In our recent blog we have discussed about the various ‘Project Types’ we can set for project and the allowed range for ‘Accounting Methods’ that can be used for any particular Project Type.
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Navigation for the setting,
Accounting method can be set for PJC Project screen, you can navigate to this screen as Project Job Costing à PJC Setup à Projects
You can again set or change the accounting method for project while adding the same to ‘Contract Maintenance’ screen as Project and Job Costingà PJC Transactions à Contact Maintenance.
You can find the option for setting Accounting Method on the contract maintenance screen while adding new Project to the contract as shown in below screenshot:
The Project accounting method set on the master screen will be set as default while adding this project to ‘PJC Contract’. Also user can change the same for that particular contract based on project type selection.
Sage 300 provides 7 accounting methods that can be used to maintain the project account and cost associated.
- Completed Project:
- · This accounting method can be used if recognition of all revenue and create billings is to be done upon completion of the project.
- This accounting method can be used with all project types.
- Total cost Project Complete:
- This accounting method can be used when user want Project and Job Costing to calculate revenue automatically using the ratio of the total cost incurred to the total estimated cost of the project.
- This accounting method can be used only with “Cost Plus” project type.
- Labor Hours Percentage Complete:
- · This accounting method will be used when there is requirement that Project and Job Costing to calculate revenue using the ratio of the total labour hours incurred to the total estimated labour hours of the project.
- This accounting method is also can be used with Cost Plus type projects.
- Billings and Costs:
- · As the name suggests user can use this accounting method if you want to recognize revenue throughout the project based on the amount billed and the actual cost incurred to date on the project.
- This accounting method can be used with all project types.
- Project Percentage complete:
- · This accounting method can be used when you want Project and Job Costing to calculate revenue throughout the project using the percentage complete for the project.
- This accounting method can be used with the fixed price project type
- Category Percentage Complete:
- · You use this accounting method when you want Project and Job Costing to calculate revenue automatically using the ratio of the actual costs incurred for the project category to the estimated cost of the project category.
- This accounting method can be used with the cost plus project type.
- Accrual-Basis
- · For this accounting method, transactions are posted directly to the revenue and cost of sales accounts. (You do not run the revenue recognition functions to clear amounts from the billings and work in progress accounts.)
- This accounting method is also can be used with Cost Plus type projects.
Notes:
You can see on Contract Maintenance screen that Project type affects the accounting method selection.
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