Each Project record contains a Profit tab that displays information about Project financials allowing comparisons between Budgeted, Projected, Actual, and Earned details.
Note: drilling into hyperlinks will provide you with journal entries that pertain to that field.
- Projected – The current budget including Internal Change Orders (ICO) and Customer Change Orders (CCO) that are associated with the Project
- Actual – Values based on invoicing that has occurred and that are costed to the Project
- Earned – The posted amount and current Project Revenue
- Budgeted – The original estimated numbers for the Project when created, and serves as a baseline for determining the profitability for a Project
- Remaining Column: Amount left to be earned on an active Project (Projected Values – Earned Amounts)
- Percent Cost Complete – may vary based on your system and Project setups, and how these handle Cost and Revenue
- Percent Labor Complete – Calculated base Costs for Labor (labour) only
- Deferred Revenue Flag – When checked, Project Revenue is deferred upon posting of Project Invoices, and only recognized on “Post Project Revenue” action
- WIP – When checked, Project Material Costs are posted from Inventory to the Work in Progress (WIP) GL account upon shipping the Material, and subsequently transferred from the WIP GL to Material Cost of Goods Sold (COGS) when the Project’s COGS are posted
- Retention Percent: set during Project creation stages. Must be set prior to first Invoicing. Note: any billed Retention will display in the Actual column Retention field.
- Start Date: allows User to view the Profit tab with different Project Start dates. Note: use the grid Refresh button to apply selection, NOT the form refresh icon.
- As of Date: select a specific date to view what the Project Profit tab looked like on that date. Note: use the grid Refresh button to apply selection, NOT the form refresh icon.
- Incl. Sub-Projects Checkbox: when checked, sub-projects will be included in form calculations
Tip: View demonstrations of a) how to leverage the Project > Profit and associated “Project WIP” and “Project Revenue / Cost Forecast” reports, b) how an Internal Change Order (ICO) and Customer Change Order (CCO) affects Project > Profit:
