|
The system allows
for project accounting to meet your needs. If you choose to implement
project accounting, you can perform two types, either “When Billed” or “When
Performed” project accounting. The “When Billed” will create entries to the
General Ledger debiting the work in progress (WIP) account and crediting a
WIP offset account using either cost or revenue amounts. |
When those entries
that have been WIP’d are billed the entries will be reversed. The “When
Performed” project accounting will create entries to the General Ledger
debiting the Unbilled Accounts Receivable account and crediting the Revenue
account. When the invoice is actually generated the true Accounts Receivable
account will be debited, and the unbilled Accounts Receivable is credited. |
