You can create account groups to
be used in the Projects module by using the Account groups (PM201000)
window. Before defining account groups, identify the accounts that
will be used for project-related transactions.
Exclude customer ledger accounts and supplier ledger accounts.
Use the following rules to create account groups:
- Any single account group may include one or more general ledger accounts;
however, you cannot map any general ledger account to more than one account
group.
- An account group should include accounts of only certain types (for instance, an
account group of the Income type can include only income and expense
accounts).
- When you map the accounts to account groups, consider the invoicing and allocation
rules.
For invoicing and allocation, if the transactions of two accounts should be
processed differently, these two accounts should be included in different
account groups. If the transactions usually use the same rate, consider
including their accounts in one group.
- Consider whether you need the Off-balance account groups that are not
linked to general ledger accounts and that can hold amounts not posted to
the General ledger.
By using account groups, you can view specific balances by project.
For example: The EXPENSE account group was created for customisation projects and includes
the following accounts:
- 4010 Travel expenses
- 4030 Accommodation
- 4050 Car rent
- 4113 Office supplies
- 4115 Miscellaneous expenses
Employees will record their expenses related to the
project to the appropriate general ledger accounts. The project manager can view the project's expenses as the balance of the EXPENSE account group, which is the
total of all expenses recorded to all the expense accounts included in the
EXPENSE account group.
Account group IDs