Project Accounting GL Accounts
Posted Monday, February 23rd, 2009
Project Accounting GL posting flows can be pretty complex. Figuring out the right accounts and how they flow through Project Accounting usually requires a large whiteboard and very a long afternoon, sometimes with drinks afterward. Well, in the interest of making this process a little easier, I bribed I.B.I.S. Principal Consultant Ross Carlson with milkshakes and the two of us sat down and worked our way through the flows together. The end result was a set of Excel spreadsheet based examples for T&M and Fixed Price projects. We’ve included transactions, journal entries and T-Accounts to help people understand the accounting flow.We’ve even added a place for you fill in your own account numbers and descriptions to see how the transaction would look for your accounts.
We’re certain that this does NOT cover all possible scenarios. That’s not the intent. The intent is to facilitate an understanding of the basic account flows with a document that’s not erased in 24 hours. We hope you find this useful. We may update it over time to add more scenarios and options but for now, we’ll start here. If you want more details, the Project Accounting manuals contain the full posting flows, they are just not as pretty as our doc!
You can download the PA Accounts Worksheet here.
Update: Link Fixed
Update: Forced it to a new link
Tags: Project Accounting
Posted in Project
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Hi Mark,
The project flow is great. Unbilled Project Revenue is usually a Balance Sheet Liability account ( Deferred Revenue account) and this becomes actual revenue when billed.
You hae picked a Liability account in your example.
There are instances when this is a P & L account. Depends on the accounting policy followed by the client
Thanks