Use Project Accounts to classify transactions throughout the Project screens. If the project account is linked to a GL Account, it determines whether project information must be provided for any transaction posted to the GL account. The Project Account also specifies whether other project-related fields are required for entries made to the project account or to the related GL account.
Creating Project Accounts
Select Projects | Setup | Project Accounts.
Click New to create a new project account. Project Accounts appears.
Type a description for the project account in Project Accounts.
In Account, select the GL Account which you want to associate with the project account. You can associate a GL Account with only one Project Account.
Note: This value is optional in those cases in which the transaction does not have to be reflected in the General Ledger (for example, the entry of number of copies to charge to the job where there is no posting of the cost of the copies).
In Type, select whether the project account is an Asset, Liability, Revenue, or Expense. This value is automatically set when a GL Account is selected in Account. If Account is set to "None", the user can select the appropriate value.
Note: Revenue and expense types are included in the calculation of project profitability in various screens and reports.
In Bill Transaction Type, select the type that you want to use to determine where billable transactions appear on an invoice. The options include the following:
Contract Item – Select if you want the invoice comments from your project to print on the Project Invoice. To do this, you must set up a project account that has this type to be used in the Billing Information tab in Project, when scheduled billings are used on a project.
Expense – Select if the expense transaction is to be charged to a project. Examples include hotel, mileage, or airfare that is charged to a project.
Labor or Service – Select if the transactions charged to a project account, that has a Bill Transaction Type of Labor or Service, are to be treated as labor transactions in the various screens and reports.
Miscellaneous – Select if the transactions charged to a project account are miscellaneous.
In Display Order, type a number that determines the order in which Revenue and Expenses are displayed in the Profit & Loss type inquiries and reports.
Click to select the Project Required check box if the project data is required when the Account is used. If this field is cleared, all project related fields are optional. Both a Project and Task value are required if this check box is selected.
Click to select the Resource Required check box if a Resource is required when the Account is used. If the field is selected, a Resource will be required and validated against the list of Resources.
Click to select the Labor Category Required check box if a Labor Category is required when the Account is used. If the field is selected, a Labor Category will be required and validated against the list of Labor Categories.
Click to select the Quantity Required check box if a Quantity is required when the Account is used. If the field is selected, a Quantity will be required.
Click to select the Budgeted check box if the Project Account will be available for budgeting on the Project Budget tab in Project when Budget Detail contains “Project Account.”
Click Save and New, or click Save and then click New, to save the current project account and start adding the next.