Negative amounts are displaying on the Project Report
- The software is designed to use income ("I" type of accounts) and expense accounts ("E" type of accounts) for the Project Report.
- If a project is coded to an account type other than an I or an E, this can result in negative amounts listed on the report.
- A workaround may be used which applies the project to an expense or income account without changing the balance of that account and resulting in positive amounts listing on the project report.
- If the workaround may not be implemented because the bill or deposit transactions are no longer editable, remove the project code from the Liability or Asset line in the transaction, and create a Journal Entry on the same date as the original transaction that follows the same principle of the workaround shown below.
- On line 1 of the bill or deposit, use the asset or liability account.
- Add two line items (lines 2 & 3) to the transaction using the same "wash" account for both lines; use a wash expense account for lines 2 & 3 of a bill and a wash income account for lines 2 & 3 of a deposit.
- On line 2, use the wash account, enter a positive amount, and include the Project Code.
- On line 3, use the wash account, a negative amount, and leave the Project field blank.
In the example below, bill 1834 uses a liability account as the offset account. The wash expense account is used on lines 2 & 3 to ensure the project is correctly updated. Only the wash expense line with the positive amount includes the project code.
The same process is used for deposits except the wash account type would be an "I" (income).
The following Project Report shows three different transactions: two of which were done correctly and one that was not done correctly.
- For bill 1824, the correct process was not followed and a Liability Account was assigned a project code. This resulted in a negative amount listed on the project report.
- For deposit 362 and bill 1834, the correct process was followed. Wash accounts were used and the positive amount was used to add the project code. The report shows the amount as a positive number for both of these transactions, each under their proper section (Revenue/Cost).