17.5. Project Accounting

Accounting Schema

The accounting schema establishes the accounting dimensions that will be used. If you wish to follow the projects in the documents (Sales Orders, Invoices, Expense Reports) and, implicitly, in the general ledger, then these need to be included as accounting dimensions.

The dimensions included in the account element can be defined in the Accounting Schema Element from the Accounting Schema window.

If you bring any changes to the accounting schema, you need to re-login into the system if you want these changes to take effect. Details in Accounting.

Starting with version 13.07, the following accounting dimensions have been activated:

• Contract - both as a superior aggregation level for the projects and as a distinct document (it appears as field to be completed for the orders, invoices etc.);

• Phase - as a detailed level for the projects, used strictly for the Budget posting type at project level, is said project is detailed to phase level.

Generate GL Journal

At project level, you have the possibility to generate GL Journals to register the planned amounts in the general ledger. The posting type will be "Budget"!

The process can be launched by clicking on the Generate GL Journal button in the Project window. The user must enter a document type for the journal and the document action that will be applied to the document. If no action is selected, then the GL Journal will be generated in "Drafted" status which can be later modified.

The generated GL Journal will have the following properties:

• • Tenant, Organization -> taken from the project;

  • Accounting Schema -> accounting schema for the organization on the project;

  • Currency -> taken from the project;

  • Transaction Date = Account Date = Start Date = Contract Date from the project;

  • Debit Account -> account established at project level - Accounting tab: Project Asset;

  • Credit Account -> balancing account from the accounting schema - “Suspense Balancing Acct”;

  • the summary is done at Activity, Trx Organization and Phase levels:

    • the Phase level summary is done only if there is an accounting dimension in the accounting schema, which is linked to the project phases;

    • the amounts will be registered on the Activity and the Dimension determined for this case for this case.

A link to the last GL Journal generated will be kept on the project. By voiding a GL Journal generated from a project, the link to the corresponding project will also be erased.

After the process has been completed, a GL Journal will result with the following characteristics:

• • Tenant = the tenant on the project;

  • Organization = the organization on the project;

  • Accounting Schema = the main accounting schema corresponding to the organization on the project;

  • Document Type = indicated when running the process;

  • Document No = automatically generated as according to the selected document type sequence;

  • Description: Text “Project: <project code>”

  • PostingType = Buget (hard-coded);

  • GL Category = according to the selected document type;

  • Document Date = Account Date = Start Date of the project;

  • Period = according to the calendar on the determined accounting schema and document date;

  • Currency = the currency on the project:

    • if the currency of the project is different from that on the selected accounting schema, then the conversion will always use the "Spot" (hard-coded) conversion type and the amounts in the source currency will also be registered.

GL Journal Lines:

• • Debit Sums Combination = one line (record) will be created for each project line that has an activity, summarised on the Activity, Trx Organization and Phase (only if the phases have been declared as an accounting dimension). Note: Only the lines containing an Activity will be taken into account! The combination will contain the following dimensions:

    • Project Asset account;

    • Organization (Project);

    • Trx Organization (from Project or Project Phase level - depending on the project type);

    • Project

    • Phase - only if these are declared and linked to an accounting dimension such as UserElement 1,2;

    • Activity - according to the project lines, only those that contain an activity;

    • Business Partner = from the project;

  • Source Debit = the planned amount on project lines grouped by activity, trx organization and phase, in the currency on the project;

  • Accounted Debit = the planned amount on project lines grouped by activity, trx organization and phase, in the currency of the accounting schema;

  • UOM = empty;

  • Quantity = empty;

  • Credit Sums Combination =

    • Cont Dif. Sold (CNT);

    • Organization (Project)

    • Trx Organization (from Project level);

    • Project;

    • Business Partner = from the project;

  • Source Credit = The total debit lines sum in the source currency;

• Accounted Credit = The total debit lines sum in the main accounting schema currency.