Report / Multi-Year Project

Report / 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.


Info
Location
Setup >Accounts > Chart of Account
Info
Action
> Click SETUP activity
> Click ACCOUNTS
> Click CHART OF ACCOUNT module
> Click NEW
CODE enter PROJECTCLAIM001
CATEGORY select Current Liabilities
DESCRIPTION enter Progress Claimed
> Click ADD
> Close module

Create a Chart of Account for Project Cost


Info
Location
Setup >Accounts > Chart of Account
Info
Action
> Click SETUP activity
> Click ACCOUNTS
> Click CHART OF ACCOUNT module
> Click NEW
CODE enter PROJECTCOST001
CATEGORY select Current Assets
DESCRIPTION enter Project Materials
> Click ADD
> Close module

Create a Customer Group for this Project


Info
Location
Setup > Customer/Vendor > Customer Group
Info
Action
> Click SETUP activity
> Click CUSTOMER/VENDOR
> Click CUSTOMER GROUP module
> Click NEW
GROUP NAME enter PROJECT001
> INVOICE DR AC select Trade Debtors
> 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.
> DEBIT NOTE DR AC select Trade Debtors
> DEBIT NOTE CR AC select Project Claim
> CREDIT NOTE DR AC select Project Claim
> CREDIT NOTE CR AC select Trade Debtors
> Click ADD
> Close module

Create a Business Partner under this Customer Group


Info
Location
Setup > Customer/Vendor > Business Partner
Info
Action
> Click SETUP activity
> Click CUSTOMER/VENDOR
> Click BUSINESS PARTNER module
> Click NEW
BP CODE enter a unique code
NAME enter Main-Contractor Pte Ltd
GROUP select PROJECT001
> Click ADD
> Close module

Create a Job Code to monitor the project


Info
Location
Setup > Company Details > Job
Info
Action
> Click SETUP activity
> Click COMPANY DETAILS
> Click JOB module
> Click NEW
CODE enter a unique code
NAME enter Project
CONTRACT AMOUNT enter 1 000 000
ESTIMATED COST enter 50 000
> Click ADD
> Close module

SAMPLE ENTRIES FOR CLAIMS

Create a Quotation for the Progress Claim


Info
Location
Sales > Quotation
Info
Action
> Click SALES activity
> Click QUOTATION module
> Click NEW
Quotation is used as a means to track claims
> CUSTOMER select Main-Contractor Pte Ltd
> ITEM select any
> JOB select PROJECT
> QTY enter 1
> UNIT PRICE enter 1,000,000
> TICK Import to Invoice
> Click ADD
> Close module

Create an invoice for the claim


Info
Location
Sales > Invoice
Info
Action
> Click SALES activity
> Click INVOICE module
> Click NEW
> CUSTOMER select Main-Contractor Pte Ltd
> Import the QUOTATION
> JOB select PROJECT
QTY enter 1
UNIT PRICE enter 20,000
> Click ADD
> Close module

SAMPLE ENTRIES FOR COST

Entry for cost with invoice


Info
Location
Purchases > Supplier Invoice
Info
Action
> Click PURCHASE activity
> Click SUPPLIER INVOICE module
> Click NEW
> select ANY vendor
> select ITEM
> JOB select PROJECT
In this example we are using item codes that have changeable accounts.
> Click ADD
> Close module

Entry for non-trade cost


Info
Location
Purchase > Payment
Info
Action
> Click PURCHASE activity
> Click PAYMENT module
> Click NEW
> select Non-Trade
> select ACCOUNT PROJECTCOST003
> JOB select PROJECT
> Click ADD
> Close module

VIEWING THE REPORT

View the Multi Year Project Report


Info
Location
Report > Other > Multi-Year Project
Info
Action
> Click MULTI YEAR PROJECT
> Select Job
> Select the period
> Click REFRESH
> Close module



RECOGNIZING INCOME OR COST

Income for Project 


Info
Location
Adjustment > Adjustment > Journal Entry
Info
Action
> Click Journal Entry
> Click New
> Select Claim Account
> Select Income Account
> Select Job Code
> Enter values to recognize
> Click ADD
> Close module

Cost for Project


Info
Location
Adjustment > Adjustment > Journal Entry
Info
Action
> Click Journal Entry
> Click New
> Select Cost Account
> Select COGS/Expense Account
> Select Job Code
> Enter values to recognize
> Click ADD
> Close module


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