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Project management Accounting -9
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foreign
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okay uh hello everyone welcome back again for the project management
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accounting Basics Concepts line d365
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today we are going to discuss about the project Badges and food case
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normally a project budget means it's comparing the more comparing on monitor
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sorry companies controls uh monitor project Revenue expand this show by
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comparing with the actual normally companies will do control and monitor of
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expenditure and project course by comparing the actuals and our
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organizations can allocate money and resources to the ah to make the
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budgetary budgetary goals OK and when the project budget is required means
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when we are using cost tracking analysis and regulations Revenue tracking audit
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rail of budget charges then we'll use the project budget
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so we have a few prerequisites for project budgeting workflow is needed and
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pro for cash model we have original and
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original and revision forecast models that we are going to discuss now and
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normally vaginal budget means uh Pro it will flow like this uh project created
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from Project created to budget tracking internal and original budget created uh
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submitted approved and budget will be activated in the revision budget it will
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be revision right so no need to create the budget sorry no need to create the project project is already created under
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the original budget so for revision purpose create the revision submit the
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revision and approve then revision will be activated
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OK those are the few things and in the parameters we can see
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project related scheduling this we already discussed uh for cash we have I
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estimated forecast model default one we can map here terms of payments for
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expense terms of payments for items hovers so these default ones not
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mandatory things it's a default setups okay
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and we have cost control here it is default one is the method is remaining
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budget and the original budget is defaulted as this one and total
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remaining budget controls we have used budget control if you want to use the budget
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control you need to enable it and the transactions type control it is revenue
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and cost we have defaulted here and allows overruns
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okay hello uh this one budget control outside hierarchy and budget control
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intervals these are the few Fields available in the project
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management parameters let's we'll start creating the budget first let me create
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one new project so that will create a new project budget as well as
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no and we'll use the controls as well for that project
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ah I'll use
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simple wording basic uh
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project
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I'll use some existing group I am using time and material project
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only and
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customer selecting the person project pin ISO
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create project
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once the project is created thanks
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so we have project budget tab here this is enabled
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actually normally if you want to enable this feature
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this use budget control need to be enabled otherwise it won't enable the
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field so it is enabled because automatically because it uh parameter
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level we already enable this feature see here project budget is grayed out if
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I enable this particular feature it will enable the
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project budget when the toggle is enabled then project will be a project budget
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will be available let's start it with let's start with project budget
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before that I'll explain for you
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here transaction type control see we checked right just now in the parameters
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it's defaulted to revenue and cost what are the transaction type control only
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cost purpose only revenue or revenue on cost and now we selected uh cost only
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let's see and overrun defaults if you want to allow
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you can allow it otherwise Warn and disallow the over and we can do that
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budget control interval you want to project to date a year to day totally
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your current year total budget uh what is the control for the budget
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you can select from here so these are the things I want to explain here
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let me click on Project budget
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see when when I click project budget I have only cast tab here only cost is
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available because we have mentioned transaction type control only for the
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cost if you want the control for the only both revenue and cost then you need
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to select the revenues and calls then click on Project budget you will get
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both the cost and revenue tabs see here
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it will come like this so now what I am
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going to do is that let me enter the
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um budget
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hmm basic
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and control
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taking new cost controller and cost budget I am giving for example category
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Erp development for this by for this one
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uh I have spent and my cost is 5000 okay
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and let me go to revenues
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revenues you can do um you can create manually or you can do
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generate from calls as well once the from the cost once the line is generated
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here you can say that uh what is the profit for the sorry what is the revenue
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generated for this Revenue budget for this uh particular project
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I given seven thousand and save it
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let's submit it
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so now project budget see as I said you project uh project budget need to be
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created then uh approve submitted approved then budget will be activated
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so that is the process right we created project as well
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and let's see the workflow history how it has been set up
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if it is automatic approved then it will be good
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so completed it's automatic approval so once it is complete completed
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refresh it it will change to approved status this is original budget we selected uh
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remaining remaining budget is remaining so once it is approved and
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uh once it is approved then budget will be activated
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so this is the creation of budget and the second scenario is that revision of
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revision budget as we said that we have two types of budgets original budget and
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revision budget ah now we created the original budget and now we are going to
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discuss about budget revision for example this Erp development we have
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budgeted 5000 as a virginal budget but it's gone beyond that so we are
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requesting uh some more budget uh
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budget hovers for that budget for that
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Erp Dev category so for that you need to revise your
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budget right once it is approved enter a revision to align the budget with the
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approved change order so once uh once the approval given we need to revise our
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budget that will be under foreign
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so before that we have project budget balances we can check from here what are
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the budget balances available for this project see here we have uh total cost
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of 5000 budget and approved budget also 5000 and returning budget currently it
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is 5000 now and hover budget it is hover only right everything we given only one
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budget type so then let's start with revision
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we have here new revision and revisions
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so we have new before that is there anything
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so I need to revise this uh new region means newly created revision if I want
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to revise this budget I can click this revised by jet
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once click on new uh change order 0 1 you can give as a
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reference you have region date when it's supposed to be revised and requested
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date then creation of reusion this is the uh
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budget we allocated previously original budget for the cost cost it is uh so you
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can give here a revision amount or new budget it will be uh
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six thousand and this is new budget of for revenue is
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10 000. so this is our revised budget once the
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revision you updated when the revision once the revision is updated same way
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you need to submit for the workload workflow once it is submitted it will be activated
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this is the another concept revision of budget
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and any points I missed
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next is this one okay so next concept is that
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project budget allocation budget allocation is name itself we know
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uh distribution of budgeted amounts over
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specific periods of time this is optional not a mandatory thing
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for this allocation based on your GL fiscal calendar GL General set Ledger
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setup Ledger firm we can see that physical calendar what is available for
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this particular legal entity allocation period type cannot change your budget
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control interval it is is important when it is when it comes to the
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allocation so you can adjust the system provided allocation so normally it will provide
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the system will provide the allocation that you can manually update as well if
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you want to update depends up depends on your budgets
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scenario create a revenue budget
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uh maybe I'll use this one only cost budget and revenue budget I created
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if you want to allocate the budget
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let me close it
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foreign
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[Music]
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so here we have what type of
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budget is transaction type how however Revenue expense driven item Revenue
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these uh these are the types we have
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let me
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so I clicked
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him
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let me go to the project again project budget
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we have created the budget already
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if you click new revision it will ask for the revision of the budget
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same way as we discussed revision of the budget
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so I'm not giving anything here let me go to another project
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um we can create the project or we can use
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this project as well which we created previously
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so with a new
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budget
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Here video Revenue will get 1000 rupees
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1000 here you have alkid budget uh from when to when entering array
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given from date and to date by time period by year by quarter by period how
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you need to divide this amount I given by period and mine is our
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Revenue I given that I selected that
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and it's allocated the like this ah 1000 divided by two well it is become
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into decimal so I'll change it to 12000 to get the round fig or allocations
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so now it is thousand per month
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this is system generated allocation
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so once this is done click ok now it is allocated the budget
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once is allocated we can do the reallocation as well in the reallocation
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we can edit the changes for example
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500 for them first month
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second month it is 1500 so this is our reallocation we can do
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that as well
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okay this is reallocation
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or budget is not submitted I think
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let me submit it so now budget is submitted once it is
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approved it will go to approved status then we'll test the result
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so here it is submitter status still
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it's approved now meanwhile I'll go to project to check the
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scenario of the budget controls are different
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for this project so use budget controls revenue and cost
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only over total budget we given here
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I am giving current period current period my budget is
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500 but overall my budget is 10 12 000
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right so let's start with our Journal
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let me go to lines
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new
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here I have given Erp
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Dev for example 10 hours I am giving
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for the 10 hours what will be what is the price it is 350 only
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let me go with
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21 hours with the 21 hours
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our price is 350 means 500 now maybe
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I'll go with two Awards
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let me post it
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so today till now what we discussed we have uh original budget and revision
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budget uh original budget will start with the project created tracking uh
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dragging on and original budget created submitted approved active revision
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budget will start the uh
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revisions created submitted uh proved then revision
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it's not active then we created the project budget very simple project we
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discussed about that we created the revision for that and we did allocation
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now and the allocation we given
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let me check the voucher What will what is posted for this transaction
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it's called posted actually
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manage tab poster transaction
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thank you
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oh 398 schema let me go with 20 hours
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wow so I'm creating one more hover journal for just testing purpose whether
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that control is working or not budget control
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is there anything we missed that I am going to check now Erp there
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21 hours
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which posted
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let's see the budget project budgets
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one mod thing I need to explain here details we can do these things as well
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individual resource level we can make the budget control
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here 12 000 it is coming and
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we allocated right
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we have approved allocation it is 500 oh sorry sorry sorry sorry
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we are red uh which
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thing so period eight we are
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we are in the period eight foreign
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