Sage 2015 Project Accounting Work in Progress

Ahead of the "official" launch of Sage 200 v2015 we thought we would highlight just one more new feature which will be of particular benefit to those Sage 200 users who need to accurately cost projects.

Projects can last for many months and the revenue may not be received as regularly as the costs are incurred.  This can lead to costs being posted into the Profit and Loss in different accounting periods to the revenues earned by those costs.

The latest release of Sage 200 provides the ability to match costs and revenue in the same accounting period and so give a more balanced reporting of project profitability.  When costs are incurred they can be posted to a WIP balance sheet account and then released to profit and loss when the revenues earned from these costs are posted to the P and L.

To enable WIP by project :

WIP default setting by project item type :

e.g. WIP timesheet costs are first posted to the balance sheet WIP account (13600 below) :

To release these costs to profit and loss :

Which results in costs being transferred from balance sheet WIP account to expense account in profit and loss :

WIP costs are shown in costs analysis enquiry :

 

If you found this feature useful please let us know as feedback is always welcome.