Overview
Project types are a setup feature that allow for more in-depth project reporting and subsequently better project management. We have several project reports that you can run by project type. You are also able to assign specific GL accounts to project types. This is important as when you use different GL's for different project types you can track them through your financial statements so you can definitively see where your profit centers truly lie.
Even if you do not choose to separate your projects by types you will need to set up at least one type to use in your projects.
Project Type – The code which will be used for this project type.
Description – The description of this project type.
A/R Account – A/R account to use for this project type. More often than not this will be your default AR Account.
WIP Account – WIP account to use for this project type. Projects should have their own WIP account separate from production; this is required for our month end reporting to work effectively. This is an asset account to store items not yet billed in a project. WIP is debited when entries are made for the project and then credited when the invoice is generated.
Unbilled WIP Account – Unbilled WIP account to use for this project type. This account is used as an AR offset account for accruing revenue. This account is debited when accruing unbilled charges using the Accrue Unbilled Changes screen.
Revenue Account – Revenue account to use for this project type, generally a standard material revenue account.
Freight Revenue Account – Standard freight revenue account for projects which could be the same as materials.
Install Revenue Account – Standard install revenue account for projects which could be the same as materials.
Closed Labor Account – Closed labor account to use for this project type, often the same as the cost of goods sold account.
Closed Burden Account – Closed burden account to use for this project type, often the same as the closed labor account.
Closed Expense Account – Closed expense account to use for this project type, usually the cost of goods sold account for projects.
Freight Expense account – Expense account for freight; can be the COGS account.
Install expense Account – Install expense account can also be the cost of goods sold account.
Material Expense Account – Usually the cost of goods sold account for the project type.
Allocated Labor Account – Allocated labor account to use for this project type, this account is an EXPENSE account to credit when allocating expenses into a project. Usually the last number in your G&A range.
Allocated Expense Account – Allocated expense account to use for this project type, this account is an EXPENSE account to credit when allocating expenses into a project. Usually the last number in your G&A range.
Material Burden Account – This is the account to credit for the material portion of the burden when materials are issued to a project. If materials are received back into inventory from a project, this account is debited. Usually the last number in your G&A range.
Fixed Labor Burden Account – This is the account to credit for the fixed labor portion of the burden when time sheets are processed for a project. This account is an EXPENSE account to credit when allocating expenses into a project. Usually the last number in your G&A range.
Variable Labor Burden Account – This is the account to credit for the variable labor portion of the burden when time sheets are processed for a project. This account is an EXPENSE account to credit when allocating expenses into a project. Usually the last number in your G&A range.
Deferred Income Account – This is the account to credit when creating advanced invoices for a project. Accounts receivable is debited. This is the project customer deposit account.
Non-Inventory Accrual Account – This account is credited when non-inventory items are received on PO's for the project. The actual account can be changed on the PO prior to receiving the item. Normally a liability account to accrue inventory receipts before getting the bill
Non/stocked Inventory – This account is debited when non-stocked inventory items are received on PO's for the project. The actual account can be changed on the PO prior to receiving the item.
Retainage Account – Retainage account to use for this project type.