Use this field to enter a unique code for a set of accounts to which to distribute transactions.

You can use up to 6 characters to specify a code for an account set.

You can also use the Finder or the navigation buttons to select an existing account set record for display.

To begin entering a new account set record, click the New button beside the field.

The billings account is a liability account that works in conjunction with the work in progress account.

The billings account accumulates amounts that have been billed but not yet recognized as revenue for all projects except those that use the accrual-basis accounting method.

The program produces transactions to credit the billings account when you when you post billing worksheets. When you recognize revenue, the program creates entries to credit the revenue account and debit the billings account.

For projects that use a percentage complete accounting method, the account accumulates billed amounts until the project is closed. At that time, the program debits the billings account and credits work in progress.

This is a contra-expense account to which you credit cost transactions.

A cost of sales account to which costs and expenses from Project and Job Costing are posted. (The account balance is normally a debit.)

Except for the accrual basis and percentage completion accounting methods, the program debits the cost of sales account and credits the work in progress account when you recognize revenue for projects.

For projects that use a percentage completion method, the program debits the cost of sales account and credits the revenue account when you recognize revenue. (Any gross profit or loss is debited or credited to the work in progress account in the same entry.)

For projects that use the accrual-basis accounting method, costs are posted to the cost of sales account when you process transactions, rather than when you recognize revenue.

Many companies prefer to use a separate cost of sales account for each cost category.

This field appears only in multicurrency ledgers if you selected None as the Payroll type. Use it to select the currency for this account set.

Because estimates and contracts are stated in the customer's currency, you need to set up an account set for each customer currency.

You can enter a description for the account set, using up to 60 characters.

You use this account to record an employee's out-of-pocket expenses, such as travel, meals, or parking expenses. The account appears as the default expense account on timecards using this account set.

When you post a timecard in Project and Job Costing, the program credits any employee expenses to the specified expense account. Posting the timecard in Payroll clears the expense account, leaving the employee expense in the work in progress account.

A cost and expense, contra expense account.
The normal account balance is a credit.

A contra-expense account to which the labor burden related to a contract is credited. (The account balance is normally a credit.)

A contra-expense account to which overhead related to a contract is credited. (The account balance is normally a credit.)
 

This account accumulates the direct costs of labor. When you post a timecard in Project and Job Costing, the program debits Work In Progress and credits Payroll Expense.

Posting the timecard in Payroll debits the Payroll Expense account, leaving the direct labor expenses in Work In Progress.

The revenue account to be credited when you recognize revenue.

For projects that use a percentage complete accounting method, when you recognize revenue, the program credits revenue and debits cost of sales, and debits or credits the work in progress account for the gross profit or loss.

When you recognize revenue for projects using other methods, except for projects that use a percentage complete accounting method, the program creates transactions to debit the billings account and credit the revenue account.

For projects that use the accrual-basis method, revenue is recognized immediately when you post invoices. (The cost of sales account is debited when you post cost or charge transactions.)

This account is the asset control account for standard Project and Job Costing contracts. It accumulates posted costs that have not yet been charged to cost of sales.

Transactions for projects that use the accrual-basis accounting method are posted directly to cost of sales, rather than to work in progress.