Report / Multi-Year Project

3.0. Multi-Year Project

Multi-Year Project - Create a Chart of Account for Project Claim

In order for you to capture the value of the progress claimed, you are required to a chart of account to monitor it.



Alert
STEPS:
  1. Click SETUP activity
  2. Click ACCOUNTS
  3. Click CHART OF ACCOUNT module
  4. Click NEW
    CODE enter PROJECTCLAIM001
    CATEGORY select Current Liabilities
    DESCRIPTION enter Progress Claimed
  5. Click ADD
  6. Close module

Create a Chart of Account for Project Cost



Alert
STEPS:
  1. Click SETUP activity
  2. Click ACCOUNTS
  3. Click CHART OF ACCOUNT module
  4. Click NEW
    CODE enter PROJECTCOST001
    CATEGORY select Current Assets
    DESCRIPTION enter Project Materials
  5. Click ADD
  6. Close module

Create a Customer Group for this Project



Alert
STEPS:
  1. Click SETUP activity
  2. Click CUSTOMER/VENDOR
  3. Click CUSTOMER GROUP moduleClick NEW
    GROUP NAME enter PROJECT001
  1. INVOICE DR AC select Trade Debtors
  2. INVOICE CR AC select Project Claim
    This means that when we trade this customer, the sales will not be presented in the Profit & Loss statement.
    Instead it will show up in the Balance Sheet as the Project Claim account is a Current Liability category nature.
  1. DEBIT NOTE DR AC select Trade Debtors
  2. DEBIT NOTE CR AC select Project Claim
  3. CREDIT NOTE DR AC select Project Claim
  4. CREDIT NOTE CR AC select Trade Debtors
  5. Click ADD
  6. Close module

Create a Business Partner under this Customer Group



Alert
STEPS:
  1. Click SETUP activity
  2. Click CUSTOMER/VENDOR
  3. Click BUSINESS PARTNER module
  4. Click NEW
    BP CODE enter a unique code
    NAME enter Main-Contractor Pte Ltd
    GROUP select PROJECT001
  5. Click ADD
  6. Close module

Create a Job Code to monitor the project



Alert
STEPS:
  1. Click SETUP activity
  2. Click COMPANY DETAILS
  3. Click JOB module
  4. Click NEW
    CODE enter a unique code
    NAME enter Project
    CONTRACT AMOUNT enter 1 000 000
    ESTIMATED COST enter 50 000
  5. Click ADD
  6. Close module

SAMPLE ENTRIES FOR CLAIMS - Create a Quotation for the Progress Claim



Alert
STEPS:
  1. Click SALES activity
  2. Click QUOTATION module
  3. Click NEW
    Quotation is used as a means to track claims
  4. CUSTOMER select Main-Contractor Pte Ltd
  5. ITEM select any
  6. JOB select PROJECT
  7. QTY enter 1
  8. UNIT PRICE enter 1,000,000
  9. TICK Import to Invoice
  10. Click ADD
  11. Close module

Create an invoice for the claim



Alert
STEPS:
  1. Click SALES activity
  2. Click INVOICE module
  3. Click NEW
  4. CUSTOMER select Main-Contractor Pte Ltd
  5. Import the QUOTATION
  6. JOB select PROJECT
    QTY enter 1
    UNIT PRICE enter 20,000
  7. Click ADD
  8. Close module

SAMPLE ENTRIES FOR COST - Entry for cost with invoice



Alert
STEPS:
  1. Click PURCHASE activity
  2. Click SUPPLIER INVOICE module
  3. Click NEW
  4. select ANY vendor
  5. select ITEM
  6. JOB select PROJECT
    In this example we are using item codes that have changeable accounts.
  7. Click ADD
  8. Close module

Entry for non-trade cost



Alert
STEPS:
  1. Click PURCHASE activity
  2. Click PAYMENT module
  3. Click NEW
    select Non-Trade
    select ACCOUNT PROJECTCOST003
  4. JOB select PROJECT
  5. Click ADD
  6. Close module

VIEWING THE REPORT - View the Multi Year Project Report




Alert
STEPS:
  1. Click MULTI YEAR PROJECT
  2. Select Job
  3. Select the period
  4. Click REFRESH
  5. Close module




RECOGNIZING INCOME OR COST - Income for Project 



Alert
STEPS:
  1. Click Journal Entry
  2. Click New
  3. Select Claim Account
  4. Select Income Account
  5. Select Job Code
  6. Enter values to recognize
  7. Click ADD
  8. Close module

Cost for Project



Alert
STEPS:
  1. Click Journal Entry
  2. Click New
  3. Select Cost Account
  4. Select COGS/Expense Account
  5. Select Job Code
  6. Enter values to recognize
  7. Click ADD
  8. Close module

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