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Any help on this would be really appreciated.
Any help on this please?
The salary is sent to GL and charge payroll account XXXXX
When you import the employee time to Projects, you will distribute the expenditures. Verify you set up the auto accounting rules so the project labor costs will debit the project cost account on GL and credit the payroll account XXXXX.
At the end of each period you will see that the employee salary was allocated to the projects.
If the labor rate you use are not accurate, you will see that payroll account XXXXX is not totally offset. Remaining balance of account XXXXX has not been absorbed in project costs. Depending on the significance of the residuals, you may consider updating the labor rate and recosting.
Really appreciate your response on this.
Thanks a ton !!!
I will get back to you if need furhter understanding on this topic.
Another woraround is to use Same account for Credit and Debit from Projects for labor cost. So no accounting impact from project.