Project Based Accounting

Project based accounting is managing expenses and incomes at a project level. This feature on Uhasibu generates management reports that managers can use when it comes to project planning.

You need to first create projects on your Uhasibu account before you can be able to register any expenses or incomes.



Setting up projects

To set up your projects, click the ‘Settings’ tab and on your left hand side, click the ‘ Projects’ link. This should then take you to the ‘Projects’ page where you can start creating your different projects. Click the ‘New Project’ button and proceed to give your project a name then ‘Save’. You can repeat this procedure until you have all of your different projects set.

Registering expenses

To register an expenses under a project, click the ‘Bookkeeping’ tab and then click the ‘New posting’ button. Using an expense receipt from an expense incurred in this project, proceed to fill out the details under the 'Cash expense' drop down. Fill out the date, amount paid, then select the account where you paid from (this should reflect the account where money came from to pay for the item you purchased), proceed to select the correct ‘Expense account’ by clicking the search icon to view the list of available accounts, then select the correct VAT code for the item purchased and finally, the project where this expense belongs to. Here, you can now see the project you created to begin with. Select it then give the expense a description and save the changes.

The transaction is saved as part of “Draft Postings”. You can commit it to the books by clicking the “green tick” icon, you can edit it by clicking the “pencil” icon or you can delete it. You want to commit it so it can be reflected in your books. This transaction that you have just registered will enter into your books in general but it will also affect this project’s report when you eventually generate your project report.

Creating an invoice

To create an invoice under a project, click ‘Sales’, go to ‘Client list’ and select whichever client you want to invoice. Click the "eye icon" to view this client then proceed to fill out the description for this particular sale. Indicate the cost of sale and then add it to the list of things to be invoiced if you have a list. Select the invoice line and proceed to click the 'Create Proforma', 'Create Invoice', or 'Create Quote' button depending on which one you are intending to create. Once you have selected one you will be brought another page where you are meant to confirm the details of your invoice. This is where you can indicate under which of your existing projects your invoice belongs to. At the bottom of the page, click on the drop down and select the project you want. Finish of by clicking the 'Confirm and Create' invoice button.

The income generated from this invoice will eventually end up in your general books but it will also affect the reporting of the project that you indicated it belongs to.

Project employees

You can also have the "cost" of employees employed only to work on a particular project being registered on the specific project's reporting. To do this, click the “Payroll” tab, proceed to “Employee list”, click 'New employee' button or edit one of the existing ones (if you have some already registered into your account). At the bottom of the page, click the drop down and select which project you want this employee’s cost to be reflected in and save the changes.

When doing your reporting, the cost of this employee will also be indicated in the project that you have just selected.

Generating reports

Finally, the whole point of doing all this, is so that you can be able get a report based on particular projects. To do this click “Reports” tab. The report we are targeting here is the P&L (profit and loss statement) which shows you your expenses versus your incomes and ideally whether you are making or losing money. In this particular case, we are looking to see the expenses versus the incomes of a particular project.

Select a project from the drop down menu then proceed to select the calendar period of the project whose P&L statement you want to see. You can choose whether to include accounts with 0 balances and/or create a summary report and click “View”. Your report should then be generated showing you all the expenses incured and income generated within that particular project.