Hello,
We are trying to record our project timesheet costs totals for each month on the balance sheet - which is proper accounting method. Projects can span multiple months and we need a way to recognise the value of timesheet costs accurately on the balance sheet at the end of the month - without generating a customer invoice.
Does anyone know how to handle this?
To record project timesheet costs on the balance sheet accurately at the end of each month without generating customer invoices, you can follow these steps:
Create a Timesheet Cost Account: Set up a separate account in your chart of accounts specifically for recording timesheet costs related to projects. This account should be categorized appropriately, such as under expenses or direct costs, depending on your accounting practices.
Configure Analytic Accounting: Enable and configure the Analytic Accounting feature in Odoo. This will allow you to allocate timesheet costs to specific projects and track their financial impact.
Assign Analytic Accounts to Projects: For each project, associate an analytic account. This linkage will help track and accumulate timesheet costs associated with each project.
Record Timesheet Entries: In Odoo's Timesheets module, ensure that timesheet entries are linked to the corresponding projects and analytic accounts. Each timesheet entry should have the appropriate duration and task information.
Configure Monthly Journal Entries: At the end of each month, create a journal entry to record the total timesheet costs for all active projects on the balance sheet. The debit side of the journal entry should reflect the timesheet cost account you created in Step 1, while the credit side can be an appropriate liability or accrual account.
Allocate Costs to Projects: Within the journal entry, allocate the total timesheet costs to the respective analytic accounts associated with each project. This step ensures that the costs are accurately attributed to each project on the balance sheet.
Review and Validate: Review the journal entry to ensure the accuracy of the recorded timesheet costs. Validate the entry before posting it to the general ledger.
Repeat Monthly: Repeat the above steps at the end of each month to record the cumulative timesheet costs for all active projects on the balance sheet accurately.
By following this approach, you can capture and recognize the value of project timesheet costs on the balance sheet without generating customer invoices. It allows for proper accounting treatment and provides visibility into the financial impact of ongoing projects.
Thank you for that awesome explanation. I have a question regarding how to find the cost for the month from the timesheets. Through the app I an see time spent but not cost. Considering each employee has different costs, this would be an huge task.
Ah, found it. Back in Analytic Items, the total amount is there and can be filtered on date. Absolutely awesome. Thank you so much.
Heiy Wombat! You're welcome! It's great to hear that you found a solution that works for your specific situation.
To calculate the cost for the month from the timesheets, you will need to consider the hourly rate or cost associated with each employee. While it may seem like a daunting task with different costs for each employee, you can streamline the process by following these steps:
Determine the hourly rate or cost for each employee: You should have access to the hourly rates or costs associated with each employee in your organization. This information can typically be obtained from the HR or payroll department. If you don't have this information readily available, you may need to consult with the relevant stakeholders to gather the necessary data.
Extract the time spent from the timesheets: Review the timesheets for each employee and extract the total hours worked for the month. This information should be available in the timesheet records or reports generated by the app you are using.
Calculate the cost for each employee: Multiply the total hours worked by the hourly rate or cost for each employee. For example, if an employee worked 100 hours in a month and their hourly rate is $20, the cost would be 100 hours x $20 = $2000.
Sum up the costs for all employees: Once you have calculated the individual costs for each employee, sum up the costs to get the total cost for the month. This will give you an overall view of the expenses incurred based on the timesheets.
By following these steps, you can derive the cost for the month from the timesheets, taking into account the different rates or costs associated with each employee. It may require some initial effort to set up the calculations, but once the process is in place, you should be able to generate cost reports more efficiently.
If you have any further questions or need additional assistance, feel free to ask and Pls Mark as Best Answer.
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If I could trouble you once again, would you mind helping me understand if any additional steps are required when the final invoice is paid? Here is a scenario: we have a single project and book x hours in April and then, using this method, we put it on the balance sheet/PL on 31/4/23. Then, we book y hours on the project and also add that to the balance sheet/PL. Once the job is done, and the invoice is sent out, are we likely to double up here?
I have some more feedback from the team:
To clarify, our bookeeper/accounts is looking to record labour on the Balance Sheet in a WIP account as tasks are undertaken, and then move those labour costs to the P&L as tasks are invoiced. We are using Manufacturing and Field Service modules.
The transaction flow is:
Payroll postings are debited to a Labour Expense Account
As chargeable field services work is undertaken, this same expense account is credited for any labour costs, with a corresponding debit to WIP on the Balance Sheet.
As field services work is invoiced, the WIP accounts is credited, with a corresponding debit to COGs on the P&L
Using an analytic account we can filter on transactions for the month to produce a monthly journal entry to move labour from the expense account to the WIP account. However, we can not find a way to identify the sum of labour costs associated with field services tasks that have been invoiced for the month.
We also undertakes some manufacturing, and here we have the opposite problem. When hours are recorded against work orders, Odoo automatically credits the WIP account with the full cost, including labour, upon completion of the work order. We have an separate account set on the Virtual Location/Production. However, we can not identify the sum of labour costs to debit to the WIP account for work that was undertaken (whether or not the products were completed).