Project Setup
Overview
GoldFinch allows you to track revenue, material, and service costs to projects. You can then report profit and loss by project or project tasks.
You should not use Accounting Variables to manage project financials because the number of projects could grow over time, and it is tedious to sync projects and Accounting Variable tables.
Project
Set up a numbering series with Name = Project for the Project. Check the Manual No. field if you prefer to enter Project No. manually.
Enter Customer and other relevant information on the project table.
Project Task
Project Task is typically used for billing purposes. If you want to use the Timesheet feature to track time, create Work under the Project Task. See Timesheet Management for more information.
You can enter Billing Task Budget Cost and Billing Task Budget Revenue.
Both Billing Task Actual Cost and Billing Task Actual Revenue are calculated from the Project Ledger Entry table.
Work
Set up a numbering series with Name = Work for the Work. Check the Manual No. field if you prefer to enter Work No. manually.
Financial Report Using Project Ledger Entry
To track actual expenses and revenues using the Project Ledger Entry table, refer to Managing GoldFinch Custom Settings to configure a new custom setting:
Name: EnableProjectLedgerEntry
Value: True
When posting from Purchase Invoices, Sales Invoice, Item Journal, and General Journal, if both Project and Project Task fields are filled in, Project Ledger Entries will be automatically created.
Transaction Types | Project Costs | Project Revenue |
|---|---|---|
Purchase Invoice | Line Cost Incl. Landed Cost | |
Sales Invoice | Line Cost | Line Amount |
Item Journal | Line Cost | |
General Journal | GL Accounts with Statement Type is Income Statement and Account Type is not Revenue | GL Accounts with Statement Type is Income Statement and Account Type is Revenue |
GoldFinch allows you to use Standard Base Cost as Unit Cost for both Sales Invoices and Purchase Invoices.
Refer to Managing GoldFinch Custom Settings to configure a new custom setting:
Name:
UseStandardCostforPLEUnitCostValue:
True
By creating a list view or custom Salesforce reports, you can compare actual vs budget for costs and revenue by Project or Project Tasks.
Financial Report Using GL Entry
If you do not want to use Project Ledger Entry, you can report actual profit and loss by project using the GL Entry table. Use the sample report named GF4020 GL Transactions by Project.
