I would like to set up my construction activity in manager… I will be purchasing material in bulk and using it for multiple different project. My queries are:
- How i can issue different inventory to different project (may be we call it work in process)
- When project finish how to put the sales entry of entire project…
In your case, here is what you can do:
- Create each project as tracking code under
Settings tab. When you use inventory on project. Go to
Inventory Write-off tab to write-off inventory and assign it to expense accounts such as
Materials and select tracking code for which the used up inventory relates to.
- When you issue sales invoice, use tracking code of project which invoice relates to.
This way, you will be able to pull profit & loss statement per project which will give you an idea how much profit you made on each project.
I cannot see tracking code in inventory write-off section… pls advise
Last field before Create button
Is there any update in software … does it cater the construction activity as mentioned above in a better way???
There have been dozens of updates since your last post 9 months ago. But nothing that changes what would currently be the best way to account for construction projects.
I’m actually using manager for a real estate fund which is developing many projects that are sold fractionated. If you need help I can explain how we use the software…
Thanks for the feedback… let me explain of our activity… i need to design the structure of accounts fo rthis…
There are going to be 2 - 3 partners in this activity.
We start from purchasing land and then construct the building and sell it.
We will be working on multiple projects simultaneously, therefore we have to keep record of different expenses project wise. may be the same contractor working on different project
Generally the list of expenses could be
4.1 Purchase of land
4.2 documentation and registration charges
4.3 Drawing approvals and other NOCs.
4.4 Labour Contractors, Civil, Plumber, Carpenter, Electrician ++++
4.6 Salaries - Watchman, Supervisors, others
4.7 Misc tools - water pumps, electric generators …it can be purchased once but can be used at multiple project whenever needed.
Once the entire project is completed, may be the whole building sell to 1 customer or divide it as per floor to different customers.
Can you help me to make the structure of accounts? How to add up the cost in one project and how to make sales entry to get the profits with respect to projects???