As outlined in our previous post, Contracts are the highest level within Sage 300 Project and Job Costing module. Within Contracts, you can create one or more Projects, which are essentially sub jobs that make up the contract.
In a construction environment, a contract could be for building a bungalow, and the projects within that could be earthworks, laying of foundation, and so on.
In Asia, we would more likely think of Contracts as Projects, with Phases being the sub jobs that make up that project. As mentioned in the previous post, you can re-label these to suit your business requirements.
There are 3 project types that you can select from, and each of these project types offers different accounting methods for recognising revenue.
Project types and Accounting Methods
How you account for your Project and Job Costs depends on the type of project that you select.
- Completed project
- Billing and costs
- Project percentage complete
- Accrual basis
- Completed project
- Billing and costs
- Accrual basis
- Completed project
- Total cost percentage complete
- Labour hours percentage complete
- Billings and costs
- Category percentage complete
- Accrual basis
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