Creating a Project
To set up a new project:
- Go to the Projects tab.
- Click the New Project button.
Associating Transactions with Projects
Once you have created a project, you can associate your financial transactions with it:
- When recording income or expense transactions, select the appropriate project from the drop-down menu provided.
- Purchase orders can also be linked to projects. However, note that these expenses will not be accounted as actual costs until invoiced.
Understanding the Projects Tab Columns
The Projects tab provides financial tracking through these columns:
Name
The title or name assigned to your project.
Income
Represents total income allocated to the selected project.
Expenses
Displays the accumulated expenses assigned to the project.
Profit
Shows net profit, calculated as Income minus Expenses. You can click on the displayed profit figure to access a detailed Profit and Loss statement specifically for that project.
Purchase Orders
Reflects expenses associated with purchase orders that have not yet been invoiced. Click on the displayed figure to view all related uninvoiced purchase orders for the project.
Revised Profit
Adjusts the project's net profit figure by accounting for any potential expenses from uninvoiced purchase orders. It provides a more accurate reflection of the project's financial health.
Example: If your profit shows as $10,000, but there are $2,000 worth of uninvoiced purchase orders, the Revised Profit will be $8,000.
By effectively using the Projects tab in Accounter, you gain clear visibility into each project's financial status, enabling informed decision-making and improved management control.