xTuple Project Accounting

xTuple ProjectAdvanced Project Accounting and Services Management

The Project Accounting add-on package for xTuple is a solution especially designed for professional services companies, non-profit groups who need fund accounting and manufacturers or distributors with advanced project accounting requirements.

At the heart of Project Accounting 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)
    • (Requires Standard Edition or greater)

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

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 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 Project Accounting here. The Project Accounting add-on for xTuple also includes the xTuple eBook Managing Projects with xTuple (or available separately for purchase at the xChange online store).

 

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