Note : Available only as Add on (see item 14) module to the basic plan, please subscribe from our website
Introduction to Realtimme Cloud Accounting with project module
If your business or transaction is project based, example builds house,construction, provides interior design, software and IT related functions,event management etc, you want to track the profitability of each project or job.
Your revenue, payment and expenditure that is directly traceable and identifiable to each or shared by more than one projects. Costs allocation of common cost to projects.
In Realtimme Cloud system, you can create a project entity (11 characters field, both alphabet and numeric enabled), allowing you to record every cost or revenue related to your project.
Project Accounting provides places to enter information about the customer, the job’s start and end dates, and the transactions related to the job.
: Project Accounting See Project by Events
To prepare the system, below is a brief introduction to the project function in the Realtimme Cloud system.
Step 1/3: At Accounts Setup, click on Chart of Accounts. If your project involves materials(stocks) to be used in the project (Example construction, interior design, electrical installation)
you will need a material cost account (Pre-set as M-P0099-1) as part of your cost of goods used.
Why do you need material cost accounts (Cost of sales)?
When goods or materials are purchased, they are stored in a warehouse or store first. When physical materials are transferred to the project site, the material cost must also be charged to the project.
when stocks are drawn out to the site, user will assign the cost to the project and will appear as material cost in each project's profit and Loss using Stock journal module.
For business that keeps inventory (stocks) ,
At Company profile, click on the tab [Account Settings]. The Material cost A/c code is pre-set to M-P099-1. Do not change the accounts code.
Step 2/3 : At [Account Setup] , click [Project master] icon, Fig 1 will appear
Step 3/3: Assign a project code to each project/job and any other relevant information and continue with several project codes.
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To add a new project (Job) information [1] Provide a project code and enter the project code [2] Enter the project name that best describe this project [3] Enter further description of the project [4] Enter the project manager (employee) id [5] Enter the customer id that this project belongs to and the contact person in the customer company [6] Enter the commencement and completion date (estimate) [7] Enter the percentage of completion when available [8] Enter the estimates of the revenue, purchases and cost [9] Once complete, click [Save]
Notes: [a] Inactive |
Next, learn how to charge the revenue to each project
Related Topics |
Sales Revenue charged to project accounts |
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Purchase Journal - Cost charged (split) to multiple projects |
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GL payment - Cost or purchases charged to multiple projects |
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GL Journal - Common cost or expenses charged to multiple projects |
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Stock Journal - To transfer material to job site and assign cost to the project |
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Project Profit and Loss Print project reports |
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Watch all videos: |
https://api.realtimme.io/html/index.html?Project_Master.htm
