Project management Accounting -15
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oh
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hi everyone welcome back again today I am going to discuss about uh project
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management account basic concepts in that uh we are going to talk about
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uh
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we are going to talk about project building and
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payment so in the previous session we have discussed about billing rules and
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different types of billing rules and it's time to in
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voice and
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payment
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so okay so it's loading before loing I
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today we are going to talk about understanding and creating the project
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invoices and understanding and creating the uh project credit
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noes and uh customer Advance review of invoice formats and
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review the print settings those things we are going to talk in this
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session and uh normally uh how the
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project invoice overview uh process will be like this it
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may be uh invoice proposal can be done from the contract level uh for example
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of one contract having project one and two three and we can invoice R time
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single invoice is for all the projects all the three projects under that
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project contract and review and edit if you want to do anything you can do that
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post after posting the journals uh you can invise that
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journals so that is the normal process that project invo can be from done from
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different places uh it is from specific project we have invis
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proposal and specific contract we have proposal and we have project management
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accounting under invoice we have invo proposal as well these are the places
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where we can do the invoice and what happens if the uh when
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we post the invoice uh when we post the invoice invoice print out is created
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created multiple invoice formats for this can be configured so invoice will
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be print print out in the invoice format that we have defined for that
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particular invoice or project contract the project subledger is
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impacted subledger uh project subledger anyway it will impact inv proposal
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status is updated and project balances also will update
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accounts receivable subledger has been outstanding invoice and once that is
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done payment need to be registered and applied to that project invoice from the
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AO GL also impact
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okay so now starts let's start with
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uh create project invoice proposal that we have did in previous sessions as well
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how to do the invise
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proposal so I'm in ussi
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company project management
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accounting project
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inves in Wise
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proposals
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so from here you can create the invoice proposal without billing rule or invoice
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proposal from building so I will go with invoice
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proposal you can search with a particular project or contract level
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if you want to go with the contract let's take the starting
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one and here you have uh all the types of uh
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transactions however whatever you want to do you can select those
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transactions
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so here select all you can do to select all the transactions or
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individually you can select whatever the transactions requir so like
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this clear all let me check how many projects are
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there
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so two projects let me take this one one transaction from this
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project
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and one transaction from this project
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so I have selected two pro two transactions one is from one uh one six
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project and another one is one 120 project so here you can see the lines
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that we have selected uh in the invoice
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proposal and you you can uh edit the sales price before you can pose the
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invoice as well for example this is 3 you can change
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it and we have uh suppose you missed one of the transaction that you're supposed
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to select for this invis you can add the lines as well create fee uh one option
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is there remove line view details to check the details of this line you have
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different options you can see the transaction uh
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details of this particular line so here it is 300 but we have changed it to
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310 then once you review everything done you can post the
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invoice before that let me take the contract what is the
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contract this is the contract okay so post the
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inv
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okay once the posting is
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done and go to contract
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so in the contract level once the invoice is done it will go and hit in
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the customer transaction as a invoice project invoice
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so this is the funding source assigned to this particular project contract if
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you go to this particular customer you can see the who
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invoice and payment is as usual how you'll do in the uh a same way select
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the customer and generate payment you need to select that open
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invoices if you go here or uh you
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can uh I think somewhere invoices I
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guess sorry collect in the collect settle transactions you can see or you
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can go to the transactions and whatever the transaction whatever the invoice that we
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have booked we can see here if you go with open transactions so this is the
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transactions transaction that we just posted if you want to see the vulture
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you can see that customer is debited this is the invoice project invoice
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customer customer is debited and project invoice Revenue
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credited why it is uh two lines here for the project invis because we have
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selected two different projects if you want to see those details I'm not not
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sure whether here it is available or
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not no you can go to original document you can see from
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there so there are two projects selected so that's why it's showing different
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amount so this is the one 122
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okay so this is the way how uh project
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invise can be done and payment is as usual from the year
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prospective and next topic is Project credit notes and uh project credit note create
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from the posted transaction posted project transaction from uh create from
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an invoice Journal as well from the functions
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Tab and uh we'll select the appropriate uh transaction then we'll create a
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proposal invoice proposal so let's start with uh
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for example why will do the credit note means for example actually we posted
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when how Journal posted to the uh to the project wrongly and invo to correct it
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we need to uh post credit note for
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example I'll go with this way only
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I'll go
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to Project contract first from there I can select one
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project so this is the contract we are discussing
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about to this project sorry to this contract these many projects are
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assigned I'm going with the first
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project so from
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here posted transactions for this
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project see select the transaction here and
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click on select for credit note select the line and click
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okay okay once this is done you need to come
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here I'll refresh
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this
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once one way is from here and I'll show the another way as
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well another way is that from the project management uh you have transactions post
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transactions and you can select the transaction which you want to do the
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credit note and one more way is that invoice journals project invoice
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journals like this this screen maybe you can go from
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here or you can go from the project man from
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here you have functions redit
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node so these are very old transactions okay anyway
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fine and you can select the specific transaction in
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that okay done
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okay once that is done let's go to the project invise
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proposal new wi proposal and I'll select the
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object don't
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know okay let's try this
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way one more
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time and let
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transactions 8:31 we poer this one maybe oh this
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is chargeable it's not at invoice so
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that's why it is not showing credit note let's try with proposal
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first transaction dat okay I'll go with this
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one
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so how Journal uh posted and uh for the same invoice also
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done okay once this is done you have option called Select Credit
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note to reverse that invoice which which is wrongly
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posted from the Min tab you have
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transactions this is fully invo if it is not invoice this will be gr
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out select it click okay refresh
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it
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once that is done again you need to do the invoice
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proposal for the credit note that was
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done so this
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one okay once this is done
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post it now you can see the uh customer transactions open
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invoice for this credit note let's check
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this so let's check the C
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project
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posted
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transactions so we have two chargeable
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now this is the project contract contct let's check the finding source for this
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project contract this is the
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customer and this
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transactions see you can see positive or
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negative okay customer if you go to the
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Watchers customer is credited that means this is credit note
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okay then so this is project project credit
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note then project prepayment we'll we'll
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discuss that topic create a customer Advance process for creating
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advance and create Advance then invoice
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apply that advance so we'll start with creating the
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customer advance and we'll apply the advance towards the the
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invoice and we'll create customer Advance based on the revenue so this is these are the things
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we are going to discuss now let's close
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this for example what will is that we'll post one hour
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Journal this this
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project
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see sales price is
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350 okay let's post
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it okay so we posted one hour journal for
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this project with uh 10 hours and price is
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350 and we'll start with customer
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Advance uh we have two options request a customer Advance request customer
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Advance as percentage of uh Revenue budget this is manual and that is based
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on Revenue budget we are going with this one first and
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uh invoice date we can give the date and I'll give
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here
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5,000 okay 5,000 I given
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then we'll post the
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invoice
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so after that invise
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proposal The invise Proposal let me
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so this is the one right that we just posted
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and so I'm selecting this and we have advances and deduction if I select this
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one500 it is uh minus value it is showing because uh my invoice is
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3,00 my transaction value is 3,500 and Advance is 5,000 so we have split
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Advance amount here so by this we can match both the
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transaction as well as so with this we don't want this line and now the
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net invoice amount is zero then click okay and post
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the customer payment sorry customer
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advance so we created customer adance we appli to the transaction as well and
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posted the
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inv okay next concept is Project budget based uh advance so let's check this
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project whether budget is there or
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not so project
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budget so we have project budget of 4,20 and 30 90 is total
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budget here customer advance
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based on the revenue budget so here you need to
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provide percentage of the budget that you want to custom
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requested why to budget it is not coming
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here
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oh cost budget it is let me do
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one
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so I'm creating the budget for uh this one Revenue
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purpose so workflow submitted let's wait
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for
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approval I think it is automatic
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approve
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for
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okay it's
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something
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okay completed
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now
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okay that's done let's go with customer Advance
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now see now it came this one and give the
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[Music]
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percentage now it schem percentage that you have
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selected and post it then again do that in that's
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it okay done next thing is that uh project
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invoice setup project invoice
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setup so there are different types of uh format invoice formats detail format
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summary format summary category and custom detail of
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summary so where we can assign the format means invoice format in the
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contract level we can do that here Al not here where it
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is uh funding source
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here so we have invoice formats detail summary summary review by category and
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one more is custom and or we can do from the invoice
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proposal level in the invoice you have this option
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okay okay
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then you can change the contract level uh invoice format at any level and uh
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one more thing is that from the invoice
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proposals invoice level if there is any open invoice is
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there
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any so you can
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do here as well Ed it and you can change the invoice
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format at this
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level you have invoice template format as
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here okay
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then then you have this option
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print format invoice proposal here you can Define your uh new
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format uh you can
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mention lot one maybe you can do
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that for example you can include this transaction in lot
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one and
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uh lot
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two okay include it so this way you can move down also
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you can do and print preview you can check it out how it it will it will
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print this
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invoice
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for
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so it's loading
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now okay see this is the way it will
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print say like this lot one lot two
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okay so this is the way you can Define the format and if you come
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back you can see the user defined format as well user defined means just we
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created right that one detail invoice also you can try to print it out and
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check how it is coming and summary details summary
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invoice by category it will detail the summary by category level so you can
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differentiate after uh by printing the invoices so you can do
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that so next one is that print
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settings so print settings it is in the
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setup forms form
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setup we have General tab here whatever requirement is there based on
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that can select these things General and
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inv and print
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management so in the print management
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uh here user defined
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invoice you have these are the module documents
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for the project management module for invoice
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printing
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uh for example without bu rule I given
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here Pho okay given
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photo destination you can give that email
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ID
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so I'm giving this
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screen
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building rule one also I'm selecting photo
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one destination I'll give the
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screen okay okay once this is
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[Music] done project
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contract you have print management here so you can see here module level
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documents all the documents you have done from the parameter level sorry from
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the setup level from setup this is what we just created and you can see the
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transaction contract ID level as well these are again different documents at
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the level so you can see here footer will not
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be see here photo fter is there
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but yeah
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Pho I think for both I given footer
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only so these levels also there we can edit we can edit it any point of this so
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for example so this one we cannot edit here
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module level you can do the edit as well
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okay okay so General entire form setup it is
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enter total uh all the module level and you
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can see the contract level as well print management okay this is what
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I want to discuss in this video maybe I'll come up with different topic in the
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next session I hope it will help you it
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is help you to understand the project management
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module okay I'll stop here thank
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you
#Business Finance
#Accounting & Auditing
#Billing & Invoicing
