PSA Actuals - Time & Materials
The Actuals created as standard against a Time & Material and Fixed Price project is the key thing to understand when implementing PSA.
You need to understand this before thinking about Adjustments, Project reporting or Integration. This post is going to look specifically at Time and Materials for Time and Expense entries. The First set of Actuals are created against the Project and Project Contract on approval of a time or expense entry. The time entry is for 2 hours and approved as Chargeable.
An expense is also entered as Chargeable and approved; note the expense below has a £16.67 Sales Price and £3.33 Sales Tax Amount with the total expense value of £20.
Once approved, the following image shows the Actuals created.
Important things to note:
As this is T&M, for every entry a Cost and Unbilled Sale is created.
Expense is split into 4 Actuals as the tax value against the expense recorded is split into its own Actuals lines, with its own transaction class.
Document Date is the Date the Time or expense entry relates to, not the create date or approval date.
This is not an out of the box view against a project or project contract for Actuals. I have added the column for Billing Status ID; this field is important to understand, as it is sometimes populated and other times not, and the status changes depending on the scenario. We can see in the screen shot above all of our Cost Actuals have the status 'Unbilled Sale Created'.
Price & Amount fields. The expense in this scenario is to on-charge the cost as the sales price and there is no uplift, hence the Cost Actuals and Unbilled sales Actual are the same value. However, the time entry has a difference in the values for Cost versus Unbilled Sale. The cost and sales value is based on cost and sale value recorded on the price list (associated to the Project Contract) for the role against which the time entry was made, in this case 'Landscape Contractor'.
For T&M, the next logical step in the process is to generate an invoice.
Confirm Invoice Actuals
Generating an Invoice does not make any changes in the Actuals. It is only once the invoice is set to Confirm that new Actuals will be created.
The following shows the Actuals created against the time entry on confirmation of the invoice.
Important things to note:
Two new Actuals are created: a billed Sales and an Unbilled Sales negating the value of the original unbilled sale. The second screen shot (immediately above) highlights in yellow the negative value of the hours and the sales value.
The unbilled sale entry before we invoiced had no Billing Status ID; both entries now have a status - Customer Invoice Posted.
Cost Actual does not change, and remains the same.
Positive billed sales actual is created for the value that was against the unbilled sale.
Images below show the Expense Actuals.
The new actuals created are in the red box, and the Billed Sales are highlighted yellow.
The final step in billing is to indicate the Invoice as Paid.
Indicating the invoice as Paid has no impact on the actuals.
Next, I will post about Fixed Price Actuals and Invoice Corrections/Adjustment Actuals.