Account Types on Accounts

On the account you will find the field Account type. For the calculation of the recognized income to become correct, it is important that accounts linked to projects have the correct account type. We recommend that you select account type on all accounts. The field can be mass updated in the Print Chart of Accounts procedure or per account in the Chart of Accounts procedure.

Account type in the Chart of Accounts procedure.

Please note! Managing advance payments when using the percentage-of-completion method.
We recommend that you record advance payments on projects against the income statement when working with the percentage-of-completion method. The actual calculation of the recognized income takes the coding of the advance payment into consideration, that is, if it is coded on the balance sheet or income statement. If you record the advance payment against a balance account (which we do not recommend), then both the advance payment and recognized income will be displayed as an income on the result and the expected result, as well as in the project summary. In other words, it will be seen as double income as long as the advance payment remains on the balance account. This is something which should be avoided.