A project is a temporary or non-repetitive attempt that utilizes various resources to achieve a clear and unique objective such as a product or service, within a defined period, scope, and requirement. After a project is created, you can create a budget for the project based on the relevant budget scenario. Once a budget is created, you can allocate it to the child project, periods, items, or resources.
In order to perform the work that needs to be done in a project, tasks need to be created. Tasks can be manually created or automatically generated when creating certain orders or requests. Initially, all tasks are not planned to any resource unless a resource is specified in an order or request line. In order to control the available capacity and to compare the planning with realizations, the tasks have to be planned to resources.
During the course of a project, you need to register the actual time and materials spent on the project. The project or resource manager verifies and authorizes the realizations daily or weekly to ensure that the entries are correct. If you have created a purchase journal entry, the entry needs to be verified and authorized too. After authorizing the realizations or purchase journal entries, you need to generate sales or purchase invoices respectively. Invoicing can be done during the course of a project or after the completion of the project. Once generated, the sales invoices created based on both the sales orders and purchase invoices can be grouped under the same project. Next, you need to authorize, print, and process the invoice. When the budget (planning) costs are equal to the actual revenue (realizations), the project is ready to be completed. The revenues will be recorded in the Financial section in the Basics tab of a project maintenance screen.
The processes involved when generating sales invoices are:
The processes involved when generating purchase invoices are: