Record project payments and expenses
Log money received and money spent against a project and see its profit.
Payments
The Payments tab records money you received for the project.
- Open the project and click Payments, then Add Payment.
- Fill in the Title, Payment Mode, Amount and Currency, plus an optional Description.
- Click Save.
The amount must be more than zero ("Amount must be greater than zero."). The Total Payments card adds up everything recorded.
Expenses
The Expenses tab records money you spent on the project.
- Click Expenses, then Add Expense.
- Fill in the Title, Expense Type (Construction or Purchase), Payment Mode, Amount and Currency, plus an optional Description.
- Click Save.
Four cards summarise the project: Total Expenses, Realized Expenses, Projected Expenses and Profit. Profit is total payments received minus total expenses.
What happens in accounting
When you save a payment or expense, Legasum also posts an entry to your books. A payment is recorded as sales revenue received into cash or bank, tagged to the project's client. An expense is recorded as a general expense paid out of cash or bank.
If you delete a payment or expense (bin icon, then confirm), it disappears from the project and its accounting entry is reversed.
Good to know
- If accounting has not been set up for your company yet, a payment or expense may be saved without an accounting entry. Ask your accountant to complete accounting setup.
- These records are project tracking. To record general company payments, use the Payments area in the main menu.
- Adding needs the edit permission on Projects; deleting needs the delete permission.