xTuple Project

Advanced Project Accounting and Services Management

The Project Edition of xTuple is an excellent solution for professional services companies, non-profit groups who need fund accounting, as well as manufacturers or distributors with advanced project accounting requirements. It contains everything in the open source PostBooks Edition and the commercially licensed Standard Edition, plus project accounting and fully integrated time and expense tracking.

At the heart of the Project Accounting functionality is the concept of the "virtual" General Ledger (G/L) Account. With Project Accounting, virtual G/L Accounts are built dynamically or "on-the-fly" using a combination of existing G/L Account Numbers and the linked Project Name.

Transactions flowing from Project-related Sales Orders, Purchase Orders, and Work Orders are
generally supported by Project Accounting, including:

Simple/Series Journal Entry

  • Manual adjustments by Project to any G/L Account

Sales Order

  • Issue to Shipping (Credit Shipping Asset)
  • Return Stock (Debit Shipping Asset)
  • Shipment (Debit Shipping Asset / Credit Cost of Sales)
  • Recall Shipment (Debit Cost of Sales / Credit Shipping Asset)

Invoice

  • Post Invoice (Credit Revenue, Credit Freight Revenue)

Return Authorization

  • Post Receipt (Debit Cost of Returns or Cost of Warranty)

Credit Memo (A/R)

  • Post (Debit Revenue / Debit Cost of Sales where applicable)

Purchase Order Item

  • Post Receipt (Debit or Credit Purchase Variance)
  • Post Receipt (Debit Expense, where applicable)
  • Post Receipt (Debit Freight Expense)
  • Correct Receipt (Debit or Credit Expense, where applicable)
  • Post P/O Return (Credit Expense, where applicable)

Voucher

  • Post Voucher (Debit or Credit Purchase Variance)
  • Post T&E Expense Voucher (Debit Reference Item Account)

Work Order

  • Issue Material (Debit WIP)
  • Post Operations (Credit Labor and Overhead / Debit WIP)
  • Post Production (Credit WIP, Debit Cost Element Expense, if applicable)
  • Return Material (Credit WIP)
  • Correct Post Operations (Debit Labor and Overhead / Credit WIP)
  • Correct Post Production (Debit WIP)
  • Scrap Material (Credit WIP / Debit Scrap Account)
  • Close Work Order (Credit WIP)

Time & Expense

  • Post Time (Debit Reference Item Account)
  • Post Expense Voucher (Debit Reference Item Account)

Inventory Expense

  • Expense Item Quantity (Debit Project-related Expense Account)

 

The end goal of Project Accounting is to generate and view Financial Reports by Project, including Income Statement, Profit and Loss, Balance Sheet, Trial Balances, and Budgets.

Read more about xTuple Time & Expense tracking, and Project Accounting here.  The Project Edition of xTuple also includes the xTuple eBook Managing Projects with xTuple (available separately for purchase at the xChange online store).