I use Sage line 50 and 200 for my work. This time I will use the Project module for one of my clients on Sage 50. Im familiarwith Project Accounting on 200. On 200, when I post transaction through project accounting, the nominal account will be impacted. But Im not sure whether the it is same in 50. If I post transactions in Project through Charge function, the transaction will be recorded in the project but doesnt seem to impact the nominal ledger. Am I right or did I miss something? Can anybody help me with this please?
Hi Crina
Ive never used it at all, but have a try in the practice mode, or as Ive just said to someone else about Quickbooks - back up, test your back up, try it out, check if its where you expect it to me and restore if it isnt.
Of course - someone else migt be along who has used Projects who can provide the answer.
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Joanne
Winner of Bookkeeper of the Year 2015, 2016 & 2017
Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.
You should check out answers with reference to the legal position
I'm on the wrong computer (and nowhere near the right one) so I can't check - but IIRC the Project Manager has an option to apply charges to the project that don't affect the normal accounts - presumably, that would be the Charge function you have used.
This allows you to add further costs to a project that you don't actually pay out per se - so for example, if a company van is driven to a site and you therefore don't pay the employee mileage, you might still want to show mileage as a cost on the project because you *are* paying for fuel and other running costs of the van.
If it's something you've actually paid out, then the way to apply it to the project is via the normal input screens, such as bank payments, batch supplier invoices, etc, where you specify the project and cost code (or category - I forget the exact wording) as part of the transaction.
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Vince M Hudd - Soft Rock Software
(I only came here looking for fellow apiarists...)
I use projects on Sage 50 and it works like this -
When you raise Sales Invoices you can link it to the project, this shows as a credit on the project activity.
Purchase invoices would show as a project debit.
These would go to the nominal accounts as normal/
On the projects screen - Charges and Credits only show on the project activity nowhere else in the accounts.
The only time to check is if you do stock transfers, adjustments in & out as these can also show in the project activity meaning you would have the original purchase invoice and the stock transaction showing.
I don't use the stock option to put costs to the project as this would be too messy for our company and I don't want to waste time checking for duplications in the project activity.
All bank transactions can be linked to the project, they only go to the nominal once.
Basically the projects are just a list of transactions relating to the work, they don't touch the nominal at all.
Hope this helps
Em
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Em
MAAT, CIMA student, avoider of Tax as much as possible and going greyer by the day.
Hi guys, thanks for your replies, they are quite helpful. So, it looks like that I can't do reconciliation between project accounting and nominal ledger, as some of the postings are only recorded on project but nominals. if this is the case how do you double check whether the posting to project or nominal is correct?
It would depend on how you post your invoices - I allocate both sales and purchase invoices to projects at the time of producing them. You can post them to the projects at a later date, it wont affect the nominals.
My labour costs are entered manually as per hours worked per job. I have all costs codes and resources set up to reflect our rates.
Look at it like this - you post all your transactions as normal not allocating to a project they all go to the nominal accounts. This is how you would produce your P&L, BS, monthly reports etc
If you allocate to a project they still go to the nominal account and the costs to the project. It is not duplicating anything in the accounts.
If you use charges & credits it does not go to the nominal.
You cant post from the project to the nominal accounts.
Best thing to do, is take a back up, then play around with it until you understand what goes where, then reinstall your back up.
I would find it impossible to reconcile my projects to nominal accounts as wages for example, people are paid 40 hours, so 40 hours a week go in the nominal, but only 20 hours might be for projects. So my projects would show 20 hours labour. Also my labour rates include an overhead recovery rate, so they are different to hourly wages rates.
Have a play around and practise, that's what the practise data is there for!
Em
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Em
MAAT, CIMA student, avoider of Tax as much as possible and going greyer by the day.
there is another quetion. If I transfered the stock to a wrong project, how can I amend it. I did some test stock transaction to project in practice account, but when I want to correct them, I cant find them by going through file/maintenance/correct, nor in reverse. So, how can I amend or cancel the wrong stock transaction to a project?
