In our recent blog we have discussed about the ‘Project Style’ selection in the contract maintenance. In this blog we are going to discuss about one more option i.e. ‘Project Type’ though the terms sounds similar they both have their specific meaning.
New Stuff: Project Job Costing – Accounting Methods
As we know that the project style defines that up to what level the project efforts will be considered for cost calculation the ‘Project Type’ defines exactly when and how this cost will be calculated for one project in a Contract.
Navigation for the setting:
You can navigate to the ‘Contract Maintenance’ screen as Project and Job Costingà PJC Transactions à Contract Maintenance.
You can find the option for setting Project Type on the contract maintenance screen while adding new Project to the contract:
Actually, Project type can be set when creating project using PJC Setup à PJC- Projects screen.
Whatever, may be the Project Type set on this master screen will be set as default while adding this project to ‘PJC Contract’. Also user can change the same for that particular contract.
As you can see in the screenshot above we can have 3 types available for ‘Project Type’. Also the project type allows only specific ‘Accounting methods’ that can be applied to calculate cost. Please find the implementation of each project type and allowed accounting methods in each case as explained below:
- Time and Material :Invoices for this type of project list all billable transactions.
- No-charge transactions appear as additional information on billing worksheets.
- User can set Completed Project, Accrual-Basis, or Billings and Costs as the accounting method for time and materials projects.
- Fixed Price :
- Invoices for this type of project show either the full price or a portion of the price of the project, depending on the accounting method you choose.
- User can select Accrual-Basis, Billings and Costs, Completed Project, or Project Percentage Complete as the accounting method.
- For fixed price projects that use the accrual-basis or billings and costs accounting method, user can set the A/R invoice type (Item or Summary), according to your needs.
- Cost Plus :
- Invoices for this type of project are based on actual project costs plus a percentage of those costs that you bill as profit.
- User can specify Completed Project, Total Cost Percentage Complete, Labour Hours Percentage Complete, Category Percentage Complete, Billings and Costs, or Accrual-Basis as the accounting method for this project type.
Notes: The project type also affects how you set the billing type for projects and categories which you are going to assign to the Contract.
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