When you create a project record, you must assign a project charge type to determine how labor and expense costs are charged to the project.
You select the project charge type on the Accounting tab of the Project Info Center.
Three charge types are available in Vision:
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Regular — A regular project is a project that produces revenue. Typically, each of the projects for which your firm receives compensation is a regular project. Costs charged to regular projects include direct labor, direct expenses, and reimbursable expenses.
Regular projects accumulate transactions for the life of the project.
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Overhead — An overhead project is a project that does not produce revenue. Typical overhead projects include Marketing, Administration, and Professional Development. You charge all indirect labor (for example, accounting and administrative time) and all indirect expenses (for example, rent and utilities) to overhead projects. You can then distribute these costs to your regular projects.
Overhead projects accumulate transactions for the current year only. At year-end, Vision zeroes-out overhead projects so that they can begin accumulating transactions for the new year.
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Promotional — A promotional project is a type of overhead project that overlaps fiscal years. Promotional projects accumulate costs associated with projects that have not yet reached the contract stage. Do not confuse promotional projects with opportunities. You cannot charge expenses to an opportunity. You set up a promotional project when you want to begin charging expenses to an opportunity (for example, when you start developing a project proposal or after you win a project and begin negotiating contract terms with the client).
Unlike other overhead projects, Vision does not zero-out promotional projects at year-end. Promotional projects accumulate transactions for the life of the project.