Project Finances

At the end of the month you will need to approve the time entries so that the work can be invoiced.  This can be done in the WIP tab using the ‘Approve for Delivery’ button. 

This will provide you with a breakdown showing the amount of chargeable time that has been recorded, how much revenue has been invoiced and delivered. 

In the ‘Project Summary’, ‘Invoiced to Date’ shows how much the customer has already been invoiced since the Project started.  In the above example, the customer has been invoiced £19,000.  ‘Delivered To Date’ and ‘Recognised to Date’ show the amount of Revenue generated.  These numbers would be different if some time had been marked as ‘Exclude from Delivery’.  ‘Prepayment’ shows the amount remaining when a customer has been invoiced in advance. 

You will also see Recognised Revenue and you will be able to relate an invoice to the project.   

At times you may wish to defer time to the next period.  This can be done in the ‘Recognised Revenue’ sections.  This will also show if any revenue had previously been deferred to this period. 

Within the Invoice Details you can relate an invoice, set the Invoice Date and Finance Date plus select what Accounting Period it relates to.  

Once you have approved the delivery, the Time Entries cannot be edited or deleted and they will move from WIP to the Delivered Tab. 

The Delivered tab displays a history of what time has been delivered.  When time moves from WIP to Delivered, a Delivery record is created and you can see the following. 

You can open these Delivery records and see their details.  You will notice that only the ‘Invoice Details’ can be edited.  The ‘Approved Member Delivery’ tab will show a summary of how much time has been logged broken down per task per team member.  Going into the ‘Time Entries’ tab displays the Time Entry records associated with this Delivery. 

You also have the option of ‘Unapprove Delivery’ on the ‘Project Delivery’ tab.  This will move all the records back to WIP. 

On some occasions, the customer may make a full or partial payment before the project starts.  To record these on Project you will need to go to the Delivered tab and use the ‘Record Invoiced Amount’ button. 

This will open a screen where you can select which Invoice to link along with the Invoice amount, date, accounting period and Finance Date.  Once this has been saved, it will be shown within the Delivered tab and contribute towards the Invoice amount when approving WIP.