The profit tab of a project provides us with information regarding the profitability of the project. Note: on the Profit tab, drilling into field hyperlinks will allow you to view journal entries pertaining to those fields
Projected Column: Current budget including ICOs, CCOS,
Actual Column: Values that have been invoiced and costed to the project
Remaining Column: Amount left to be earned on an active project (projected values – earned amounts)
Earned Column: Posted amount of project revenue at the current time – these same figures will appear in your Income Statement or Profit and Loss Statement
Budgeted Column: Original cost or revenue estimate. Serves as the baseline for tracking the profitability of the project
Percent Cost Complete: may vary based on your system and project setups, and how these handle cost and revenue
Percent Labor Complete: calculated labor-only base costs
Defer Revenue Flag: when checked, project revenue is deferred upon posting of project invoices and project revenue is only recognized upon “Post Project Revenue” action
WIP Flag: when checked, project material costs are posted to the Work in Progress (WIP) GL Account upon shipping and subsequently transferred from the WIP GL to material cost of goods sold when the project’s COGS are posted
Start Date and As Of Date may be used to examine the project profit tab contents at a certain point in time
Incl. Sub-Projects checkbox: Include (or not) sub-projects in profit tab calculations
