{"id":9236,"date":"2014-11-05T06:04:29","date_gmt":"2014-11-05T06:04:29","guid":{"rendered":"http:\/\/www.greytrix.com\/blogs\/sageaccpacerp\/?p=9236"},"modified":"2014-11-05T06:04:29","modified_gmt":"2014-11-05T06:04:29","slug":"default-accounting-methods-of-pjc","status":"publish","type":"post","link":"https:\/\/www.greytrix.com\/blogs\/sageaccpacerp\/2014\/11\/05\/default-accounting-methods-of-pjc\/","title":{"rendered":"Default accounting methods of PJC"},"content":{"rendered":"

In our previous blog post, we discussed about the setup option in PJC module. In this post, we will discuss in detail about each Accounting Method available in PJC Module Stage for which revenue will be recognized.
\nThe New Stuff :<\/span><\/strong><\/em> Allow edit of System generated batches<\/a>
\nIn PJC Module, there are a total of seven types of accounting methods available. User can select any Accounting Method by selecting \u201cDefault accounting method\u201d. It will be default for all new contracts or projects.
\nThe default accounting methods are as follows:
\n\u2022 Completed Project,
\n\u2022 Total Cost Percentage Complete,
\n\u2022 Labor Hours Percentage Complete,
\n\u2022 Billings and Costs,
\n\u2022 Project Percentage Complete,
\n\u2022 Category Percentage Complete and
\n\u2022 Accrual-Basis.
\nTo select the default accounting methods for all new contracts or projects please follow the path:
\nProject and Job Costing–>PJC Setup–> Options–>Select the Default Accounting Method.
\nPlease refer below screenshot for reference.
\n\"PJC1\"<\/a>
\nEach accounting method will recognize revenue differently. Let\u2019s see the accounting methods in brief:
\n\u2022 Complete Project :<\/strong>
\nIf user selects this method, then system will recognize the revenue upon completion of the project.
\nThis method is basically used when costs are difficult to estimate or there are many ongoing small jobs and project is of short duration.
\n\u2022 Total Cost Percentage Complete :<\/strong>
\nOn selecting this method, PJC will use the percentage between total cost incurred and total estimated cost of the project to calculate the revenue automatically.
\n\u2022 Labor Hours Percentage Complete :<\/strong>
\nIf User selects this method, then revenue will be calculated on the ratio of Total labor hours invested and estimated total labor hours.
\n\u2022 Billing and Cost :<\/strong>
\nIf selected, then revenue will be calculated throughout the project on the basis of amount Billed and actual cost incurred on the project to date.
\nThis method is favored by those who want to recognize the largest possible proportion of project revenues in the early stages of project, since most of the direct material costs are incurred at the beginning of project.
\n\u2022 Project Percentage Complete :<\/strong>
\nIf selected, then the revenue will be calculated throughout the project on the ratio of actual cost incurred to estimated cost of the project.
\nThis method is used when it is reasonably possible to estimate the stages of project completion on an ongoing basis, or at least to estimate the remaining costs to complete the project.
\n\u2022 Category percentage complete :<\/strong>
\nOn selection of this method, revenue will be calculated automatically on the basis of ratio of actual cost invested for project category to estimated cost for the project category.
\n\u2022 Accrual-Basis :<\/strong>
\nWith this accounting method, the program posts transactions directly to the revenue and cost of sales accounts. This method, also referred to as the Modified Cash Basis, combines elements of both accrual and cash basis accounting.
\nThis method also records income when it is earned but deducts expenses when they are paid out. The recording of income is then on accrual basis, while the recording of expenses is on cash basis.
\nAlso Read:<\/strong>
\n1. Sage 300 ERP Project and Job Costing Settings<\/a>
\n2. Different Costing methods in Sage 300 ERP<\/a>
\n3. Create Jobs related Sales Orders in Sage 300 ERP<\/a>
\n4. Creating Jobs related Purchase Orders in Sage 300 ERP<\/a>
\n5. Check out your Employee timesheet and Expenses with Sage 300 PJC<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

In our previous blog post, we discussed about the setup option in PJC module. In this post, we will discuss in detail about each Accounting Method available in PJC Module Stage for which revenue will be recognized. The New Stuff : Allow edit of System generated batches In PJC Module, there are a total of\u2026 Read More »<\/a><\/span><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5,2],"tags":[1443,1810,1930,2060,2357,2379,2451,2656],"class_list":["post-9236","post","type-post","status-publish","format-standard","hentry","category-accpac-sdk","category-sage-accpac","tag-jobs","tag-options","tag-pjc","tag-project-job-costing","tag-sage-300-erp","tag-sage-300-erp-project-and-job-costing-settings","tag-sage-accpac-erp","tag-setting"],"yoast_head":"\nDefault accounting methods of PJC - Sage 300 ERP \u2013 Tips, Tricks and Components<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.greytrix.com\/blogs\/sageaccpacerp\/2014\/11\/05\/default-accounting-methods-of-pjc\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Default accounting methods of PJC - Sage 300 ERP \u2013 Tips, Tricks and Components\" \/>\n<meta property=\"og:description\" content=\"In our previous blog post, we discussed about the setup option in PJC module. In this post, we will discuss in detail about each Accounting Method available in PJC Module Stage for which revenue will be recognized. The New Stuff : Allow edit of System generated batches In PJC Module, there are a total of\u2026 Read More »\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.greytrix.com\/blogs\/sageaccpacerp\/2014\/11\/05\/default-accounting-methods-of-pjc\/\" \/>\n<meta property=\"og:site_name\" content=\"Sage 300 ERP \u2013 Tips, Tricks and Components\" \/>\n<meta property=\"article:published_time\" content=\"2014-11-05T06:04:29+00:00\" \/>\n<meta property=\"og:image\" content=\"http:\/\/www.greytrix.com\/blogs\/sageaccpacerp\/wp-content\/uploads\/2014\/11\/PJC1.jpg\" \/>\n<meta name=\"author\" content=\"sage300\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"sage300\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.greytrix.com\/blogs\/sageaccpacerp\/2014\/11\/05\/default-accounting-methods-of-pjc\/\",\"url\":\"https:\/\/www.greytrix.com\/blogs\/sageaccpacerp\/2014\/11\/05\/default-accounting-methods-of-pjc\/\",\"name\":\"Default accounting methods of PJC - Sage 300 ERP \u2013 Tips, Tricks and Components\",\"isPartOf\":{\"@id\":\"https:\/\/www.greytrix.com\/blogs\/sageaccpacerp\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.greytrix.com\/blogs\/sageaccpacerp\/2014\/11\/05\/default-accounting-methods-of-pjc\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.greytrix.com\/blogs\/sageaccpacerp\/2014\/11\/05\/default-accounting-methods-of-pjc\/#primaryimage\"},\"thumbnailUrl\":\"http:\/\/www.greytrix.com\/blogs\/sageaccpacerp\/wp-content\/uploads\/2014\/11\/PJC1.jpg\",\"datePublished\":\"2014-11-05T06:04:29+00:00\",\"author\":{\"@id\":\"https:\/\/www.greytrix.com\/blogs\/sageaccpacerp\/#\/schema\/person\/1aced4e22c30ccf606960de27c9542f5\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.greytrix.com\/blogs\/sageaccpacerp\/2014\/11\/05\/default-accounting-methods-of-pjc\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.greytrix.com\/blogs\/sageaccpacerp\/2014\/11\/05\/default-accounting-methods-of-pjc\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.greytrix.com\/blogs\/sageaccpacerp\/2014\/11\/05\/default-accounting-methods-of-pjc\/#primaryimage\",\"url\":\"http:\/\/www.greytrix.com\/blogs\/sageaccpacerp\/wp-content\/uploads\/2014\/11\/PJC1.jpg\",\"contentUrl\":\"http:\/\/www.greytrix.com\/blogs\/sageaccpacerp\/wp-content\/uploads\/2014\/11\/PJC1.jpg\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.greytrix.com\/blogs\/sageaccpacerp\/2014\/11\/05\/default-accounting-methods-of-pjc\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.greytrix.com\/blogs\/sageaccpacerp\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Default accounting methods of PJC\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.greytrix.com\/blogs\/sageaccpacerp\/#website\",\"url\":\"https:\/\/www.greytrix.com\/blogs\/sageaccpacerp\/\",\"name\":\"Sage 300 ERP \u2013 Tips, Tricks and Components\",\"description\":\"Explore the world of Sage 300 with our insightful blogs, expert tips, and the latest updates. We\u2019ll empower you to leverage Sage 300 to its fullest potential. As your one-stop partner, Greytrix delivers exceptional solutions and integrations for Sage 300. Our blogs extend our support to businesses, covering the latest insights and trends. Dive in and transform your Sage 300 experience with us! \",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.greytrix.com\/blogs\/sageaccpacerp\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.greytrix.com\/blogs\/sageaccpacerp\/#\/schema\/person\/1aced4e22c30ccf606960de27c9542f5\",\"name\":\"sage300\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.greytrix.com\/blogs\/sageaccpacerp\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/c3b4325cb326e36467f945b9b9adf2bb85e907fe092d42eb36b39743b492e626?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/c3b4325cb326e36467f945b9b9adf2bb85e907fe092d42eb36b39743b492e626?s=96&d=mm&r=g\",\"caption\":\"sage300\"},\"url\":\"https:\/\/www.greytrix.com\/blogs\/sageaccpacerp\/author\/sageaccpac\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Default accounting methods of PJC - Sage 300 ERP \u2013 Tips, Tricks and Components","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.greytrix.com\/blogs\/sageaccpacerp\/2014\/11\/05\/default-accounting-methods-of-pjc\/","og_locale":"en_US","og_type":"article","og_title":"Default accounting methods of PJC - Sage 300 ERP \u2013 Tips, Tricks and Components","og_description":"In our previous blog post, we discussed about the setup option in PJC module. In this post, we will discuss in detail about each Accounting Method available in PJC Module Stage for which revenue will be recognized. The New Stuff : Allow edit of System generated batches In PJC Module, there are a total of\u2026 Read More »","og_url":"https:\/\/www.greytrix.com\/blogs\/sageaccpacerp\/2014\/11\/05\/default-accounting-methods-of-pjc\/","og_site_name":"Sage 300 ERP \u2013 Tips, Tricks and Components","article_published_time":"2014-11-05T06:04:29+00:00","og_image":[{"url":"http:\/\/www.greytrix.com\/blogs\/sageaccpacerp\/wp-content\/uploads\/2014\/11\/PJC1.jpg","type":"","width":"","height":""}],"author":"sage300","twitter_card":"summary_large_image","twitter_misc":{"Written by":"sage300","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.greytrix.com\/blogs\/sageaccpacerp\/2014\/11\/05\/default-accounting-methods-of-pjc\/","url":"https:\/\/www.greytrix.com\/blogs\/sageaccpacerp\/2014\/11\/05\/default-accounting-methods-of-pjc\/","name":"Default accounting methods of PJC - Sage 300 ERP \u2013 Tips, Tricks and Components","isPartOf":{"@id":"https:\/\/www.greytrix.com\/blogs\/sageaccpacerp\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.greytrix.com\/blogs\/sageaccpacerp\/2014\/11\/05\/default-accounting-methods-of-pjc\/#primaryimage"},"image":{"@id":"https:\/\/www.greytrix.com\/blogs\/sageaccpacerp\/2014\/11\/05\/default-accounting-methods-of-pjc\/#primaryimage"},"thumbnailUrl":"http:\/\/www.greytrix.com\/blogs\/sageaccpacerp\/wp-content\/uploads\/2014\/11\/PJC1.jpg","datePublished":"2014-11-05T06:04:29+00:00","author":{"@id":"https:\/\/www.greytrix.com\/blogs\/sageaccpacerp\/#\/schema\/person\/1aced4e22c30ccf606960de27c9542f5"},"breadcrumb":{"@id":"https:\/\/www.greytrix.com\/blogs\/sageaccpacerp\/2014\/11\/05\/default-accounting-methods-of-pjc\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.greytrix.com\/blogs\/sageaccpacerp\/2014\/11\/05\/default-accounting-methods-of-pjc\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.greytrix.com\/blogs\/sageaccpacerp\/2014\/11\/05\/default-accounting-methods-of-pjc\/#primaryimage","url":"http:\/\/www.greytrix.com\/blogs\/sageaccpacerp\/wp-content\/uploads\/2014\/11\/PJC1.jpg","contentUrl":"http:\/\/www.greytrix.com\/blogs\/sageaccpacerp\/wp-content\/uploads\/2014\/11\/PJC1.jpg"},{"@type":"BreadcrumbList","@id":"https:\/\/www.greytrix.com\/blogs\/sageaccpacerp\/2014\/11\/05\/default-accounting-methods-of-pjc\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.greytrix.com\/blogs\/sageaccpacerp\/"},{"@type":"ListItem","position":2,"name":"Default accounting methods of PJC"}]},{"@type":"WebSite","@id":"https:\/\/www.greytrix.com\/blogs\/sageaccpacerp\/#website","url":"https:\/\/www.greytrix.com\/blogs\/sageaccpacerp\/","name":"Sage 300 ERP \u2013 Tips, Tricks and Components","description":"Explore the world of Sage 300 with our insightful blogs, expert tips, and the latest updates. We\u2019ll empower you to leverage Sage 300 to its fullest potential. As your one-stop partner, Greytrix delivers exceptional solutions and integrations for Sage 300. Our blogs extend our support to businesses, covering the latest insights and trends. Dive in and transform your Sage 300 experience with us! ","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.greytrix.com\/blogs\/sageaccpacerp\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.greytrix.com\/blogs\/sageaccpacerp\/#\/schema\/person\/1aced4e22c30ccf606960de27c9542f5","name":"sage300","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.greytrix.com\/blogs\/sageaccpacerp\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/c3b4325cb326e36467f945b9b9adf2bb85e907fe092d42eb36b39743b492e626?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/c3b4325cb326e36467f945b9b9adf2bb85e907fe092d42eb36b39743b492e626?s=96&d=mm&r=g","caption":"sage300"},"url":"https:\/\/www.greytrix.com\/blogs\/sageaccpacerp\/author\/sageaccpac\/"}]}},"_links":{"self":[{"href":"https:\/\/www.greytrix.com\/blogs\/sageaccpacerp\/wp-json\/wp\/v2\/posts\/9236","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.greytrix.com\/blogs\/sageaccpacerp\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.greytrix.com\/blogs\/sageaccpacerp\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.greytrix.com\/blogs\/sageaccpacerp\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.greytrix.com\/blogs\/sageaccpacerp\/wp-json\/wp\/v2\/comments?post=9236"}],"version-history":[{"count":0,"href":"https:\/\/www.greytrix.com\/blogs\/sageaccpacerp\/wp-json\/wp\/v2\/posts\/9236\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.greytrix.com\/blogs\/sageaccpacerp\/wp-json\/wp\/v2\/media?parent=9236"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.greytrix.com\/blogs\/sageaccpacerp\/wp-json\/wp\/v2\/categories?post=9236"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.greytrix.com\/blogs\/sageaccpacerp\/wp-json\/wp\/v2\/tags?post=9236"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}