I/C Account Sets Screen

Use this field to:

• Specify a code for a new account set. The code must be unique, and can be up to 6 characters long.
• Select an existing account set code to view or edit it.

This is a liability account that works in conjunction with the work in progress account.

The billings account accumulates amounts that have been billed but not yet recognized as revenue for all projects except those that use the accrual-basis accounting method.

Transactions are produced to credit the billings account when you post billing worksheets. When you recognize revenue, entries are created to credit the revenue account and debit the billings account.

For projects that use a percentage complete accounting method, the account accumulates billed amounts until the project is closed. At that time, the program debits the billings account and credits work in progress.

This is a contra-expense account to which cost transactions are credited.

This is an account to which costs and expenses from Project and Job Costing are posted. (The account balance is normally a debit.)

For projects that use an accounting method other than accrual-basis or percentage complete, the cost of sales account is debited and the work in progress account is credited when you recognize revenue for projects.

For projects that use a percentage complete accounting method, the cost of sales account is debited and the revenue account is credited when you recognize revenue. (Any gross profit or loss is debited or credited to the work in progress account in the same entry.)

For projects that use the accrual-basis accounting method, costs are posted to the cost of sales account when you process transactions, rather than when you recognize revenue.

Tip: You may want to use a separate cost of sales account for each cost category.

This field appears only in multicurrency ledgers if you selected None as the Payroll type. Use it to select the currency for this account set.

Because estimates and contracts are stated in the customer's currency, you must set up an account set for each customer currency.

Enter a description for the account set.

You use this account to record an employee's out-of-pocket expenses, such as travel, meals, or parking expenses. The account appears as the default expense account on timecards using this account set.

When you post a timecard in Project and Job Costing, any employee expenses are credited to the specified expense account. Posting the timecard in Payroll clears the expense account, leaving the employee expense in the work in progress account.

This is a cost and expense, contra-expense account. The account balance is normally a credit.

This is a contra-expense account to which the labor burden related to a contract is credited. The account balance is normally a credit.

This is a contra-expense account to which overhead related to a contract is credited. The account balance is normally a credit.

This account accumulates the direct costs of labor.

When you post a timecard in Project and Job Costing, the work in progress account is debited and the payroll expense account is credited.

When you post a timecard in Payroll, the payroll expense account is debited, leaving the direct labor expenses in the work in progress account.

This account is credited when you recognize revenue.

For projects that use an accounting method other than accrual-basis or percentage complete, when you recognize revenue, the billings account is debited and the revenue account is credited.

For projects that use a percentage complete accounting method, when you recognize revenue, the revenue account is credited, the cost of sales account is debited, and the work in progress account is debited or credited for the gross profit or loss.

For projects that use the accrual-basis accounting method, revenue is recognized immediately when you post invoices. (The cost of sales account is debited when you post cost or charge transactions.)

This account is the asset control account for standard Project and Job Costing contracts. It accumulates posted costs that have not yet been charged to cost of sales.

Transactions for projects that use the accrual-basis accounting method are posted directly to the cost of sales account, rather than to the work in progress account.