Project management Accounting -15

oh

hi everyone welcome back again today I am going to discuss about uh project

management account basic concepts in that uh we are going to talk about

uh

we are going to talk about project building and

payment so in the previous session we have discussed about billing rules and

different types of billing rules and it's time to in

voice and

payment

so okay so it's loading before loing I

today we are going to talk about understanding and creating the project

invoices and understanding and creating the uh project credit

noes and uh customer Advance review of invoice formats and

review the print settings those things we are going to talk in this

session and uh normally uh how the

project invoice overview uh process will be like this it

may be uh invoice proposal can be done from the contract level uh for example

of one contract having project one and two three and we can invoice R time

single invoice is for all the projects all the three projects under that

project contract and review and edit if you want to do anything you can do that

post after posting the journals uh you can invise that

journals so that is the normal process that project invo can be from done from

different places uh it is from specific project we have invis

proposal and specific contract we have proposal and we have project management

accounting under invoice we have invo proposal as well these are the places

where we can do the invoice and what happens if the uh when

we post the invoice uh when we post the invoice invoice print out is created

created multiple invoice formats for this can be configured so invoice will

be print print out in the invoice format that we have defined for that

particular invoice or project contract the project subledger is

impacted subledger uh project subledger anyway it will impact inv proposal

status is updated and project balances also will update

accounts receivable subledger has been outstanding invoice and once that is

done payment need to be registered and applied to that project invoice from the

AO GL also impact

okay so now starts let's start with

uh create project invoice proposal that we have did in previous sessions as well

how to do the invise

proposal so I'm in ussi

company project management

accounting project

inves in Wise

proposals

so from here you can create the invoice proposal without billing rule or invoice

proposal from building so I will go with invoice

proposal you can search with a particular project or contract level

if you want to go with the contract let's take the starting

one and here you have uh all the types of uh

transactions however whatever you want to do you can select those

transactions

so here select all you can do to select all the transactions or

individually you can select whatever the transactions requir so like

this clear all let me check how many projects are

there

so two projects let me take this one one transaction from this

project

and one transaction from this project

so I have selected two pro two transactions one is from one uh one six

project and another one is one 120 project so here you can see the lines

that we have selected uh in the invoice

proposal and you you can uh edit the sales price before you can pose the

invoice as well for example this is 3 you can change

it and we have uh suppose you missed one of the transaction that you're supposed

to select for this invis you can add the lines as well create fee uh one option

is there remove line view details to check the details of this line you have

different options you can see the transaction uh

details of this particular line so here it is 300 but we have changed it to

310 then once you review everything done you can post the

invoice before that let me take the contract what is the

contract this is the contract okay so post the

inv

okay once the posting is

done and go to contract

so in the contract level once the invoice is done it will go and hit in

the customer transaction as a invoice project invoice

so this is the funding source assigned to this particular project contract if

you go to this particular customer you can see the who

invoice and payment is as usual how you'll do in the uh a same way select

the customer and generate payment you need to select that open

invoices if you go here or uh you

can uh I think somewhere invoices I

guess sorry collect in the collect settle transactions you can see or you

can go to the transactions and whatever the transaction whatever the invoice that we

have booked we can see here if you go with open transactions so this is the

transactions transaction that we just posted if you want to see the vulture

you can see that customer is debited this is the invoice project invoice

customer customer is debited and project invoice Revenue

credited why it is uh two lines here for the project invis because we have

selected two different projects if you want to see those details I'm not not

sure whether here it is available or

not no you can go to original document you can see from

there so there are two projects selected so that's why it's showing different

amount so this is the one 122

okay so this is the way how uh project

invise can be done and payment is as usual from the year

prospective and next topic is Project credit notes and uh project credit note create

from the posted transaction posted project transaction from uh create from

an invoice Journal as well from the functions

Tab and uh we'll select the appropriate uh transaction then we'll create a

proposal invoice proposal so let's start with uh

for example why will do the credit note means for example actually we posted

when how Journal posted to the uh to the project wrongly and invo to correct it

we need to uh post credit note for

example I'll go with this way only

I'll go

to Project contract first from there I can select one

project so this is the contract we are discussing

about to this project sorry to this contract these many projects are

assigned I'm going with the first

project so from

here posted transactions for this

project see select the transaction here and

click on select for credit note select the line and click

okay okay once this is done you need to come

here I'll refresh

this

once one way is from here and I'll show the another way as

well another way is that from the project management uh you have transactions post

transactions and you can select the transaction which you want to do the

credit note and one more way is that invoice journals project invoice

journals like this this screen maybe you can go from

here or you can go from the project man from

here you have functions redit

node so these are very old transactions okay anyway

fine and you can select the specific transaction in

that okay done

okay once that is done let's go to the project invise

proposal new wi proposal and I'll select the

object don't

know okay let's try this

way one more

time and let

transactions 8:31 we poer this one maybe oh this

is chargeable it's not at invoice so

that's why it is not showing credit note let's try with proposal

first transaction dat okay I'll go with this

one

so how Journal uh posted and uh for the same invoice also

done okay once this is done you have option called Select Credit

note to reverse that invoice which which is wrongly

posted from the Min tab you have

transactions this is fully invo if it is not invoice this will be gr

out select it click okay refresh

it

once that is done again you need to do the invoice

proposal for the credit note that was

done so this

one okay once this is done

post it now you can see the uh customer transactions open

invoice for this credit note let's check

this so let's check the C

project

posted

transactions so we have two chargeable

now this is the project contract contct let's check the finding source for this

project contract this is the

customer and this

transactions see you can see positive or

negative okay customer if you go to the

Watchers customer is credited that means this is credit note

okay then so this is project project credit

note then project prepayment we'll we'll

discuss that topic create a customer Advance process for creating

advance and create Advance then invoice

apply that advance so we'll start with creating the

customer advance and we'll apply the advance towards the the

invoice and we'll create customer Advance based on the revenue so this is these are the things

we are going to discuss now let's close

this for example what will is that we'll post one hour

Journal this this

project

see sales price is

350 okay let's post

it okay so we posted one hour journal for

this project with uh 10 hours and price is

350 and we'll start with customer

Advance uh we have two options request a customer Advance request customer

Advance as percentage of uh Revenue budget this is manual and that is based

on Revenue budget we are going with this one first and

uh invoice date we can give the date and I'll give

here

5,000 okay 5,000 I given

then we'll post the

invoice

so after that invise

proposal The invise Proposal let me

so this is the one right that we just posted

and so I'm selecting this and we have advances and deduction if I select this

one500 it is uh minus value it is showing because uh my invoice is

3,00 my transaction value is 3,500 and Advance is 5,000 so we have split

Advance amount here so by this we can match both the

transaction as well as so with this we don't want this line and now the

net invoice amount is zero then click okay and post

the customer payment sorry customer

advance so we created customer adance we appli to the transaction as well and

posted the

inv okay next concept is Project budget based uh advance so let's check this

project whether budget is there or

not so project

budget so we have project budget of 4,20 and 30 90 is total

budget here customer advance

based on the revenue budget so here you need to

provide percentage of the budget that you want to custom

requested why to budget it is not coming

here

oh cost budget it is let me do

one

so I'm creating the budget for uh this one Revenue

purpose so workflow submitted let's wait

for

approval I think it is automatic

approve

for

okay it's

something

okay completed

now

okay that's done let's go with customer Advance

now see now it came this one and give the

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percentage now it schem percentage that you have

selected and post it then again do that in that's

it okay done next thing is that uh project

invoice setup project invoice

setup so there are different types of uh format invoice formats detail format

summary format summary category and custom detail of

summary so where we can assign the format means invoice format in the

contract level we can do that here Al not here where it

is uh funding source

here so we have invoice formats detail summary summary review by category and

one more is custom and or we can do from the invoice

proposal level in the invoice you have this option

okay okay

then you can change the contract level uh invoice format at any level and uh

one more thing is that from the invoice

proposals invoice level if there is any open invoice is

there

any so you can

do here as well Ed it and you can change the invoice

format at this

level you have invoice template format as

here okay

then then you have this option

print format invoice proposal here you can Define your uh new

format uh you can

mention lot one maybe you can do

that for example you can include this transaction in lot

one and

uh lot

two okay include it so this way you can move down also

you can do and print preview you can check it out how it it will it will

print this

invoice

for

so it's loading

now okay see this is the way it will

print say like this lot one lot two

okay so this is the way you can Define the format and if you come

back you can see the user defined format as well user defined means just we

created right that one detail invoice also you can try to print it out and

check how it is coming and summary details summary

invoice by category it will detail the summary by category level so you can

differentiate after uh by printing the invoices so you can do

that so next one is that print

settings so print settings it is in the

setup forms form

setup we have General tab here whatever requirement is there based on

that can select these things General and

inv and print

management so in the print management

uh here user defined

invoice you have these are the module documents

for the project management module for invoice

printing

uh for example without bu rule I given

here Pho okay given

photo destination you can give that email

ID

so I'm giving this

screen

building rule one also I'm selecting photo

one destination I'll give the

screen okay okay once this is

[Music] done project

contract you have print management here so you can see here module level

documents all the documents you have done from the parameter level sorry from

the setup level from setup this is what we just created and you can see the

transaction contract ID level as well these are again different documents at

the level so you can see here footer will not

be see here photo fter is there

but yeah

Pho I think for both I given footer

only so these levels also there we can edit we can edit it any point of this so

for example so this one we cannot edit here

module level you can do the edit as well

okay okay so General entire form setup it is

enter total uh all the module level and you

can see the contract level as well print management okay this is what

I want to discuss in this video maybe I'll come up with different topic in the

next session I hope it will help you it

is help you to understand the project management

module okay I'll stop here thank

you