Project Management and Accounting
I am using Time and Material
My objective is to determine Cost at the end of the project.
Accounting Entry when I closed the project
Cost of material - Deibit
WIP amount for project - Creidt
How I map this in Project accounting module
The Cost of material should be a PL account while WIP should be a BS account.
During the project execution, cost and revenue are posted to BS account and when you close it, the PL is hit. This also depends on the setup and configuration which you have done on Project group, parameter and line property.
Select the ‘Post costs’ values in the Project group to Balance.