About project transactions

You can also use project transactions for tracking budget costs and revenue directly without updating general ledger.

You create project transactions manually if you need to directly capture project costs without updating the general ledger. The transactions created for a project update the actual values of the project budget with the incurred expenses that you may need in one of the following cases:

• To control the amount of money spent on the project against the budgeted values
• To invoice the customer for the incurred expenses
• To control the project profitability

You create general ledger transactions manually for a project if you need to directly capture project costs without creating original documents (such as invoices, purchase orders, or time activities).

Creation of project transactions

You can create a project transaction directly in the Project transactions (PM304000) window. When you specify the debit account and credit account for the project transaction and release the transaction, the system creates the general ledger transactions in the Journal transactions (GL301000) window, based on whether the amount of the project transaction is positive or negative.

If you specify no debit and credit accounts for a project transaction in the Project transactions (PM304000) window or specify only the debit account, on the release of the transaction, the system does not generate the corresponding general ledger transaction.