Project Accounting Overview
Track costs, bill customers, and recognize revenue on a sample consulting project.
Sample Project
Project: ERP Implementation
Contract Value: $100,000 (T&M)
Duration: 6 months
Billing: Monthly based on hours
Coming Soon
This appendix is under development. Full content will include detailed project setup and billing examples.
Cost Tracking
Track labor via time entries, expenses via expense reports, and vendor costs via bills linked to the project.
Project Billing
Generate invoices from approved time and expenses. Use billing schedules for fixed-price milestones.
Revenue Recognition
Apply percentage-of-completion or completed-contract methods for revenue recognition on long-term projects.
Project Reporting
Run project profitability reports, WIP analysis, and budget vs actual comparisons.