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We receive client's annual maintenance fee once a year, say $12k, the invoice is raised using a project code "sc00137", a category code called "Islas", its transaction type is Item. we journal them onto balance sheet, and amortize it $1k every month.
When we journal the $12k, we used general journal, without project code "sc00137". we also used general journal to amortize it without project code, so first month YTD revenue breakdown shows project sc00137 revenue $12k, revenue without project code $-11k.
Now we are trying to fix this by doing a journal Dr revenue with project sc00137 $11k, Cr revenue without project code $11k.
the problem is system does not allow the journal using category code "Islas" linking to transaction type Item. It can only allow us to use category code linking to transaction type Expense.
Has anyone processed journal between ledger and project? I appreciate if someone has this experience can shed some light. If we need to configure the links between ledger and project, please advise how.
Item related project transactions cannot be recorded in GL journals.
Why do you need to use a GL journal at all for the amortization of the $12k?
In the project module we have the subscription functionality available that does this amortization for you.
Can't you use this feature instead?
Thanks Ludwig for the prompt reply.
in the project module, we only have "accrue subscription revenue" available. under the general tab, we have month/week options for period code, but nothing available for from and to date.
1. do you have any documents telling us how to use this function?
2. I assume that if we use this function, then we need to use balance sheet code to invoice, so the monthly subscription can take it off the balance sheet every month?
3. how do we deal with expenses that we paid for the whole year?
Thank you for your time
You can find some information on the project subscription functionality on the following websites:
Yes, you need a BS or bridging account to make use of this functionality.
The subscription function only works for revenues.
For costs (expenses) that are related to a specific project, there is no specific standard function available. For regular project expenses you can for example make use of GL periodic journals or prepare the transactions in an excel template and upload them on a regulare basis for example in a GL or project expense journal.
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