Project management Accounting -10

okay

foreign

welcome back again

uh for the project management Basics

Concepts uh today I am going to discuss

about a few other basic concepts in

project management accounting uh

let's start in the last episode we have

discussed about the reallocation of

budget budget creation project budget

balances shaking and

um mostly we discussed about project

budget allocation and revision budget

original budget those type of things we

discussed in the last sessions

so let's start with another concept

transfer of project budgets to the GL

budget normally project buzzers are

disconnected to the GL budgets that you

set up in the project management module

they are similar to

similar characteristics but two budgets

that are managed separately

so what we need to do is that budget

amounts our budget numbers from the

project management module need to

transfer to the GL

o so let's start

in this is will review the budget

transfer the specific project budget to

the GL budget uh we'll start with the

project management accounting

foreign

let's go to project management

accounting all projects let me create

one new project again

a transfer to

GL

so let me

select all the mandatory feeds

well for creating the project

just created the project now

then we have discussed the project

budget creation also in the previous

episodes let's start with project budget

creation when it will be enabled this

project budget when you use this option

enable this will be from project

management parameters if you enable

automatically it will enable here if if

it is not enabled in the project

management parameter level you can use

to that particular specific project if

you want to use any budget you can

enable from here

so

I'll use same naming

and

I'll I'll add only cost budget

here

okay like this

in the last session we discussed about

the is

reallocation those type of stuff

so carry forward budget

sorry not carry forward

I am discussing about

forecast to the legend right

so let's go back

to the plan tab

and

we'll have

whether it is

I think it is in control

okay here only copy forecast Ledger

um

you can give what are the required

things you want to transfer it

if you want to do the payroll allocation

also you can do that in between any

specific

uh

any specific uh budget if you want to

move then you can do that

then click ok

once click ok

in the budget module budget registered

entries will be created

uh budgeting module

um

let's check it out again

I think that

let me duplicate the tab

hmm

this is the one

let me change it to in progress

now it is created status I am just

changing it to

then in the plant tab we have copy

not sure so it's not creating

foreign

I think uh budgeting year those type of

shifts

those details I did not updated

so that's why it's not generating the

budgeting

budget registered entries in the budget

module

um

okay it's once this budget copy forecast

to Ledger if you click that it will

create the budget registered entries in

the budgeting module

best of all

copy forecast to Ledger next is carry uh

carry forward budgets

carry forward budgets we have uh we have

to go to at the end of the year normally

the budgets amounts will be carry

forward to next year

this carry forward

budgets uh will be like a negative a

negative budget also we can do and

remaining budget also we can do

so to carry it to carry forward the

budgets first of all we need to go to

the particular project and we have

options uh

options to carry forward the budget let

me edit it

here we have

carry forward remaining Budget on carry

forward

negative budget once it is saved

this is the place you can enable it

and decree

so once you you done that uh copy for

cash functionality or run the periodic

routine values and it will carry forward

oh

review budget balances on existing

project you can do that project budget

balances and we have here copy uh for

sorry copy forward by Jets

sorry carry forward budgets and

we can select the values whatever you

want you uh you can retrieve or retrieve

all the badges you can click it out and

the parameters you need to select and

process it so that it will carry forward

the budget from

one year to another year

and next is that configure and setup

project budget models budgeting models

uh budgeting models

if you want to set up you need to go to

setup forecast and the forecast models

we have see many types are there

original budget name model name and uh

then it will be uh we have few other

options if you tie if you uh take

original budget these fields will be

grayed out and their things will be uh

based on the type of the budget if you

go with remaining budget it will be the

same and we have none budget uh for the

non-budget you you can enable these

fields whatever uh required for your

model and you have carry forward the

budget as well so you see here if

suppose I given uh

original budget all the fields will be

grayed out and not able to select any

other fields uh same way if you select

the remaining budget it will go of all

the fields will go off and you cannot do

you cannot these toggles not able to

enable it carry forward budget also same

thing and we have none none one and you

can enable Autumn enable any toggle

whatever the requirement is

foreign okay

and as I said uh in the previous session

as well we have parameter defaults

and the project management parameters we

have some default uh

default control cost controls like see

you have cost control method remaining

budget is the default one and original

budget for original this is the forecast

model or default one and the total

mm-hmm

this is the forecast model and remaining

it will be use budget control as I told

you previously if you enable this toggle

here and it will automatically enable in

the uh project Master Level if it is

disabled you can enable from the project

uh

Master Level so these are the few things

and

one more thing is that uh

relating to project budget

another topic is that if you go to plan

tab

project budget

and they have project budget balances

you have all the details relates to this

budgeting

so I given

not given any hours in the budget level

any amounts

okay not submitted man

so as I said in the previous sessions

budget is created but not submitted for

the approval once it is submitted then

it will go to approve status

so that is the reason I think in the

previous thing also it is not created

the uh budget register budget registered

entries

you can create the templates as well for

the estimates that I'll show

still it is in submitted status

I need to wait until the bad job runs

workflow

Thing

Once the

workflow history completed the bad job

and it will okay now it is completed

status Let me refresh here

subroot now

and

we have

just give

so this is some information

budget register entries Let me refresh

here

see now our budget entries has been

created

that is the reason it's not done we I

missed the

submission and approval thing

for the budget

and we have this one as well uh

um

carry forward one

so once it is uh once you select the

parameters you can pause the character

process the carry forward and now I am

going to

explain

cost estimates

so estimates under estimates

cost template

you can create the cost templates here

for example Auto amount Auto you need

this is the templates they created if

if you go to cost lines you'll get all

the details this is the line the

overview expense expense and expense

type percentage

percentage of completion if you go to

General tab you will get all the

information relates to this

cost template then what are the selected

category

categories for this particular

cost estimate template you

so this is the reason and

this is the way to create the cost

template so you can select new and you

can do that as well

and let me go to projects

project budget

here

project budget balances

here you can see

cost template and you can select the

template whatever you want and you can

uh filter with cost EO or cost today

Project to date or

project current period you can do that

as well

see it differs based on the criteria

that you have selected here

and

okay this is cost template thing

transaction

so I'll stop here and next session we'll

discuss about project forecast overview

these things are very basic level I am

just explaining very few basic things

um maybe if in future we'll learn

together with some Advanced

testings will perform now we are going

to discuss about only basic things how

it will work on how it is going however

June or Lexington's Journal all the

things we are just discussed very basic

level and in the coming episodes if

possible we'll learn together with all

with Microsoft document

about project management accounting in a

advanced level okay it is very basic

level and we are learning together

maybe if anyone has any suggestions or

if anyone knows any other any topics

relating to the project management

accounting you can call to my number

then we'll discuss and will share our

knowledge to the other people as well

so it's just a learning session it is

not a training session

so

okay thank you all bye