Project Module

Lead Accounting Plus has a project module which can help you track the expenses and profit linked to a particular project, for example building a house for a villa project. It is very simple to do as all you have to do is to create the particular project in Miscellaneous>Projects>New>Give the name of the project along with an identifying name for example House 1 of Villa Project. Then you can provide the Start Date and Projected Date of completion. The location of the project will be the same as the location which is currently selected. You can also provide any details in the description field. Then click save to save the project.

Finally you can also link the project to a customer if they are already known at the start of the project. Close the project window and make a control account with the name of the Particular project+Credit Sales. Then edit the new account we made by accounts>Select the account>Edit and then tick the control account option and Save.

Then go back to the project window and edit the project we made before. Click on the customer field and click on New customer or vendor option. Then click on the new button. Type the name of the customer and select the sub account as the control account we made previously. Click Save.

Then click the billing address and taxation button on the customers or vendors window. You can provide the details of the customer here. Then click Save.

Then close the Customers or Vendors window and you will go back to the select customers or vendors window. Now select the customer which you created here which is under the control account you made earlier and click the Save.

Next you can select the accounts that will be related to the project such as the expenses that will be incurred on behalf of the project like salaries, labour, travel expenses etc, purchase, sales, the customer account etc.

Miscellaneous>Projects>Select project accounts which will be at the bottom of the Projects Window and also next to Delete, Properties buttons.

After adding the accounts click the OK button.

Then what you have to do is after purchasing the materials etc that are needed for the project make an inventory outward as the materials get used up for that project or you can do the inventory outward at the end to enter all the materials that were used up for the project together. Then Click the General Tab to the right side of the inventory outward document. It is a green button on the right side. There you can find a field called Project, click it and select the particular project for which the inventory outward was made. Now you have linked the usage of the materials related to that particular project to the project. By doing this we can see these expenses which were incurred from the materials used for the project in the project report.

Likewise whenever a payment that is related to the project is made which includes the accounts that were previously linked to the project, you have to remember to link the payment document to the particular project as well. You can do it in the bottom part of the payment where there will be a field to select the project.

After selecting the project for all the payments related to the project save the payment documents.

You can make these inventory outward, payment entries one by one or together at the end, just make sure to not miss any expenses.

In Sales documents you do not have to link the project to it. You only have to link the project in receipt, payment, inventory outward and in some cases purchase if it is for purchase of things that are not to be included in the main material expenses of the project. Only link purchase documents to the project if items that are not to be included in the main material expense are purchased.

Now after the house/project has been completed the next part is to make a Sale document to the customer who we have selected/linked to the project beforehand. You need to record it as a credit sale. Create a new sales document and select the control account in the account field where there is cash by default. The control account is the project credit sales account which is mentioned in the beginning of the module which was created and made a control account by editing it. After selecting the control account in the account field of the sales document select the customer in the customer field towards the right of the sales document. Then select the house/item which was created as a result of the project.

If the item has not been created yet you can easily create it by clicking Items in the top left part of the Lead Application >Items> New and provide the name of the item/house or building and the GST rates, the Retail Price etc.

After selecting the item in the sales document you can now save the sales document.

Now open the receipt document and select the customer from whom we are receiving the money in the payor field. Then type the amount received and then link the receipt document to the project account just like how payment documents are linked to the project.

Now if all the transactions related to the project have been accounted for you can now mark the project as completed by Giving the date of completion in Miscellaneous> Projects>Edit the project and provide the date finished.

Now you can view a report on the project by going to Reports>Projects>Select the right project and click the report button.

Here you will see a detailed view of the whole project including all the expenses, cost of materials used and cash received through sale of the item made through the project. Select the period in which the project was done and click the refresh button.

You can see the total expenses in the bottom part of the window. Cash received from the customer in the bottom right corner. You can also view the transactions linked to the customer by clicking the view button right below. You can view the project expenses and material expenses of the project separately as well. The other materials that are not to be included in main material expenses will be shown in the project cost or expenses field under the name of Purchases if any.