Description: InFocus categorizes project management amounts through the Chart of Accounts. It accomplishes this by using two major properties assigned at the account level. These two properties are Metrics and Project Management Types (PM Types).
In-Focus currently tracks the following metrics:
| • | Cost - This covers both Labor and Non-Labor Expense. However, in the case of project management reporting, labor costs come from time sheets, not the general ledger. This is the only exception in metrics. One reason for this exception is that labor costs posted to the general ledger are done at a project level, not an employee level. The second reason is, that by using time sheets, multiple valuations (pay, job cost and bill rates) can be used. |
| • | Billed Revenue - Revenue from actual invoicing. |
| • | Unbilled Revenue - Earned revenue. |
| • | Retainage - Monies held back during invoicing until project completion. |
| • | Retainer - Monies received up front prior to project work. |
| • | Bad Debt - Revenue write offs. |
| • | Late Charge - Late charges for unpaid invoices. |
The first four metrics listed (Cost,Billed Revenue,Unbilled Revenue and WIP) can be subdivided into four PM types:
| 1) | Labor - Employee and sub-contractor time. Sub-contractors are defined as non-W2 employees who enter time sheets and are billed out like employees. |
| 2) | Out-of-Contract Consultants (OCC) - Consultants whose invoices are passed to project billing, potentially with a markup and for reimbursement. |
| 3) | In-Contract Consultants (ICC) - Consultants whose invoices are not passed to project for reimbursement. Instead, their fee is buried inside the fixed fee for a project. |
| 4) | Other Direct Charges (ODC) - All non-consultant and non-labor charges to a project. |
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