Select nominal accounts for postings

Open: Project Accounting > Utilities > System Setup > Project Accounting Settings | Postings.

Select from the following settings.

Nominal

You can post transactions in your project that are not connected to a supplier or customer. These are recorded in the Nominal Ledger.

You can choose whether these are posted as costs or revenues.

Select the As Cost or As Revenue options for Vatable Payments and Vatable Receipts to set the default for these transactions.

Example

A monthly nominal payment is for electricity costs. You allocate some of the amount to each project worked on during that month. In this case you would want cost transactions posted to the projects.
A nominal receipt is to pay for tickets to an event you are holding. The event is set up as a project so that you can monitor its profitability. The receipt should therefore be posted as revenue.
A nominal receipt is for credit you have received for faulty goods, purchased for a project, which had to be returned. This should be posted as a negative cost to offset the costs already posted to the project.
Some revenue already received for a project has to be refunded. You use a nominal payment to refund this money. This should not appear as a cost on the project but as negative revenue.

Stock Order Lines

You can choose where the nominal accounts originate when entering project analysis on standard items which belong to a product group with Product type of Stock,on sales order lines and returns.

You can choose different origins for costs and revenues:

Select Project item to use the nominal account on the project item, selected for costs or revenues on the order line.
Select SOP Settings to use the Revenue nominal account for revenues and the Issues and stock nominal accounts for costs, as selected on the Default Accounts tab of SOP Settings.

WIP

Use a work in progress (WIP) control account in the Balance Sheet to gather project costs for the duration of the project. The project costs can then be posted in the same accounting period as the project revenue. This ensures the true profitability of your projects is reflected in your financial reports.

Use WIP

Displays the selection for using WIP.

By default, this is not selected and will display No.

Use Specified

Displays the selection for using a nominal account with cost centre and department.

By default this is not selected and will display No.

Nominal

Displays the nominal account code for the WIP postings.

By default this is not set and will display N/A.

To use WIP

Click Settings (in the Work in Progress section).
Select Use WIP to gather your project costs into the WIP account in the Balance Sheet for the duration of the project.

Note - information
If this is the first time you are selecting Use WIP, the nominal account you select will cascade through the project structure, ensuring that your projects have a nominal code for collecting WIP costs. If you select Use Specified, the cost centre and department are also cascaded along with the Use Specified setting.

Make your nominal selection:

Select Use Specified if you want to select a nominal account with cost centre and department. This is useful if you want to perform cost centre breakdown on the balance sheet, for example.

Leave Use Specified clear if you want to select a nominal account only, without a cost centre and department.

Select the nominal account.

You must select a nominal account.

If Use Specified is selected	The nominal account must be a posting account. The nominal account with cost centre and department, along with the Use Specified selection will be set on all project item types, project items and project items within projects. You will not be able to change this at a lower level.
If Use Specified is clear	The nominal account must be a Balance Sheet account. You can cascade the nominal account to all items lower in the structure. See Cascade options for the nominal account.

Select the Cascade options for the nominal account.

Note: This is only applicable if you did not select Use Specified or are changing Use Specified from Yes to No.

You must enter WIP on all items in the project structure that do not have WIP enabled already. You can cascade the WIP nominal account to:

Project Item Types	You can select this.	The WIP nominal account is set on all project item types.
Project Items	You can select this if you selected Project Item Types.	The WIP nominal account is set on all project items.
Project Items within Projects	You can select this if you selected Project Items.	The WIP nominal account is set on all project items within projects.