'll create a sub projects for this

Pro under this project So currently we are under Winnie header project this is

153 project number and if you want to create sub project we have option called

sub project here so click on the sub project once you click on the sub project see here

hyphen01 it's came because of the format defined under project management parameters

I showed on the project management parameters we have a format that's why

it is speaking uh like this hyphen 0 1 1 till 1 5 3 is a header project number

after that hyphen 0 1 it's referring to the sub project

so I'll do so maybe I'll give you the same naming we

need sub 1. so that means we need a project one and

I am not changing any project groups contracts and all it's uh covered under

the same project group as well as project contract so that's why I'm not

changing anything and let's click on create

see now header project is this one and sub project this one

okay if so currently sub project is in created status stage if you want to

change it to in process go to Project stage and change it to

in process when this project is in create status also it will give you the

same error message saying that project is under create a state stage won't

allow the allowed to post the transactions so I'm giving in process

and one more thing if you want to create one more sub project for example I have

header project one header project and under header project I have one once two

sub project sub project one and sub project two if you if I want to create

the one more sub project under header project if I select this one and click

on sub project it will create under the sub project that means Sub sub project

will create it won't create the sub project so if I want to create sub project under header

project again click on the header project then click sub project

so it will give the 0 to number so I'll give the naming

sub 2.

okay this is the creation of sub projects next coming to project number

sequence this project number sequence uh you know very well number sequence will

be under project management parameters

so how it is coming 153 is based on the number sequence defined under the

parameters

next I'll proceed with one more thing

copies of project anyway that number sequence one you are aware of project ID

number sequence will be there under project management parameters they from there it is speaking based on the format

so coming to copy projects so for copy project I'll do one more

thing I'll create new new project

time in material copy approach temp

so I am creating the template now so how we can make the template

so template means we are just creating we are just providing all the details

we'll mark this project as template not for the

postings not for the any type of ah activities it is just for an template

will use this template and create n number of projects by using this

template previously we discussed about project

header now it is Project template so in under

same project hierarchy we have option called project template we are marking

this project as a project template so once the project template created

I'll do copy project

so whenever you want to create any Project based on that particular template

you can use the template from here see

whatever we just created as a template time and material copy project template

it is available under the drop down so what is your parent project if you

have any parent project you can select it otherwise no need to select use

template name if you want to select it you can take it so I am not giving any

parent project so contract details these are these came from the template so I am giving the

same details I am not changing anything if you want to change you can change it and delivery address copy the address if

you want to copy this address as a delivery address you can copy it

enable this particular field and financial Dimensions it is coming from

the project template and I am giving the same not changing

anything and if you want to do any activities purpose this project is creating you can

select it and pay when pay required you can enable that as well

so it is time and material project so these most of the fields are disabled

status so this is the project ID now it is creating

finish so this is a way

we can create the project using copy wizard functionality if you

go back and if you search for that project you will get that project in the

list

see 155 this is the project just created this is created stage

155 is project if you want to change the naming I forgot to change at the visual

level so if you want to change it you can change from here

okay this is another concept which we already covered it but I am

covering one more time so you can change here

Diamond material

any project

and coming to stages project stages see if you see here

project stage we have different type of stages under the project stage drop down

uh like created in process approved and

closed status these are the stages it is showing as normally these stages will be

under parameters we can Define ah

how this status do you want like whether I hear it is

created in process and later on approved something closed estimated like that it

is there you can change the naming as well for created initiate or

initiate like that you can provide if our in process you can give in progress

like that you can change the naming conversion as well from the

project management parameters if you go to project management accounting

parameters

hmm stitches

it will be indoors

here project stage see these are the different types of stages created we

have estimated scheduled in process and finisher stage

we have user defined stages as well you can create three types again you can

name it as different namings here and we have option to change the naming

conversion this is standard namings and you can change in different namings as

well for example initiate no not initiate I'll give

created only and I'll change this as

in progress and this one instead of closed I'll use

finished whatever the changes you did here same way it will appear in the project

form as well so currently you see here for time and material project we have

given created estimated uh approved here given instead of approved I'll give I'll

use the same naming as scheduled so we changed only in process in

progress and finished so time and material these are the things enabled

okay if you want to remove this schedule you can remove and save it then after

removing if you go to all projects let's check it out how it will looks

so our our project is maybe I'll use

hold in latest to oldest and 155 is our project

let's go to projects tab project Group C in progress game

finisher came previously it is different right and we disable the schedule that's

where schedule is not coming if you enable the scheduling as well for the time and material project once you save

it if you want check it out

schedule also game so these are the project stages we have

project staged rules as well here

if so this is uh project time and material project if

what are the things that you need to perform at this level So currently

so for example let me one minute let me take this one first line

and select the stage rules So currently it is created a

beginning balances create forecast create quotations that means when the

project is created stage you can do these activities

so those are allowed if it goes to in broker in progress stage

you can check the stage rules it is creation creation and quotation

creation create item Stars create journals as well invoices as well you

can do that so at what stage what activities you need to perform that is

Project stage rule okay so this is one thing

let me go to another topic

okay so as I told uh in the starting of

the session we have two types of projects one is external and internal external project not required contract

because we are going with external positions and internal projects not required contract

so if in the external projects we have time and material project and pixel

price project two projects and in the internal projects we have four projects investing sorry investment internal cost

time in uh investment internal cost and time these are the

four projects we have under internal project

coming to time and material project normally timing material project means

uh invoices will be based on the material labor or some expenses consumed

for that particular period so that will be ah time and material project

it will be ability to track the cost in WAP account revenues as well accrual

revenues as well normally these type of time and material project used for

example construction projects uh product development Consulting projects

okay that's about a time and material then under external project we have one

more project called fixer price project under fixed price project will

actually will actuals are not invoice fixed contract amount an account

transactions also we can book Revenue recognization we can perform it and

normally these are examples like installation construction and Consulting and internal project next is coming to

internal projects under internal project internal project means for our

organization purpose if you are doing in a some

software installation or building extension or something else

so that is internal project cost project it is cost project also it is similar to

the internal project um and uh

cast can cannot post to WAP under cost account and the investment projects we

have no immediate entrance fixed as a item from the investment projects

typically fixed asset will be generated in future and Time Project labor recordings only

like if employee kept any leave

which is as per company's policy PTO sick leave those type of things will

cover under Time Project this is internal only

so these are the four projects and internal in internal projects we have

internal investment cost and time so internal it will be like project

software installation those type of stuff stuff and uh cost price are so

same thing similar similarly similar as uh internal project and investment

project no immediate endings will be there it will be a creation of fixed

assets at the end of the project and Time Project it will record the hours

for sick leave or ptos for that time project is required external anyway I

discussed time and material project as well as fixed price project

okay so that project types you can see here while creation or you can go to

project management parameters there you can see under the default thing and let me show you uh

here at the time of creation what are the types available

to create the project

see Diamond material we have fixed price time and material and fixed price

belongs to external project next in investment cost price cost project

internal Time Project these are internal projects

okay coming to transaction types transaction

types we have five types of transactions hover journals expense journals item

fees on account transactions on account transactions will be under

main step okay

and all normally hover journals will post uh for example Consulting installation

setup ah consuming hours those type of how much

how many hours spent for installation how many hours you spend for doing uh

for particular activity those type of things will be covered under

item Journal item Journal will be materials subcontracted Services if you

are doing dealing with materials those will be covered under items and expense

Journal like airfare hotel parking these type of things uh

will cover under expenses fee service fee delivery fee surcharge will cover

and the fusional on account transactions it will be prepayment schedule payments those type

of things will cover under on account transactions in the time and material projects normally use prepayments and

fixed price project schedule payments will perform okay these are the things and

when when our Journal will be created our Journal will be used for timesheet

time sheet means whoever working for any for example I am working for a project

called a for project a how many hours I spent I need to submit the timesheet

this will be covered in the later sessions so that you will understand clearly so timesheet will submit this

many hours I worked for this particular activity under this project and item

item uh journals will be created uh through we have document pivo purchase

order sales order production order item item Journal item requirement

a AP invoice these are the documents for items you know for expense Journal it

will be expense report AP invoice Journal GL Journal project expense

Journal as well so from these many places we can create the expense journal

from here from a from GL from AP invoice

from Project expenses expense report these are the things fee Journal

normally will use only project management accounting to book the fusionals

anacond transactions it is customer Advanced those type of things we can book under on a contribution

on a constant customer advances okay

and coming to project categories

preparation of cost and revenue defined by the so project categories means

categorizing the expenses or revenues which are like similar

which are similar type of categories we will group it as a project categories

so for example project categories under expense we have travel and marketing

under travel we have air airfare hotel like that we can categorize into

different categories we have shared categories project

categories uh category groups there are three types of categories

I'll show you

I'll search with project

see here category under categories category groups sharer categories

project categories so these are the three types we have

okay so setup of shared uh categories

for example I'll just show how to create the shared categories

so here this is the form where we can create the shared categories for example

you can give

HR

hours shared category

so and we have few options called can be used in Project whether this category ID

you want to use in the project or can you use it in the production or can be

used in expense if you are using uh this category for project purpose enable this

if you are using uh this category for expense as well then enable this and uh

uh select the expense category currently I am creating for hover purpose so I am

not enabling the expense when the category is defined for the expense you

can enable it and you can select the expense type

so this is a shared categories and

category groups we have

so this is category groups you can categorize into grouping

for example

so here was

I was getting ready you can select the type of the

transactions category name

get group and line property whether it is billable

or non-billable you can create the line property as bill by clicking right click

on view details and if you want to map the main accounts at the category group

level you can map it or you can you can directly map under the

Ledger postings

this is another one and last one is

shared categories project categories and category groups now project categories

shared categories normally we can use for all the legal entities if it is

shared categories if it is uh project categories it will be applicable

for that particular project where you are creating this is ID name uh use in

expense if you want to use this categories in expense you can enable this or if you want to use this expense

in production you can use it and category Group whatever the category

groups we just created right that category groups you can map here

and once it is mapped we have a few things main accounts if you want

to map it you can map it or if you want to use for a estimate AdSense this will

will cover later so this is one thing let me create otherwise

so of us cat ID

maybe L select here shared category which we already created

here no need to give anything it will pick automatically based on your previous

setups ours is something like yeah our scad

group so once selected save it so now we covered uh

project category so till now what we covered navigation how

to create the project and how to make it as a header how to make it as a template

how to create the sub projects and or header project

and then copy wizard functional through copy wizard functionality creation of

projects project number sequence where it will be available and there are two

types of projects one is external and internal under

external contract required internal contract not

required and later on we have two types under external projects Diamond material

and fixed price under internal project we have four internal investment

cost as well as time those are the projects we have

and later on what we covered I think transaction types we have hover

Journal fusional expense journal and on account journal and one more uh is item

Journal five types of journals we have and what when those uh

documents will be created however Journal it will be from however Journal directly timesheets and item Journal we

can create from different parts purchase order sales order production order item

Journal item requirement AP University expense Journal we can create from

expense report AP invoice Journal general journal as well as uh

project expense journal and fusional only from one place that is from fee

Journal Anaconda Journal it will be on account and customer advanced

later on we started with a project categories project categories there are

three types shared categories shared categories we can use for all the legal

entities and category groups you can define a

category groups as well whatever you can group it out and

project category we have so till here we can map the main

accounts at this level as well category ID level and project category level

project group group category level and

coming to uh prices

ah see coming to prices we can Define ah

cost price for our cost price for expense cost price sales price for our

expense sales price for free subscriptions transfer price these many

prizes we can Define for example cost price for our

so cost price for our expense we can Define as well as sales prices also

we can Define so here

for example new I'm taking effective date may be 30th so you can

Define role resource wise that means ah

when the vinod spends eight hours for for example we know spent one hour what

is the cost per cost per one hour if some other person uh

some Raju or prabhas spend one hour then

what is the cost price we can Define here from based on the resource level as well here

see you can check here um Road

and he covered under a category project manager then he'll get this much cost

price this is the cost price for that person you can Define at the resource

level or customer level project contract level category level if you want to book

category level you can do that as well so for example

our shared category this is cat we have defined if you want to Define this cost

only to the particular project whenever you book cover Journal only to this

project and this category then this cost will applicable and if you provide the

resource as well when you book The hover journal for this resource this category

and this project then you will get that cost price while booking the

transaction okay I am not selecting any

project now maybe I'll use the different amount like

triple seven okay

okay then sales price also you can Define from here itself and

sales price uh for our you can Define expense

so here you have different fields as well here as here also you can Define

uh category level what is the category that you want these sales price you can

categorize and resource level we have project level

project contract level and customer level you have many levels we have we

whatever the requirement is there you can follow that Maybe

I'll use triple six

so table we given here ah maybe I'll use one project

153 we created right anyway

155 I guess

okay so project level I defend here

okay this is uh pricing pricing things

and project pricing

cost price we defined

project contract level also you can Define prices uh go to Project contracts project level

also you can Define and the inventory management we have

price and discount groups there you can Define the prices that will appear here

later uh see here

cost prices sales prices you can Define from this level as well

okay and before that I forgot to

tally one topic for example

our sales price per hour we have one ah

topic here under sales prices sales price Model and we

have a different type of methods here let me show you

quantity it is amount entered in the sales price will pick if you select

quantity what is the amount entered that will be picked if it is contribution

ratio if it is contribution ratio Formula will be 100 into cost price

divided by 100 minus uh contribution ratio for example hundred

into cost price here 100 is 100 into 100 10 000 10 000 divided by 100 minus

contribution ratio contribution ratio if it is 20 uh then uh minus 20 10 000 by

80 what is the price that will be picked and we have can't change

sorry charges percentage cost price into 100 plus pricing percentage divided by

100 that is the formula and charges amount we have one more method cost price plus charge amount what is the

cost price defined and what is the charge amount you define that will be your cost that will be your sales price

sorry okay

so these things then let's go and create the while

creating the project creation I told you there are few uh

topics project groups uh those I will cover later so let's go and create one

project now

so under postings project groups

so if you want to map a similar type of group projects into one group you can do

it Diamond material G r p

time and material project and if we have project type here

whatever the project type that comes under this project group you can select

it and I selected time and material project Ledger posting such priority for

posting the transaction what is the such priority that you can search priority

that you can inform to the system and line property search priority also you

can Define here and we have here ledgers where to book

for time and material uh post costs hours to uh whether you want to post

this to penal account or balance sheet never let your knowledge

you can select that so I am selecting a penal account for

all the item expense as well as our journal and on account transactions it

is balance so if you are booking any revenue of

hours you can revenues accrued revenue or for expense

however that you can enable and this fix Enterprise estimates this

Fields or disable status because it is time and material project if you enable

the uh sorry if you select the fixed price project then only these fields will be available and you have

if you want to map here you can map it or you can map it the laser posting

level if it is mapped here it will take from here when you book to this

particular project group otherwise it will go and search further uh main account in The Ledger postings

project management Ledger boosting if you see this one

fixed price see these fields are enabled and they

selected so this is

project groups

okay project line

line properties uh next topic is line properties we have

two types line properties and project group line properties let's create a

line properties so we have billable and non-bill level

if so line property name description whether it is chargeable while invoicing

or non-chargeable you can enable WAP cost you need to post you can enable it

and capitalize cost if you want to capitalize the cost you can enable this

one so for non billable it is

not not chargeable accrued Revenue also not required capitalized cost is enabled

whenever you if you want to assign the line property to the project

you can go to a particular project and select the line properties

okay and then main thing is

project posting profiles

posting Ledger postings

where we need to map the main accounts for posting the transactions we have

cost accounts and revenue across two types of accounts and under the cost

accounts we have different type of uh

categories cost for cost purpose for cost booking purpose what is the

requirement here uh project relation project wise you can book project group

wise you can book or you can group you can map the main account at the

category group level all category or particular category level you can map

the main account for posting the cost this will be normally used at the time

of time and material fixed price investment cost internal and time

uh this will be basically a penal account because it is cost right so

our expense and item transactions it will book then W and then we have WIP uh

cost value this will be balance sheet account uh it will be post hovers

expense journals it will be used in the time and material fixed price investment

cost internal projects it will be like a balance sheet account same then cost

item we have penal account it will use for item transaction purpose

and payroll allocation this one payroll allocation it is a

penal account for our Journal purpose we'll book this will map this account inter company uh

cost it will be used for however Journal as well and time and material fixed price

in investment cost internal Time Project all the projects it will be useful

and we have a crude loss this is penal account it will be used for fixed price

and WIP accrue loss this also will be uh

fixed price project uh for estimation and revenue accounts we have different

types of revenues

okay this will cover later

after Ledger posting setups

so I'll do one thing for cost project

for cost I'll map One account anyway we created

I'll use different very pecular account

maybe L I'm just using some account like flight transport

which is deferred to these accounts to recognize easily

okay category not selected

okay and payroll allocation also I'll select

one thing

okay anyway payroll allocation all all is there so if you book for any project any

category it will be this account

let's go to Project which we created just we'll post on our Journal

so

155 this project it is in created stage

let me change it to in progress Tree in process stage and

we'll check the project

group s and let's change it to

progress

okay so we changed it to in process

let's create now let's check project group as well

group in the project group what is the account we selected for cost booking

that will check it out so we selected balance sheet

balance let's go and post the transaction our Journal let's create the

hover journal for this project and I'll show you how it will behave

okay new line

so today's date and

I'll select the category as

for this I missed something to tell you okay

I'll select one of the category same category I'll put maybe and resources this one

and how else I am booking is four hours

and let me post

I'll show you the uh which main accounts was picked

I I selected the category of PM

we'll book all type of journals and we'll stop this session

next Concepts will cover under later so category pm

let's check the category group as well for the PM so for this PM category category group

is Project okay so now

go back and check the posted transactions under

project so four hours I booked under many step

for that particular project we have posted transactions

so here view voucher 800 how sorry

sale price 1400 came and cost total cost which came as uh 800 how this came those

analysis will do now which accounted Book Project WIP cost

and project payroll allocation so what are the accounts one six zero one

hundred and six zero to one hundred from where these accounts is picked for This Server Journal posting

let's go and check

I'll go to Ledger postings under project management module

see here WIP project costs it's taken

so this one so now we selected PM right category PM

comes under category group project one six zero one hundred

oh sorry I'll put like this maybe

to better understanding so 1 6

okay one six zero one hundred this one

it's debited payroll allocation

so what is the account mentioned here 6 0 to 100

so credited then one more thing how 800

came that we need to check now so from where 800 picked

uh sales price I'll pay

cost price per hour cost price per hour

it is for the PM

PM category right so I'll filter with PM category

so latest is new vegetable list

and we booked two particular

resource I guess Julia

Julia it is covered here no no Julia so then it's taken from here

so 200 cost price we booked four hours four

into two hundred a 800. okay that is what it's picked from here

okay then what else I can show here

okay then this is the one and why it is booking to WIP that I need to tell you

uh when it will book to waip cost when it

will book two project cost I'll tell you um

where is this

project group what is the project group for this

particular project

so let's attach here

okay so project group is TM node WIP

so I'll do one one more correction in the project group level it is balanced

right now I'll change it to penal account

and let me go to the project and post the hover

Journal and see the difference how it will look

okay new I'll take the

sorry lines

new line

I'll take the same things four hours

and post it

okay once this is done

go to manage tab poster transactions

uh let's I don't know which one is Lady

okay let me check both the things

see here WAP cost and uh payroll allocation input

first line let me go to second line and check it

out see project cost it's book debit and payroll location is credited

so like this it will work and uh

we are in Project so if you want to

do the invoice proposal you can do from manage tab we have invoice proposal

option you can do from here as well and we have to uh

transactions and uh invoice proposal these are hover

journals what we just posted those came for invoice proposing

okay I'll discuss these things maybe again later

and you I think you understood the hover Journal now I'll proceed with uh expense

Journal uh and before proceeding with expense

Journal I'll show some default setups

and parameters for the journals

uh journals you have options so what is the default

things default Journal names what are the default Journal names you want for our Journal expansion you can change

that uh Journal names and you can make it as a default and default category you

can make from here whenever you are booking our Journal PM is the default one adjustment we created for you our

Journal site there it's by default it is coming with PM that is because of this

thing okay this is uh one thing and one more

uh thing is that uh Journal names creation normally Journal names creation

for however Journal we have uh under project management under project

management will create the hover Journal name for expense will create under GL

for item it will be Inventory management fee and beginning balance uh will be

project management under project management so let's uh

create Journal names now

uh Journal see here journals and

project main sorry under projects Journal names will be uh

for our Journal it will be created under project management so here our Journal

this one I showed you right this hover journal from where we'll create

see here Journal names we have under Journal names

see here our Journal we can create here and you need for our

Journal you need to select the you must in you must select the hover type see for

from the project management we can create the journal names only for our Journal fee journal and beginning

balance we have three types only and expansional it will be from GL and item

Journal it will be from Inventory management I'll show you these three are from

project management you understood and

this is one thing

okay let's start with expense Journal expense Journal will be created from

GL Journal sorry general ledger

Journal names normal Journal names and type should be project expense

normally we'll put daily allocation those type of stuff right so

here project expense this is the journal we have Journal name

we have so it is prj jrn

let me go to

project management and I'll create the expansion

for that project same project we'll use it

all projects

so just now we created our journal and we are starting with expansional now

huh

new this name how it is coming this name is coming

from the GL General general lejo journal names from the

general ledger Journal names it is coming that too project type sorry

Journal type should be project and expense then only it will appear here

in the drop down list and clicking lines

okay so I am using travel category only for this project

and travel category falls under which category group let me check it out that

as well or you can we can use PM as well

I'll use travel only for this category group is travel itself for travel

and quantity one and cost price I am giving

700 sales price it will pick let me post it

foreign

to cross check the main accounts uh how it it's booked

laser posting setup

okay done so now again once it is posted

I'll go to the project management tab many step and

posted transactions

this one which

see here project cost and Ledger

while booking only we have a offset account it is showing from where it is

speaking I'll show you uh first we'll go with debit account debit

account is Project cost account for travel it is

540210 -540210

and offset account it is speaking from the default offset account for expense

default offset accounts for expense

whenever you select that particular travel for travel 601 500 is the main

account mapped as a offset okay this is the one

so this is about expense Journal anyway maybe again we'll discuss same things in

the next episode as well starting of the episode and this is

just a beginning and let's go and create the fusional

fusional it will be Journal names from the fee journal and hover beginning

balance Journal it will be from uh project management I just showed you

right Journal Me journal name creation

so we can create Journal name from the project management itself

further hover V and beginning balance

um just

here okay and once a free Journal name is created

and whatever the default is in parameters that will pick uh when you

are booking the fee Journal let me go to that particular project

which we are doing postings

I'm going to feature now

so default Journal name given in the parameter level and this is the journal name created from the project management

accounting Journal names new

and it is fee category

I'm giving sales price as 900.

fee category falls under which group

why because why I am checking group because we there is a mapping at the

category group level main account fixed fee

fixed fee is the category and let's suppose the fee Journal

so once it's posted same way go to posted transactions of that particular

project manage tab poster transactions

so fee Journal is lost one View

so there is no transaction for this

okay for free Journal

it is because go to free Journal

it is not a cost rate it's not cost it's a sales sale price

using project

category group

so when you book the invoice for this particular fee Journal then you

can see the transaction how it's posted

otherwise I'll show you now itself let's go to invoice proposal

and select the free Journal click ok

then we have item Journal beginning balance journal and then we can stop

so I am directly posting it without changing anything

it's asking me without printout do you want to post yes I clicked ok

let's see how it will be

wow please post it there taking lots of time

okay done let me go to

web details

and voucher

so now when you are invoicing that fee Journal customer will be debited and

project invicer revenue revenue is credited

from where it is picking these accounts means this is from customer uh

and why how it is picking this account where we assign them uh

customer for that project I'll show you

for the project it we mapped project contract

so for the project contract it will be assigned with customer

so whenever you book the invoice it will be go to that particular customer

so here project contract is this one

funding source finding sources this customer

so if you go and check the uh posting profiles and air module you can

find what is the account method in relation to this customer so that from

there it is speaking that customer account and uh

four double one four double zero it is invoice revenue account

for that particular project four double one four double zero

I'll show you very we selected fee category fee

category falls under what a feed something is there

so let me go to postings

Ledger posting

four double one four double zero that is the account uh it's posted

where it is map Miss project Ledger postings

let me finish it first so

checking time

what happened let's keep on loading

so only two transactions spending item journal and uh

beginning balance Journal maybe we'll cover in the next session

I'll stop here after showing that main account from where it

is speaking sticking a lot of time

oh okay I'll stop here maybe you can go and check the transactions after posting the

fee journal from where and how it is speaking and what is the relation behind

picking that particular main account okay I'll stop here maybe in the next

session we'll cover uh more topics it's taking too much time so I'll stop

here thank you