Budget control, Actual costs and Revenue and Cost recognition
Create a project code of the job.
Create unlimited job codes for each project.
Create unlimited budget codes to control expenses and compare with the estimates ones for each job.
Record estimated costs such as raw materials, job overheads, and costs from sub-contractors for each job.
Control the quantities and amount of purchase of each budget with Purchase Order.
Create a Voucher to record actual costs and journal entries in the General Ledger system.
Create invoice to collect money from customers according to the contract.
Record the cash retention deducted from the customer. Prepare retainage invoices when that retention is due for payment.
Recognition of revenue and cost by either Percentage of completion method or Job Completion method or Accrual Basis method.