map accounting transactions |
Use this tab to map accounting transactions. If Projector is used as the job accounting system and data is fed into the organization's General Ledger or other sub-ledgers (such as Accounts Receivable and Accounts Payable), these fields (along with fields in the Add/Edit Company, Add/Edit Expense Type, and Edit Cost Center forms) are used to map transactions and balances to the proper cost centers and accounts. Transactions associated with time and expenses can be routed to different accounts if necessary, or can be mapped to the same accounts by entering the same account IDs in the proper fields. This tab is also used to split revenue amongst cost centers. |
To edit Engagement Types you need the global permission Maintain System Settings set to update.
The P&L routing section values are the default for new engagements. However, they can be overridden on a per project basis from the Project Advanced Setup Tab. If you need to analyze split revenue in our reporting engine, look for the "P&L Cost Center" row fields.
The account mapping section is disabled unless the engagement is marked billable on the general tab. Reason being, non-billable engagements do not have any revenue, adjustments, WIP, etc.
Mappings are applied when time is approved, time is transferred, cost is approved, cost is transferred, and when subcontractor invoices are created.
If you are a smaller organization structured into cost centers that own both the engagement and resource, you'll likely want to allocate 100% of the P&L to the engagement and stop there. If your resources and engagements are held in different cost centers, then choose the cost center where you calculate your profit and loss.
Larger organizations that have a complicated cost center structure with multiple teams will want to think hard about how they want to model P&L splitting. Splits allow you to accurately model any cost centers that influence delivery of billable work. It also can be used to encourage resource sharing between different divisions. Here are a few practical examples.
All percentages must add up to exactly 100.00% for each column.
Column | Description |
---|---|
Cost Center | Choose from:
|
Time Revenue | Revenue earned from time cards |
Resource Direct Cost | Due to paying resources |
Subcontractor RDC Expense | Due to paying subcontractors |
ODC Revenue | Profit earned from marked up expenses |
ODC Expense | Loss due to company born expenses |
The following table gives a short description of each account mapping. WIP stands for Work in Progress. It represents revenue you have earned and that you expect your client to reimburse you for.
Account | Description |
---|---|
Revenue G/L Account | Revenue generated by billable time |
Billing Adjustments G/L Account | Write ups/downs of time cards, revalue |
Revenue Recognition Adj. G/L Account | Revenue recognition adjustments are created when actual and projected contract revenues don't match |
Time WIP G/L Account | The value of approved time that has not yet been invoiced. |
Time WIP A/R Item/Account | Route revenue out of WIP when it is invoiced.
|
Cost WIP G/L Account | When an expense is approved, if there is a markup, then the amount of that markup |
Cost WIP A/R Item/Account | Route revenue out of WIP when it is invoiced.
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If you encounter an accounting synchronization error for one of the below account names, then it is most likely you have forgotten, or not yet had to, set up account mappings for this engagement type.
Account | Default Time Mapping |
---|---|
Revenue G/L Account | Revenue (T) |
Billing Adjustments G/L Account | Bill Adj Revenue (T) |
Revenue Recognition Adj. G/L Account | Rev Rec (T) |
Time WIP Progress G/L Account | WIP (T) |
Time WIP Progress A/R Item/Account | WIP (T) Item |
Cost WIP Progress G/L Account | WIP (C) |
Cost WIP Progress A/R Item/Account | WIP (C) Item |
To correct the mapping:
If you have multiple companies defined in your installation and you have Enterprise Configuration enabled, then you will have the option to map separate charts of accounts for each company. Tick the checkbox for each company that has its own set of mappings. Then fill in the grid.