Versa Cloud ERP Project Management: How to create a project

This is a guide on the Versa Cloud ERP Project Management module shows users how to create a project, and also the various features included in the project management module.

What is Project?

A project is a collaborative undertaking planned by the business to achieve a particular goal with the use of resources or individual resources.

Versa Cloud ERP Project Management: How to Create a Project

In Versa, you can create a project to track your spending and revenue for a project. Users will create a new project from the Projects>All Projects menu. A user can define estimated revenue and expense for a project if you want to compare actual vs estimates. You can also enter the estimated starting date and finish date.

The project has statuses that you can update as the project is progressing. The possible statutes are Scheduled Pending Start, In Process, Completed, Hold, and Cancelled.

A project can be referenced in Bill Item, Invoice Item, Sales Order Item, or Purchase Order Item. Make sure the project list is visible for each of the item forms by turning on ‘Show Link To Project’ in Setup, UI/Feature Settings, Bills/Invoice/Sales Order.

Once the project is created, when you create a new transaction in Versa, you can link a line to the project.

To see all the related transactions for a project, you will go to the Projects menu and find the project under All Projects. All the related transactions will be listed under Revenue or Expense. The system calculates a profit based on the revenue and expense totals.

If you have already created a transaction but forgot to link it to a project, you can use the “link more transactions to project” area from the bottom of the project page to find the missed transactions and link them to the project.

When a project is finished, you can update the project to mark it as completed and enter the finish date.

Let us go over the features of the Versa Cloud ERP Project Management module.

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Versa Cloud ERP Project Management: Project, Timesheet, and Resources

Timesheet

Timesheet is a premium module that your subscription plan might not support. Contact sales to get it added to your subscription.

You would define resources (formally called team members) to track hours spent on Projects, Production Builds, or Work Orders. A resource can be an actual person who does work, or estimated hours to spend on projects, production builds, and work orders. Or a resource can be a piece of equipment you use in a work order or production builds.

Project Roles

A resource would have roles in a project. This is for informational purposes only.

Create as many roles as needed or just create one role for all.

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Creating a Resource

Manage your resources from the Manufacturing menu, Resources. Click on New Resource. A resource member can have a resource role of a human or a machine. Fill in the address if needed. There are some GL accounts associated with resources that are used to track expenses mostly.

Labor Cost: Debited GL Account

This is the GL account to use when timesheet costs are posted to the GL. You cannot set this as this always defaults to the GL accounts for the actual project, product build, or work order. It will be a Work in Progress (WIP) account created for the project typically.

Labour Cost: Credited GL Account

This is the credit GL account to use when timesheet costs are posted to the GL. It is generally a liability or expense GL account

If you are going to pay for the expense later in cases when this cost will be paid via internal payroll, or external supplier bill payment, use a liability account(Expense to be paid for projects as a GL for example). This liability balance is cleared when the cost related to the timesheet is invoiced on a sales invoice to the customer for reimbursements or paid out as part of paying the supplier on bills or internal payroll. You would need to make sure to use this liability account when you record the payroll, pay the supplier bills, or create invoice for customers.

If you are going to do anything with the costs on timesheets later, you can use an expense account. This means any hours recorded on the timesheet will be posted as an expense right away.

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Labour Revenue: Debited GL Account (optional)

This is the GL account to use when timesheet costs are posted to the GL and booked as un-invoiced billable time. Only used when the timesheet hours are marked as billable in Work Order or Production Build. Typically, this will be an asset account used to track billable amounts from timesheets that are due to be invoiced back to customers.

When you create the actual invoice to recuperate the hours, this GL account should be used to clear any pending un-invoiced billable time.

Labour Revenue: Credited GL Account (optional)

This is the credit GL account to use when timesheet costs are posted to the GL and booked as revenue. Only used when the timesheet hours are marked as billable in Work Order.

This would be the case when the incurred cost on timesheets are billed back to the customers.

Assign Resource

Once a resource is created, you can assign them to Projects, Production Build, and Work Orders. Timesheets for resources can be recorded against projects, production builds, and work orders.

Recording Timesheets

New timesheets can be created from the Projects menu, New Timesheet. Enter the date, the resource, and the hours, if the hours are billable, and a project. You can record hours from multiple days in a separate timesheet row. Timesheets can also be recorded in a production build or a work order.