The Time project is an internal project type. Only hour transactions can be posted to Time projects, and transactions cannot be invoiced. Time projects would typically be applied in order to register the numbers of hours consumed.

Like Time projects, Cost projects have no external customers. Cost projects are applied for three types of transactions: hours, expense and item. All transactions posted to a Cost project are posted to profit and loss accounts.

Note   Transactions posted to Time and Cost projects cannot be activated on Balance accounts, revenue cannot be accrued, and the projects cannot be invoiced. Therefore, transactions on these projects are excluded when running the Post costs, Accrue revenue, and Create invoice proposals jobs.

Investment projects register only the cost prices of hours, items, and expenses. The estimate feature is applied to track and control costs of this type of project. Costs registered to an Investment project are entered on profit and loss accounts and transferred to work in process (WIP) accounts when estimates are posted. When the project is completed and the project is eliminated, the WIP value is transferred to an asset, a ledger account, or a new project.

The Invoicing method field has been added in the Create invoice form.

These options define the status of the transactions included in the proposal.

• Posted - Include transactions that have been posted from journals and thus are ready to be invoiced.
  
• Reversed - Include transactions originally included on an invoice, but reversed from the invoice to a negative value. This option is applied to create a credit note proposal.
  
• Both - Include both transaction types in the proposal.
  

A new Estimate tab has been added in the Project groups form. Previously, no categories were attached to estimate transactions on fixed-price projects. Now, whenever revenue is accrued, revenue transactions are created and, in order to post this revenue, a category is attached to the four estimate transactions that will be posted: Accrued loss, Profit, Production, and Sales value.

Eliminated projects can now be reversed. Previously, if transactions were posted after the project had been eliminated, these transactions could not be added to the eliminated transactions on this project. Thus the project was locked and the estimate could not be revised. The Reverse elimination form can be activated from the Estimate form where the project status can be set to In process.

This check box has been added in the form. When you select the check box, transactions with this line property may be capitalized to balance accounts.

According to international accounting standards, an expected loss on a project must be recognized as an expense immediately if it is likely that the total contract costs will exceed the total contract revenue. With the new Provision for foreseeable losses feature, this situation can be controlled.

Activate provision for foreseeable losses by selecting the Foreseeable losses check box on the Estimate tab in the Project groups form.

Provision for foreseeable losses can be set up in an investment project and tracked through the maximum capitalization limit that has been set on the estimate. The WIP value on the project can only amount to a specified limit. If the WIP value exceeds the maximum capitalization limit, the exceeding amount will be posted as an expense transaction on the WIP - Accrued loss (Credit) and the Accrued loss (Debit) accounts.

In the Post costs and Accrue revenue forms, the following tabs have been added to provide an overview of total amounts to be posted. Therefore, you can examine the consequences of the posting before the transactions are actually posted.

New fields have been added on the General tab; therefore, it is more obvious what transactions will be processed.

A new option, Never ledger, has been added to the Post costs - Hour drop-down list in the form. When this option is selected, hour postings do not generate ledger transactions. However, transactions posted with this new option can still be tracked in the Transactions - Hour and the Transactions - Project reports. In the Ledger updates reports, the no accounts or amounts will be displayed. Additionally, the posting type is set to Never ledger.

When you run the Post costs periodic job, all hour transactions with the ledger status set to Never ledger are excluded. When running the Accrue revenue periodic job, all hour transaction with the ledger status set to Never ledger are included.

The Never ledger check box can be selected for Time and material projects (optional); for Time projects it is mandatory.

In the Post costs and Accrue revenue forms, there is a new Select button. This button opens an updated form that allows transactions for periodic jobs (time and material projects only) to be selected,

The following options can be selected for each of the three transaction types:

None > No transactions are included.

All > All transactions of this type are included.

Chargeable > Only chargeable transactions are included.

Nonchargeable > Only non-chargeable transactions are included.

Note
The May be accrued option on the line property determines whether revenue can be accrued on time and material projects. This option is still valid with the updated feature.

The same options as described above have been implemented on the to replace the Accrue revenue check boxes (Project group > Ledger tab > Time & Material fields).