Pre v23.01:
v23.01+:
Each Project record contains a Profit tab that displays information about Project financials allowing comparisons between Budgeted, Projected, Actual, and Earned details
- Projected – The current budget including Internal Change Orders (ICO) and Customer Change Orders (CCO) that are associated with the Project
- Actual – Values based on invoicing that has occurred and that are costed to the Project
- Earned – The posted amount and current Project Revenue
- Budgeted – The original estimated numbers for the Project when originally created, and serves as a baseline for determining the profitability for a Project
- Remaining Column (v23.01+ only): Amount left to be earned on an active Project (Projected Values – Earned Amounts)
- Percent Cost Complete – The amount calculated based on the setup of the system and the Project pertaining to Cost and Revenue
- Percent Labor Complete – Calculated Costs for Labor (labour) only
- Deferred Revenue Flag – When checked, Project Revenue is deferred upon posting of Project Invoices, and Project Revenue is recognized on “Post Project Revenue” action
- WIP – When checked, Project Material Costs are posted from Inventory to the Work in Progress (WIP GL) account upon shipping the Material, and subsequently transferred from the WIP GL to Material Cost of Goods Sold (COGS) when the Project’s COGS are posted
Tip: View demonstrations of a) how to leverage the Project > Profit and associated “Project WIP” and “Project Revenue / Cost Forecast” reports, b) how an Internal Change Order (ICO) and Customer Change Order (CCO) affects Project > Profit:
