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