Accounting Tab of the Projects Form
Use the Accounting tab to enter a variety of accounting information for the project, including billing client information, revenue calculation methods, and cost calculation methods.
Contents
Field | Description |
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Charge Type | On the New Projects form, when you create a new project, select a charge type, and save the project, the charge type displays in this
Charge Type field. You cannot change the charge type after you save a project. If you save a project with the wrong charge type, delete the project and add it again.
Charge types are:
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Approved for Use in Processing | Select this option if the WBS element is approved for use when processing accounting transactions.
To set this option, you must be designated as an Accounting user through your security role. It is not available to any other users.
Vantagepoint sets this option by default when an Accounting user does the following:
Accounting users can select this option at any time. However, you can clear this option only if the WBS element has not been used in any accounting transactions. |
Billing Client |
This field displays when you select Regular in the Charge Type field on this tab for a project. Overhead and promotional projects cannot have a billing client. Select the firm that is the client to be billed for the project. You can select only firms that are marked as clients in the Firms hub (the Firm Type option is set to Client on the Summary pane in the Firms hub). You can also enter the billing client for a project in the Billing Client field on the Summary pane in Billing Terms in the Projects hub. When you enter or change the billing client in either location, the Billing Client field is automatically updated in the other location. When you enter or change the billing client for any level of a project's work breakdown structure (such as the project, phase, or task level), the entry is updated at all levels of the project WBS. The billing client and the primary client entered on the Overview tab in the Projects hub can be different. When you specify a billing client, Vantagepoint does the following, if it has not already done so:
The billing client that you specify in this field prefills as the billing client for a project's invoices in an invoice transaction entry file when you do the following:
You can change the billing client for an invoice in an invoice transaction file in Invoice Transaction Entry before you post the file. The billing client that is entered for an invoice in the invoice transaction entry file when you post the file is associated with the posted invoice and any subsequent invoice adjustments, including voided invoices and credit memos. The billing client that you specify in the Billing Client field also prefills as the billing client for the following:
Changing a Project's Billing Client When the billing client changes over the life of a project, you can change the billing client in the Billing Client field for the project. This allows you to track accounts receivable information by billing client for a project. However, you can have only one billing client specified for a project at a time. The new billing client applies only for new invoices going forward, not for existing accepted or posted invoices, voided invoices, or credit memos, or for existing intercompany billing files and imported invoice and project invoice files. When you change a project's billing client, the AR comments made to previously posted invoices stay associated with the billing client that the invoices were originally posted with. Situations in Which You Cannot Change the Billing Client When the following occur, you cannot change the billing client in the Billing Client field. The field is read-only.
For more information about changing a project's billing client, see Changing a Project's Billing Client. |
Address Description | Select the client address that you want to use as the billing address. This address displays on invoices. (You can also specify the billing address on the Invoices form in the Projects hub.)
When you are in Edit mode, the actual address does not display in this field, only the description of the address from the Firms hub. When you are not in Edit mode, the full address displays along with the billing client name. |
Contact | Select the billing contact for the project. This contact must be associated with the billing client. (You can also enter or change the billing contact on the Invoices form or on the Billing Terms form.)
When you specify a billing contact, Vantagepoint does the following:
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Revenue Method | Use this drop-down list to select a revenue method for the project, phase, or task. The revenue method that you select determines how
Vantagepoint recognizes revenue for the project as it accrues.
Vantagepoint provides standard revenue methods if the revenue generation feature is enabled. If a project contains phases or tasks, you specify the revenue method at the phase or task level, unless the Overall Revenue field on this tab is set to Calculation. If that is the case, you can also specify a revenue method at the project level. |
Multiplier or Amount | Enter the multiplier or amount by which to increase or decrease revenue for the project, phase, or task. Revenue method calculations that contain a multiplier or an amount use this field.
For example, if you select Revenue Method M, (Job-to-date Direct Labor x Multiplier) + Job-to-date Reimbursable Expenses @ Cost Rates, and you want the multiplier to be two and one half times labor, enter 2.50 in this field. |
Revenue Methods | Revenue methods are formulas used for calculating revenue when you run Revenue Generation. After you consider a project's contract type and other factors, you assign a revenue method to each revenue category that will accurately recognize each category's revenue. You establish revenue methods in
Each category’s revenue method calculates JTD revenue independently of other categories when Revenue Generation is run. If a project contains phases or tasks, you specify the revenue method for each category at the phase or task level, not at the project level. |
and in
.
Labor | Select the revenue method for labor. This drop-down list lists all revenue methods defined for labor. |
Consultant | Select the revenue method for consultants. |
Expense | Select the revenue method for reimbursable expenses. |
Revenue Method 4 | Select the revenue method for units. |
Revenue Method 5 | Select the revenue method for "other" revenue. |
Enable Overall Revenue Limit | Select this check box to enable the overall revenue upset limit feature for this project. When you select this option,
Vantagepoint enables the
Include in Limit fields.
If you select this check box at the phase or task level, then Vantagepoint defaults to the Upset Limits option. You cannot modify this selection. If you select this check box at the project level and Enable Additional Revenue Calculations at Project and Group Levels is selected in , you can select a method for overall revenue in the Basis field. |
Basis | If this field is available, select one of the following methods for overall revenue:
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To Adjust | These fields are required if you select Enable Overall Revenue Limit. These fields calculate overall revenue for all subprojects that are part of a revenue group for the specified revenue method. If there are differences within the calculations, Vantagepoint posts based on the entries in the Phase, Task, or Category fields within the To Adjust group box. |
Phase to Adjust | Select the phase that you want to use as the adjustment phase for this project.
The adjustment phase is the phase to which Vantagepoint posts the negative revenue amount needed to keep the project's total revenue within the upset limit. You should define a separate phase solely for this purpose. The revenue method for this phase should be N (no revenue recognition). |
Task to Adjust | This field is required if the
Phase to Adjust
has tasks.
Select the task that you want to use as the adjustment task for this project. The adjustment task is the task to which Vantagepoint posts the negative revenue amount needed to keep the project's total revenue within the upset limit. |
Category to Adjust | This field displays if you use revenue categories. Select a revenue category to be used to determine the unbilled revenue and unbilled services accounts that are used for the adjustment when the revenue limit is reached. |
Include in Limit | If you set Basis to Upset Limits, indicate what sources of revenue you want to include when Vantagepoint calculates revenue. If the calculated revenue is higher than the compensation, the difference posts to the adjustment phase and task. |
Compensation | Select this option to include compensation in the revenue upset limit calculation. |
Direct Consultant | Select this option to include direct consultant fees in the revenue upset limit calculation. |
Reimbursable Allowance | Select this option to include the reimbursable allowance in the revenue upset limit calculation. |
Budgeted Overhead Rate | Enter the budgeted overhead rate for the project, phase, or task. You should only enter a budgeted overhead rate for projects with the Regular charge type.
If you use the assignment method for overhead allocation, Vantagepoint uses the budgeted overhead rate for both budgeting and allocation purposes. For all other overhead allocation methods, Vantagepoint uses the budgeted overhead rate to calculate the overhead amount only for the project budget. If a project WBS contains phases or tasks, you specify the budgeted overhead rate at the phase or task level, not at the project level. Use this field to override your company's standard overhead rate, which you define in . |
Payroll Tax Locale | Select the state for the payroll tax.
Vantagepoint uses this tax locale during payroll processing to calculate withholding taxes for an employee if you selected the
Follow Project Locale method for an employee (in the
Locale Method field on the Payroll tab in the Employees hub).
When the Follow Project Locale method is selected for an employee, Vantagepoint uses the following hierarchy to determine the tax locale to use to calculate withholdings for the employee when payroll is processed:
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Field | Description |
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Cost Method | Select the cost calculation method you want to use for a project, phase, or task. You can specify different cost methods for some WBS elements than you do for others.
This field displays if the Enable Cost Rate Tables option is selected in . Use the cost rate tables to override the cost rate information entered in the Employees hub. The settings for this option are as follows:
Cost Method Hierarchy You can also specify cost rate methods and tables on the Accounting tab of the Employees hub. When you post employee labor charges to a project, Vantagepoint looks first at the project record and then at the employee record to determine how to apply cost rates. Vantagepoint uses the first setting it finds, based on the following hierarchy:
If you track multiple companies in Vantagepoint, and cost rates are not enabled for the active company, the Cost Method and Cost Table fields do not display on the Accounting tab of the Projects form. |
Cost Table | If you selected a cost method that uses rate tables, select the rate table for the WBS element. The drop-down list displays the rate tables that are appropriate for the cost method you selected.
This field displays if the Enable Cost Rate Tables option is selected in . Use the cost rate tables to override the cost rate information entered in the Employees hub. If you track multiple companies and cost rates are not enabled for the active company, the Cost Method and Cost Table fields do not display on the Accounting tab of the Projects form. |
Pay Method | Select the pay rate method that you want to use for a project, phase, or task. You can specify different pay methods for some WBS elements than you do for others.
This field displays if the Payroll module is activated and the Enable Pay Rate Tables option is selected in . Use the pay rate tables to override the pay rate information entered in the Employees hub. The settings for this option are as follows:
Pay Method Hierarchy You can also specify pay rate methods and tables on the Payroll tab of the Employees hub. When you post employee labor charges to a project, Vantagepoint looks first at the project record and then at the employee record (if necessary) to determine how to apply pay rates. Vantagepoint uses the first setting it finds, based on the following hierarchy:
If you track multiple companies and pay rate tables are not enabled for the active company, the Pay Method and PayTable fields do not display on the Accounting tab of the Projects form. |
Pay Table | If you selected a pay method that uses rate tables, select the rate table for the WBS element. The drop-down list displays the rate tables that are appropriate for the cost method you selected.
This field displays if the Payroll module is activated and the Enable Pay Rate Tables option is selected in . Use the pay rate tables to override the pay rate information entered in the Employees hub. If you track multiple companies and pay rate tables are not enabled for the active company, the Pay Method and Pay Table fields do not display on the Accounting tab of the Projects form. |
Apply Rate Method at This Level | This field indicates which labor cross charge settings currently apply to this project/phase/task:
This field displays only if Enable Cross Charge Feature is selected in . |
Rate Method | If you set
Apply Rate Method at This Level to
Project, select the labor cross charge transfer price calculation method for this project, phase, or task:
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Require Comments for Hours | Use this option to control whether comments are required when an employee enters time for a project. This setting allows you to override at the project level the
Require Comments setting established in
.
The options are:
The project-level override for timesheet comments does not apply to special category projects. For special category projects, Vantagepoint honors the Require Comments setting on the Options form for timesheet settings. |
Apply Timesheet Approval Condition | You can use this field as a reference when you create conditions for approval workflow steps. You create approval workflow steps in
Selecting Yes or No for this option does not directly impact any timesheet line approval. This field is only used as an optional condition for an approval workflow step. |
in the desktop application.
Budget Validation Options | Use the options under
Budget Validation to implement validation of time records based on either the budget or the plan for the project. You specify validation at the lowest level of each branch of the WBS, and you specify validation individually for each lowest-level WBS element. The validation occurs as employees enter time on their timesheets.
The validation options are described below. For a description of the validation that occurs for each possible combination of these options, see Budget Validation for Timesheets. |
Budget Validation: Type of Validation | Select a type of validation to apply to time records entered for the WBS element:
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Budget Validation: Budgeted Source | If you selected
Warning or
Error in
Type of Validation, select the source of the information that you want to use to validate time records:
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Budget Validation: Budgeted Level | If you selected
Project Planning in
Budgeted Source, select the level of plan information that you want to use to validate time records:
If you selected Budget Worksheet in Budgeted Source, this field does not display. |
Budget Validation: Check Project Plan Start and End Dates | If you selected
Project Planning in
Budgeted Source, select this check box to have
Vantagepoint verify that, when hours are entered for a timesheet period, the project plan contains planned hours for that employee and/or labor code (depending on the selection in
Budgeted Level) for dates that fall within the timesheet period.
If this check box is selected, one of the following occurs when a time record is entered for a WBS element:
If you selected Budget Worksheet in Budgeted Source, this check box does not display. |
Budget Validation: Check Project Plan Planned Hours | If you selected
Project Planning in
Budgeted Source and either
Employee Only or
Both in
Budgeted Level, select this check box to have
Vantagepoint verify that the hours an employee enters against a WBS element do not exceed the remaining planned hours.
If this check box is selected, one of the following occurs when a time record is entered for a WBS element:
Note that If the Check Project Plan Start and End Dates check box is also selected, the timesheet hours are checked against the remaining planned hours for dates that fall within the current timesheet period. If the Check Project Plan Start and End Dates check box is not selected, the timesheet hours are checked against the total remaining planned hours through the plan end date. When timesheet hours are checked against the total remaining planned hours, any unposted timesheets are included in the calculation of remaining hours. |
Budget Validation: Labor Code Levels | If you selected
Budget Worksheet in
Budgeted Source or you selected
Project Planning in
Budgeted Source and either
Labor Code Only or
Both in
Budgeted Level, select the labor code levels that you want
Vantagepoint to check to validate time record labor codes. When
Vantagepoint matches the time record labor code to plan or budget labor codes, only the codes for the selected labor code levels must match. All codes for levels not selected here are assumed to be valid.
For example, suppose your labor codes have two levels, Department and Service. You want to validate against the project budget to make sure that employees only enter time for budgeted departments, but you do not want to validate entries at the service level. To do that, you select the Department check box under Labor Code Levels and leave the Service check box unselected. When an employee enters time for a WBS branch and labor code 0121 (Department 01, Service 21), Vantagepoint verifies that a budget exists for that WBS branch for at least one labor code with 01 at the department level. Because you did not set up the project to validate the service level, Vantagepoint does not check for budgeted labor codes with 21 at the service level. If you select one or more labor code level check boxes, one of the following occurs when a time record is entered for a WBS element:
You are not required to select any labor code levels. However, if you do not select any levels, no labor code validation occurs; all labor codes are considered valid. If you set up the project for planning at the labor code level using the Plan Settings dialog box, you also select labor code levels there that you specifically want to enter planned hours for. Frequently, the levels selected for planning and the levels selected for budget validation are the same. However, that is not required. For example, you could plan down to the second level of the labor code structure, but only validate time records to verify that planned hours exist for the top level of the labor code. |
Unit Table | Select a unit table to associate with the project.
Vantagepoint uses the unit table as the default when billing unit charges for the project. You can override the unit table in transaction entry. If a project contains phases or tasks, you specify the unit table at the lowest WBS level, not at the project level.
If you track multiple companies in Vantagepoint, the drop-down list includes the unit tables in which the cost and billing currencies match the currencies selected in the Project Currency and Billing Currency fields on the Overview tab. Dormant unit tables are never available for selection. |
Bill by Default | Specify whether or not certain expenses charged to this WBS element should be billed to the client.
The expense charges must be associated with a specific expense category, as defined in .The options are:
This field is enabled for regular projects only and must be selected at the lowest level of the project structure. |
Billable Message | Use this drop-down list to specify whether or not to display an error message in the Expense Report application when a user charges certain expenses to this project. You can choose to display a message when a user enters an expense category on an expense report and there is a difference between the bill by default method for the category and the project.
This field is only available if you select Yes or No in Bill by Default. The options are:
This field is enabled for regular projects only and must be selected at the lowest level of the project structure. |
Apply Expense Approval Condition | You can use this field as a reference when you create conditions for approval workflow steps. You create approval workflow steps in
Selecting Yes or No for this option does not directly impact any expense line approval. This field is only used as an optional condition for an approval workflow step. |
in the desktop application.
AP Bill by Default | This group box displays when you select the
Enable Expense Codes option on the Options tab in
.
When the expense codes feature is enabled, Vantagepoint enters an expense code on both AP voucher and AP disbursement transactions. Each expense code is assigned to an individual expense code type (consultants or other), which can then be specified as billable or not billable at the project level. If it is billable, Vantagepoint defaults the expense code's reimbursable account during AP voucher and AP disbursement transaction entry. If it is not billable, Vantagepoint defaults the expense code's direct general ledger expense account during AP voucher and AP disbursement transaction entry. You can also set the expense code type to follow the Bill by Default setting on the Expense Codes Accounting tab of the Expense Codes form ( in the desktop application). The Bill by Default setting can be used when you first select the Enable expense codes option, enabling you to start using the feature before you enter the bill by default settings for each project on the Accounting tab of the Projects hub. Bill by Default Hierarchy For projects that have the Regular charge type, Vantagepoint determines whether the project's expenses are billable or not by looking at the bill by default setting at the following locations in the order listed. It uses the first one found.
Because there are two types of expense codes, consultants and other, there are Consultants and Other Expenses fields in the AP Bill by Default section on this tab. The default setting for both of these is Expense Code. This means thatVantagepoint uses the bill by default setting for the expense code. Thus, you can use expense codes as soon as you set them up, without setting up the bill by default setting for each project. |
Consultants | Select one of the following bill by default settings for the consultant expense code type:
|
Other Expenses | Select one of the following bill by default settings for the other expenses expense code type:
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Override Table | Select an override table from the list of override tables set up in
Override tables are exception tables that enable you to assign bill by default settings to specific expense codes. Those settings then override any other expense code or expense code type bill by default settings for the project. For example, all expense codes with the Other expense code type are reimbursable to the client except copies and faxes. In this scenario, you could define other expenses as billable on the Accounting tab on the Projects form by selecting Yes in Other Expenses. You could then enter the expense code for copies and faxes in an expense code override table, but not select the associated Bill by Default option in Expense Codes Settings in the desktop application.. |
in the desktop application.
Purchasing Commitments | Enter the multipliers for consultant and reimbursable committed expenses. |
Consultant Multiplier | Enter a multiplier for calculating an estimate of billable committed consultant expenses for the project.
After you process a final purchase order, your committed expenses can be shown on Project Summary reports in the Committed Cost column. When you run project reports at billing rates, the billable committed expenses are calculated using the multiplier specified here. Committed expenses do not display on financial statements. When a purchase order becomes a voucher, the committed expenses become actual expenses and can then be displayed on financial statements. This field displays if the Purchasing module is activated. |
Reimbursable Multiplier | Enter a multiplier for calculating an estimate of reimbursable committed expenses for the project.
After you process a final purchase order, your committed expenses can be shown on Project Summary reports in the Committed Cost column. When you run project reports at billing rates, the reimbursable committed expenses are calculated using the multiplier specified here. Committed expenses do not display on financial statements. When a purchase order becomes a voucher, the committed expenses become actual expenses and can then be displayed on financial statements. This field displays if the Purchasing module is activated. |
Restrict Charge Companies | This option is available if
Vantagepoint is set up for multiple companies. This check box is available only at the lowest level of the project's WBS.
By default, the same project records are available in all of your companies, regardless of which company is the currently active company (the company that you selected when you logged into Vantagepoint). Select this check box for a WBS element if you want to restrict the companies in which the following tasks can be performed:
When you select this check box, a grid displays for specifying the companies in which these tasks can be performed. |
Company access grid
This grid displays when you select the Restrict Charge Companies check box.
In this grid, enter the companies in which users can do the following:
- Charge labor and expenses to the WBS element.
- Select asset items that are associated with the WBS element, if the Asset Management module is activated.
When you log into Vantagepoint and select a company that is in this grid for a project, you can do the tasks listed above for the WBS element. When you log into Vantagepoint in a company that is not in this grid for a WBS element, you cannot do those tasks.
Field | Description |
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Firm | Select the companies in which you can charge labor and expenses to the WBS element and select asset items for the WBS element.
If you later change this list of companies (which can only happen if there are no postings), and there are billing terms, Vantagepoint validates any tax codes that are defined in the billing terms. This validation ensures that the tax amount is properly expensed to the correct company. |
Name | This column displays the company name. |
To copy or delete a grid row, click this icon and select the option that you want. | |
+Add Company | Click this link to display a blank row in the grid so you can add a company to the list. |
Intercompany Labor Billing
Field | Description |
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Apply Rate Method at This Level |
If you use multiple companies, specify how you want to handle intercompany billing for labor charges for this project:
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Rate Method |
If you select Project in Apply Rate Method at This Level, select one of the following rate methods to process intercompany labor charges for the project:
All of these options are available regardless of the project's charge type. However, you should not select the Billing Terms option for an overhead or promotional project. |
Rate Table | If you select Rate Table, By Category, or By Labor Code as the Rate Method, select the labor rate, labor category, or labor code table in this field. |
Multiplier | If you select Project in Apply Rate Method at This Level, enter the multiplier that you want to apply to labor charges. You can apply a multiplier regardless of the rate method you select. Enter 1.00 if you do not want to apply a multiplier. (A 0.00 multiplier means that the cost or billing amount will be multiplied by 0.) |
Intercompany Expense Billing
Field | Description |
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Apply Rate Method at This Level |
If you use multiple companies, specify how you want to handle intercompany billing for expense charges for this project:
|
Rate Method |
If you select Project in Apply Rate Method at this Level, select one of the following rate methods to use to process intercompany expense charges for the project:
All of these options are available regardless of the project's charge type. Select the Multiplier option only if the project is an overhead or promotional project. |
Rate Table |
If you select By Account, By Category, or By Vendor in Rate Method, select the expense account, expense category, or expense by vendor table in this field. |
Multiplier |
If you select Project in Apply Rate Method at This Level, enter the multiplier that you want to apply to expense charges. You can apply a multiplier regardless of the rate method you select. Enter 1.00 if you do not want to apply a multiplier. A multiplier of 0.00 means that the cost or billing amount will be multiplied by 0. |