Hi, 

Projects can be a big topic.   I see projects as two different flavors, purely finance project and project management. 

To keep it simple, it’s easiest to start with a purely finance project.   Once you have a code part with project accounting function, you then set up a project group. The project group contains a default project type that drives the accounting effects.  We have a few different types.  Given what you're asking, I would recommend a project type of no cap.  

With no cap, we don’t manage the accounting effects. In other words, we don’t manage the capitalization / reposting.  

With a cap rev / expense, the project expense is capitalized (moved to CIP and when the project is completed the CIP is revered and reposted (for example expense or FA). That happens automatically. 

After you create a project group, set the group active. 

Now create the financial project. 

To use a financial project, do a journal entry (voucher) to an account string, but also include the project ID.  This concept is system wide, meaning different transactions, from different sources can include that project ID. 

Then after you get the basics down, then consider the real benefits of project accounting where we manage the accounting effects and can manage the revenue recognition process. But that’s optional and should be looked at after the basics are known.

It’s far easier than you may think. Then again, I’ve these many times.  Probably for every client I’ve had.

Best regards, 

Thomas

Thank you for your in-depth answer to help get me started. I will start to take a look shortly at setting this up as you have suggested. Your prompt that you gave me in another message helped sort my issue so am hoping with this bit of knowledge i can get it set up quite quickly