Project Management

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    Received funding for project, want to capture the same and...
    Topic posted August 12, 2019 by Mayur, last edited August 12, 2019, tagged Capital Projects, Project Costing 
    Received funding for project, want to capture the same and track the consumption


    We are receiving funding for the project and we want to capture the same at project level. 
    We want to capture consumption of funding and remaining balance. 

    We are receiving following types of funding. 
    Borrowing, capital receipts and reserve. 

    Project 1001 received "Capital receipts" GBP 10,000. 

    Now we will book cost from various module i.e. OTL, purchasing, Payables, Inventory. 
    We submit time sheet of employees to project 1001. (150 GBP/Hour * 10 Hours = 1,500 GBP) 

    Now at project level remaining funding of capital receipts GBP 8500 (10,000 - 1,500) 

    Provide you accounting detail. 
    Funding received should book at following combination - "E-9125-101-5001" - 10,000 

    Actual cost 
    Dr. E-14090-101-6506 - 1,500 (14090 - project task owning organization) 
    Cr. E- *** -100-6506 - 1,500 (***- map to employee organization) 

    At project level business want to capture 10,000 as advance as well actual cost. So project level project manager they can view remaining balance 8,500, funding received 10,000 and actual cost 1,500). 
    By accounting we want to achieve the remaining balance of 8,500, so at GL level also business can have an idea that 8,500 is remaining from funding. 

    Please help me to map this requirement.

    We PURCHASED license of Project Costing, Project control and Project Billing. Licence of Grants Management is NOT Purchased.

    Thanks in advance.