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Target Audience: This guide is designed for the finance team, operations personnel, and all stakeholders involved in the system setup. This area can only be accessed with the relevant access level which by default is a person with System Admin access.
A key aspect of managing your Projectworks environment involves configuring the various financial settings. All settings are managed within the admin section of Projectworks, specifically under the options found in the system, finance, and integration sections.
Your Projectworks environment has been set up with default values for all mandatory data fields. You have the flexibility to modify these existing values as necessary and can also add any additional values as required.
This guide outlines a suggested approach for managing your financial configurations. While it is not essential to follow this sequence, following it will help mitigate data dependencies, resulting a more streamlined process.
There are three sections covering
- Essential setup before integrating you accounting system
- Important settings to validate prior to going live
- Optional settings which can be done at any time
Essential Each section includes a link to a dedicated help article that offers comprehensive descriptions.
Notes:
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The financial configuration can be established during the onboarding phase, ensuring that it is fully prepared for the “go-live”. All settings will be preserved.
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All settings are flexible and can be modified at any time. You have the ability to add new options, as well as disable or remove existing ones.
Section 1: Essential setup before integrating you accounting system
It is recommended to complete the setup of GL Codes and Tax Types prior to integrating your accounting system. The preparation means the necessary values are available to establish the links between the two systems. You can add GL Codes and Tax Types at any time, and the update the configuration of the accounting system as needed.
Create GL Codes
Navigation: System > GL Codes
Review and update the GL Codes to ensure the codes that will be used on project budgets, invoices and expenses are available for use. Additional GL Codes can be added and you can update the mappings for the accounting system integration at any time.
Learn about managing GL Codes →
After establishing your GL Codes, the next step is to create and configure your expense claim types, which will be linked to the Operating Expense GL Codes you set up earlier.
Activate Currencies (not needed if operating in a single currency)
Navigation: System > Currencies
Projectworks supports operating in multiple currencies. Your environment has been set up the main currency based on the location of your company. If you operate across multiple countries and/or currencies activate any additional currencies you which to operate in.
Tax Types are linked to currencies so It is beneficial to activate the necessary currencies before adding additional tax types.
Learn about managing Currencies →
Create Tax Types (set up all tax types that are required)
Navigation: System > Tax Types
Once you have activated the relevant currencies, you can set up the necessary tax types to support your accounting rules. For instance, if you operate in both New Zealand and Australia you will need to set up the applicable tax types that apply to NZD and AUD transactions.
Learn about managing Tax Types →
Connect to your Accounting System
Navigation: Integration > Accounting
With the underlying data set up you are well placed to set up the connection to your accounting system, with options for connecting to Xero, QuickBooks Online or MYOB AccountRight.
It is advisable to review general FAQs on managing your accounting system help article which provides a comprehensive list of frequently asked questions.
There are also details guides on how to set up and configure the connections to the accounting system.
Learn about connecting to Xero →
Learn about connecting to QuickBooks Online →
Learn about connecting to MYOB AccountRight →
Note: If you make changes to GL Codes, or tax types in Projectworks you’ll need to review the mappings in your accounting system integration to “link up” the new options.
Section 2: Important settings to validate prior to going live
Before going live with Projectworks, it advisable to review several settings to guarantee a seamless experience. While there is no specific order in which these settings must be completed, it is essential to be thorough in validating that they are configured correctly.
Check the set up of organisations
Navigation: System > Organisation
In Projectworks, organisations serve as the primary data structure, representing "your company." Both projects and people are associated with these organisations and various financial configurations can be established against them. Additionally, you can set up multiple organisations within a single Projectworks environment, effectively mirroring the structure of your company or companies.
Key information that needs to be set up on the organisation includes:
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Organisation name, address and banking details for templates (these flow into invoice templates)
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Default currency, tax type and tax/ABN number (currency and tax defaults are set on new projects)
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Email sender details (used for emails generated from within Projectworks, eg emailing invoices to your customers)
Learn about managing Organisations →
Create Expense Claim Types
Navigation: System > Expense Claim Types
If you plan to record expenses within Projectworks, you can establish a list of predefined expense types for people to select from when logging their expenses. From a financial reporting standpoint, each expense type is linked to a General Ledger (GL) Code. It is beneficial to set up the GL Codes beforehand to ensure a smooth process.
Learn about managing Expense Claim Types →
Establishing these options prior to the go-live date will provide a seamless experience for people as they begin to submit their expenses. Additional expense types can be added at any time.
Setup numbering sequences
Navigation: System > Numbers
A numbering system for invoices, projects, quotes, expenses, and purchase orders can be set up, allowing you to align these with your existing numbering conventions from previous systems or spreadsheets. If preferred you can choose to set up a new sequence or format.
Prior to going live we recommend you update the numbering sequence for invoices to match the next available number from your accounting system. This alignment ensures that when invoices are exported they will continue the invoice numbering.
Learn about setting up Numbering Sequences →
The numbering sequences can be changed at any time - the next number in the applicable sequence will be assigned when creating new invoices etc.
Review expense, invoice and project default settings
Navigation: System Settings > System > Expense Settings / Invoice Settings / Project Defaults
There are settings that can be used to customise and streamline financial settings for expenses and invoices as well as financial defaults for when creating new projects.Expenses can be configured to save time for people entering expenses and reduce double handling due to details being filled in incorrectly on an expense. There are settings for invoices which can help increase accuracy and streamline the invoicing process. Configure default rules for how expenses are treated on projects and how new invoices are structured.
Learn about managing Expense Settings →
Learn about managing Invoice Settings →
Learn about managing Project Defaults →
Review Fiscal Year & Organisation default work hours
Navigation: Settings > Fiscal Year
Some of the reports have the option to show values for a certain fiscal year. To drive this you need to enter the first month of your Fiscal Year (January if a 31 December year end, April for a 31 March year end etc). this can be changed at any time and will just adjust the preset parameters in the FY option on date filters in reports.
The standard working hours and days of the week can also be configured. These settings will be used by default when setting up a new person - you always have the option to customise the work days and hours per person.
Learn about managing Hours, Days, Weeks and Years →
Edit Invoice, Invoice Breakdown, Quote and Purchase Order Templates
Navigation: System > Templates
Templates can be set up to control the presentation of invoices, invoice breakdown reports and purchase orders. The templates are Microsoft Word documents that are uploaded and used to generate PDFs which can be sent to customers. While the structure and content of the templates is different, the process for managing them is the same for each of the entities.
Learn about managing Templates →
Prior to going live we recommend you ensure you have your templates set up and tested to ensure the details are correct and the presentation is as needed.
Section 3: Optional settings which can be done at any time
Additional financial settings and controls are available for your use. These options are entirely optional and can be set up and adopted whenever you choose.
Review Month Locking Feature
Navigation: Finance > Month Locking
Many organisations have established financial controls corresponding with calendar months. The month-locking feature allows specific calendar months to be locked, preventing the addition or modification of invoices, timesheets, and new expenses for that month.
Setup organisation revenue budgets
Navigation: System > Budget Types & Finance > Budgets
Your organisation may want to set up revenue budgets and monitor the progress against them throughout the year. This allows you to compare the amounts that are invoiced (or forecast to be invoiced) against one or more budgets that have been set.
Learn about Using Organisation Revenue Budgets and maintaining them →
Setting up budgets is a two step process; the first is to create the types of budget you want (eg baseline, stretch goal etc) and then enter the revenue target amount for each month on each budget you want to track.