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Project Turnovers

Project Turnovers is a financial report in AccountingSuite designed to provide an overview of financial activity and financial data associated with Project/Job.

The report provides a comprehensive view of a project across three main categories:

  1. Income / Expenses – Income, Expenses, Profit, Profit margin % and Hours;
  2. Cash Flow – Incoming, Outgoing and Net Cash Flow;
  3. Others – Liabilities, Assets, and Other financial values associated with the project.

Please note:

The columns in the reports are based on the account category type. Income and Expenses are specific account category types. In addition, there are other types such as Assets, Liabilities, Cash, and Other.

Therefore, not every money movement is Income or Expense.

For example, Goods / Products belong to the Assets category, not Expenses. Therefore, their amounts will not be shown in the Expenses section.

Also, the Debit/Credit side alone does not determine whether something is Income or Expense. The account category type should be used to interpret the data correctly.

When analysing amounts by Subcategory, keep in mind that the amounts may belong to different account category types. Amounts that are not classified as Income or Expenses can be reviewed under the corresponding category, such as Other, Assets, Liabilities, or Cash.

This structure allows users to review the project’s financial performance, cash movements, and other relevant financial information in one place. Within each category, the data is presented through Opening Balance, Turnover, and Closing Balance, allowing users to review the opening position, activity during the reporting period, and the resulting closing position.

Project Turnovers is primarily intended for financial monitoring, analysis, and reporting of Jobs/Projects, providing a structured overview of Project Income, Expenses, Profitability, Cash flow and Other related financial values. The report is intended as a financial overview of recorded project activity and is not designed for Plan vs. Actual analysis, project budgeting, or advanced KPI-based project controlling, such information can be found in the Project Financial report.

The report provides the Show Only Active Projects option, which is enabled by selecting the checkbox. When this option is enabled, the report displays only active projects, while inactive projects are omitted from the view. This option allows users to focus on projects that are currently in progress and relevant for analysis, thereby simplifying the overview and improving the readability of the report.

  • Project Details
    • Type (Project / Job.Type): The type of the project that defines its primary category.
    • Class (Project / Job.Class): The project class used for additional classification.
    • Department (Project / Job.Department): The department to which the project belongs.
    • Start Date (Project / Job.Start date): The date when the project started.
    • End Date (Project / Job.End date): The date when the project was completed or is planned to be completed.
    • Completed % (Project / Job.Percent Completd): The percentage indicating how much of the project has been completed.
    • Stage (Project / Job.Stage): The current stage of the project.
    • Project / Job.Group Type: The group type to which the project belongs.
  • Income/Expenses
    • Opening balance
      • Income (Opening Income): The opening balance of income associated with the project at the beginning of the selected period.
      • Expense (Opening Expense): The opening balance of expenses associated with the project at the beginning of the selected period.
      • Profit (Opening Profit): The opening profit balance, calculated as the difference between opening income and opening expenses.
      • Profit margin % (Opening Profit margin): The profit margin calculated based on the opening income and expenses.
      • Hours (Opening Hours): The opening balance of total hours recorded for the project.
    • Turnover
      • Income (Income): Income generated by the project during the selected period.
      • Expense (Expense): Expenses incurred by the project during the selected period.
      • Profit (Profit): Profit generated during the selected period, calculated as the difference between income and expenses.
      • Profit margin % (Profit margin): The profit margin generated during the selected period, expressed as a percentage.
      • Hours (Hours): The number of hours recorded for the project during the selected period.
    • Closing balance
      • Income (Closing Income): The closing income balance, calculated as the opening income plus income generated during the selected period.
      • Expense (Closing Expense): The closing expense balance, calculated as the opening expenses plus expenses incurred during the selected period.
      • Profit (Closing Profit): The closing profit balance, calculated as the opening profit plus profit generated during the selected period.
      • Profit margin % (Closing Profit margin): The profit margin calculated based on the closing income and closing expenses.
      • Hours (Closing Hours): The closing balance of total hours, calculated as the opening hours plus hours recorded during the selected period.
  • Cash Flow
    • Opening balance
      • Incoming (Opening Cash flow): The opening balance of cash inflows associated with the project at the beginning of the selected period.
      • Outgoing (Opening Cash flow): The opening balance of cash outflows associated with the project at the beginning of the selected period.
      • Net Cash Flow (Opening Net Cash flow): The opening net cash flow, calculated as the difference between opening cash inflows and cash outflows.
    • Turnover
      • Incoming (Cash flow Incoming): Cash inflows associated with the project during the selected period.
      • Outgoing (Cash flow Outgoing): Cash outflows associated with the project during the selected period.
      • Net Cash Flow (Net Cash flow): The net cash flow during the selected period, calculated as the difference between cash inflows and cash outflows.
    • Closing balance
      • Incoming (Closing Cash flow): The closing balance of cash inflows, calculated as the opening cash inflows plus cash inflows during the selected period.
      • Outgoing (Closing Cash flow): The closing balance of cash outflows, calculated as the opening cash outflows plus cash outflows during the selected period.
      • Net Cash Flow (Closing Net flow): The closing net cash flow, calculated as the opening net cash flow plus the net cash flow during the selected period.
  • Others
    • Opening balance
      • Liabilities (Opening Liabilities): The opening balance of liabilities associated with the project at the beginning of the selected period.
      • Assets (Opening Assets): The opening balance of assets associated with the project at the beginning of the selected period.
      • Other (Opening Other (Assets-Liabilities)): The opening balance of the difference between assets and liabilities at the beginning of the selected period.
    • Turnover
      • Liabilities (Liabilities): The change in liabilities associated with the project during the selected period.
      • Assets (Assets): The change in assets associated with the project during the selected period.
      • Other (Other (Assets-Liabilities)): The change in the difference between assets and liabilities during the selected period.
    • Closing balance:
      • Liabilities (Closing Liabilities): The closing balance of liabilities, calculated as the opening liabilities plus the change in liabilities during the selected period.
      • Assets (Closing Assets): The closing balance of assets, calculated as the opening assets plus the change in assets during the selected period.
      • Other (Closing Other (Assets-Liabilities)): The closing balance of the difference between assets and liabilities, calculated as the opening balance plus the change during the selected period.

The Project Turnovers report displays summarized amounts for each project, by double-clicking a specific amount or field in the report, it is possible to open the corresponding Project Transaction document, providing direct access to the detailed transaction that contributed to the displayed value.

How to Enter Project Opening Balances #

To enter opening balances for a Project/Job through the Journal Entry module, follow these steps:

Step 1: Create the Opening Balance Journal Entry

  1. Navigate to Accounting → Journal Entries and click Create New. Use Import from File to create lines from Excel file.
  2. Set the date to the opening balance date (e.g., the start of the period you are migrating from).
  3. Enter the project-related opening balances using the appropriate Income or Expense accounts. The Journal Entry should follow standard double-entry format:
    • For a project Income opening balance: Debit the Opening Balance Equity account, Credit the specific Income account linked to the project.
    • For a project Expense opening balance: Debit the specific Expense account linked to the project, Credit the Opening Balance Equity account.
  4. Attach <Project> Extra Dimension to each line. This ensures the amounts are captured by the Project Turnovers report.
  5. Save and post the Journal Entry.

Important: The accounts used must have the account category type of Income or Expense. Amounts posted to other category types (Assets, Liabilities, Cash, Other) will not appear in the Opening balance for Income/Expenses section of the Project Turnovers report.

Step 2: Close the Opening Balance to the Balance Account

If the Income and Expense amounts you entered as opening balances have already been closed into Profit in a previous system (i.e., they should not affect the current period’s profit and loss), you must offset them so they do not carry forward as active Income/Expense.

Use the Closing Income and Expenses operation to achieve this:

  1. Navigate to Accounting → Closing Income/Expenses.
  2. Click Create and set the date (typically the same date as the opening balance entry or the period-end date).
  3. The system will automatically close the Income and Expense accounts to the Income Summary and Expense Summary accounts (or directly to Retained Earnings, depending on your configuration).
  4. Save and post the document.
  5. Check the Retained Earnings account amount after, and correct with the Opening Balance Equity account.

Result: The Income and Expense accounts linked to the project will be reset to zero, while the opening balance remains recorded in the Opening Balance account (a balance sheet account). This ensures the Project Turnovers report shows the correct opening balance for Income/Expenses without the already-closed amounts affecting the current period’s P&L.

Summary of the Correct Sequence:

StepActionPurpose
1Journal Entry with Project dimensionEnter opening Income/Expense balances by project
2Closing Income and ExpensesClose those Income/Expense accounts to offset the opening balances (if already closed to Profit historically)

This approach ensures the opening balance appears in the Project Turnovers report for the selected period, while the Income/Expense accounts are properly cleared for the new accounting cycle.

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