Interaction of Project Control and Accounting

Project Control and Accounting form the core of the Vision management information system. When you process a transaction, you must supply Vision with a project number, a phase/task number (if you are using phases and tasks), and an account number.

The project number (and phase/task number) tell Vision where to post the transaction data on the project side of your database. The account number tells Vision where to post the transaction data on the accounting side.

For example, to record a reimbursable expense on an expense report, you must enter a regular project number and a reimbursable account number. When you post the transaction, the expense amount appears on project reports associated with the project number you entered. The expense amount also appears as part of the total reimbursable expense amount on your Income Statement (as part of the account balance for the account number you entered).

Because you enter transactions only once, the Project Control and Accounting sides of your database remain in balance. As a result, the year-to-date revenue, expense, and profit totals on your project reports always tie to the same totals on your general ledger reports.

Match Project Types and Account Numbers

• When you enter a transaction associated with a regular, revenue-producing project, you must use a reimbursable or direct expense account number.
• When you enter a transaction associated with an overhead project, you must use an indirect expense account number.

Other Transaction Types

Some Vision transactions, such as adjust salaried job costing, labor cross charging, overhead allocation processing, revenue generation, and consultant accruals also affect your project and accounting reports. However, these are optional processing features that your firm is not required to use. You may find it useful to implement these features to achieve greater accuracy in your project and financial reports.