One of the most common issues project focused organizations face is accurately tracking the labor and other resources they use on each project. Yet, this information is critical if you want to bill customers and price future projects accurately. To avoid wasting valuable time on these issues, you must have a business management system designed for their specific needs.
If you are an Acumatica user, you’re in luck. The Acumatica project accounting module offers 3 ways to handle your timecard posting. That way, you can always be sure you properly assign your expenses and activities.
Acumatica Project Accounting Timecard Posting Options
- Don’t post any transactions
- Post transactions to the project only
- Post transactions to the project and general ledger
Which of these is best for you depend on your specific accounting needs. But read below to learn more about each one.
Acumatica Timecard Posting Options: Which One Is Right for Me?
Ask yourself which of these situations sounds most like your own.
- Option one: You use timecards as a way of sending hours to your payroll system. These are the records you use to make sure you pay your hourly workers for their time. Here, you would want the information posted to the general ledger.
- Option two: Your company requires detailed financial reports. So, you need to split payroll wages into two categories, the cost of goods sold and overhead. Here, you would want to post to the project module and general ledger.
- Option three: You use timecards as a way of capturing the hours your employees work on a project for billing. Here, the timecard information must pass to the project.
- Option four: Your business requires detailed notes on how much time each employee spends on projects versus other tasks. So, you need them to log their hours for each category separately. Here, you would want Acumatica to pass their timecard entries to the general ledger.
More Information and Set up Instructions
Now you have a better understanding of Acumatica timecard posting options and their uses, you’re probably wondering how to set them up. Luckily, this is not hard and Acumatica has a handy blog post that walks you through the process. You can read it here.
If you are new to the Acumatica project accounting module and would like to learn more about how it works, look at the project accounting course on Acumatica Open University.
If you are not familiar with it, Open University is a free website where anyone can go to get training on the software. There are many courses available besides the project accounting one. A few of them include:
- Basic Financials
- Prices and Discounts
- Sales and Purchases
- Inventory Replenishment and Purchase Requisitions
- Service Management
- Project Billing and Change Management
Want to learn more? Check out the full course catalog.