(336) 315-3935

Acumatica Pro Tip: Timecard Posting Options in Acumatica Project Accounting

time clock and time cards

Written by Laura Schomaker

July 4, 2019

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.

You May Also Like…

Is Your Financial Reporting Up to Par? Discover the Power of Acumatica

Is Your Financial Reporting Up to Par? Discover the Power of Acumatica

In the world of financial reporting, errors are the bunkers and incorrect data, the out-of-bounds markers. Every day, errors in financial reports can cost businesses up to $3 trillion, the GDP of the United Kingdom. Against these odds, meet Acumatica: your caddy in this high-stakes game and your new tactical approach to navigating the fairways of financial reporting.

read more
Scalability Unleashed: How Acumatica Grows with Your Business

Scalability Unleashed: How Acumatica Grows with Your Business

Businesses have changing needs at every stage of their growth. To meet these needs, they need software to scale up and down to meet the ever-changing demands. Scalability is the ability of business software to grow or shrink. Good software should handle an increased workload without incurring a huge financial impact.

read more
Vivid Reports On: Choosing The Right Financial Reporting Software Step-By-Step

Vivid Reports On: Choosing The Right Financial Reporting Software Step-By-Step

In the data-driven business landscape, financial reporting software is vital for streamlining processes, enhancing accuracy, and enabling informed decisions. Amidst a plethora of options, selecting the ideal financial reporting software can be daunting. Our guide offers valuable insights, aiding you in making an informed decision aligned with your business needs, ensuring optimal performance.

read more