In the project report we can get Total Cost & total income it’s ok. By the way in the Total Sales (Income) we will not get all receipt in a time (there will be a due to receipt) likewise all the cost we will not pay all the amounts in same time (there will be due to pay) in this situation if we didn’t pay fully & didn’t receipt fully, we have to check for particular project paid amount receipt amount. Ho we can check project wise Paid amount & Receipt amount?
Sometimes you need to create a test business and test out features to understand how they work. If you need help to prevent messing up your accounts with Project codes then I advise you not to use the project codes at all.
Anyway, If you are using accrual basis accounting, issue Sales Invoices when income is earned. USE project codes for those sales invoices. Full income earned will be reported in the project report.
DO NOT use project codes AGAIN when you generate Receipts to register cash received for those incomes. The receipts just record the inflow of cash for the income you have already recorded with an invoice and project code.
Use Purchases Invoices (or expense claims, or journal entries …) and Project codes to record expenses when they are accrued/Bill is received. When you make payment against these invoices DO NOT use the project codes AGAIN, you are only recording an outflow of cash to settle these expenses you have already recorded with invoices and project code.
To track these receipts and payments, you can create custom fields (now a single custom field can be used on many forms)