How to maintain Project accounting using telly

What is project or job wise accounting ?

The project wise Accounting is particularly a specialized form of accounting that occur when handling projects. This includes keeping the record, tracking, financial results and finding out the all the implications has made. It provides financial report that are specifically designed to track the financial progress of the project. When working on projects we need to be careful about ongoing development should be consistently follows.

Why is it so important ?

The basic need of configuration of projects accounting is to have full specialized control on its profitability and completeness. Adequately, it focuses on all the factors that are specifically effects on projects. By maintaining and using this accounting enable the management to make closer idea of what is being done.

Now, let's see how we can configure project accounting with the help of telly ERP 9.

Practical demo:

Step 1: create a new company or select your existing company which you working with.

Step 2: Press F11 key on keyboard for opening 'company features' then select 'accounting features' then select "inventory features" now just enable the option given below:

Step 3: Go to gateway of Telly -->accounts info-->ledgers--> create. (following heads).

Consultancy fees Under Indirect expenses

Maintenance changes Under Indirect expenses

Petty expenses Under Indirect expenses

Postage a/c Under Indirect expenses

Project purchase a/c Under Purchase account.

Project sales a/c Under Sales account.

Creditors a/c(name) Under Sundry creditors.

Debtors a/c(name) Under Sundry debtors

Transportation charges Under Direct expenses.

Wages Under Direct expenses

(Note: all the must be created as per requirement)

Step 4: Back to gateway of Telly --> select account info --> select cost categories:
Create your project.
Enable job costing feature.

Step 5: Then back select 'cost center' now choose your project then specify the name of your project then hit enter to save.

Step 6: Back to gateway of Telly --> inventory info--> create below heads:

For example:

Stock group : construction materials
Stock categories : (material companies name)
Stock item : roads, marvel stones, bricks etc.
Unit of measure : numbers, pieces.
Go down. Mumbai farm.

Voucher type --> alter --> stock journal --> go to name of class --> write 'consumption' hit enter allow job costing feature then save.

Step 7: Back to gateway of Telly --> accounting voucher --> pass necessary entries.

Press f5 for payment voucher pass payment entries.
Press f6 for receipt voucher make receipt entries.
Press f8 for purchase voucher for incurring the purchasing entries.
Press f9 for sales voucher for incurring sales related entries.

( Note: you can press shortcut keys on your keyboard or select the voucher clicking on the side bar)

Step 8: Now, go back to gateway of telly --> select inventory voucher press alt +f7 for stock journal now you can specify the how much material is consumed in project.

after specifying material used now press alt + c for voucher creation then create final product (example, building project).