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doc: project accounting examples

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Simon Michael 2017-12-21 15:46:10 -08:00
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@ -81,7 +81,8 @@ A growing collection of tutorials, how-tos and discussion of general topics.
### Journal entries
[Example journal entries](entries.html)\
[Basic journal entries](entries.html)\
[Project accounting](project-accounting.html)\
### Data entry/import

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# Project accounting
Some ways to track small business/freelancer activity - orders, budgets, invoices, payments..
## Accrual method
Revenue is declared when work is performed:
```journal
; budget:* - virtual accounts tracking what customers have committed
; to pay for various things. Should not go below 0.
2017/10/30 Order from CUSTOMER (order id)
(budget:CUSTOMER:PROJECT_ID:pos1) 1000
(budget:CUSTOMER:PROJECT_ID:pos2) 3000
; some work was done on pos1 and pos2, invoice for it.
; Using accrual accounting method
; (revenue is declared when work is done, ~= when invoiced)
2017/10/31 Invoice (invoice id) - (PROJECT_ID)
(budget:CUSTOMER:PROJECT_ID:pos1) -500 ; update project budget
(budget:CUSTOMER:PROJECT_ID:pos2) -1000
assets:receivable:CUSTOMER:PROJECT_ID:pos1 500
assets:receivable:CUSTOMER:PROJECT_ID:pos2 1000
revenues:CUSTOMER
(liabilities:tax:federal) -150 ; note tax due, eg 15% of revenue
; a customer payment is received
2017/11/15 Payment for INVOICE_ID
assets:receivable:CUSTOMER:PROJECT_ID:pos1 -500
assets:receivable:CUSTOMER:PROJECT_ID:pos2 -1000
assets:bank:checking
; make a tax payment
2018/4/15 Pay taxes due from 2017
liabilities:tax:federal 5000
assets:bank:checking
```
## Cash method
Revenue is declared when payment is received:
```journal
2017/10/30 Order from CUSTOMER (order id)
(budget:CUSTOMER:PROJECT_ID:pos1) 1000
(budget:CUSTOMER:PROJECT_ID:pos2) 3000
; record an invoice sent. Not a real transaction in cash accounting,
; but we can balance it with the project budget as shown:
2017/10/31 Invoice (invoice id) - (PROJECT_ID)
budget:CUSTOMER:PROJECT_ID:pos1 -500
assets:receivable:CUSTOMER:PROJECT_ID:pos1 500
budget:CUSTOMER:PROJECT_ID:pos2 -1000
assets:receivable:CUSTOMER:PROJECT_ID:pos2 1000
; receive payment. Cash basis, so revenue declared here.
2017/11/15 Payment for INVOICE_ID
(assets:receivable:CUSTOMER:PROJECT_ID:pos1) -500
(assets:receivable:CUSTOMER:PROJECT_ID:pos2) -1000
revenues:CUSTOMER -1500
(liabilities:tax:federal) -150 ; note tax due, eg 15% of revenue
assets:bank:checking
; make a tax payment
2018/4/15 Pay taxes due from 2017
liabilities:tax:federal 5000
assets:bank:checking
```