Project tracking is great for businesses that want to see the profitability of client or supplier projects. This feature is already enabled in your TrulySmall account and can be located in the blue listing on the left-hand side of the page.
The main page lists all projects you have created and sorts them automatically by most recent activity. You can also sort projects by status (Active, Completed).
This page also displays Net Income totals for each project as a helpful insight on profitability.
Add a New Project
From the Projects page, click the ‘+Add Project’ button.
A window will pop up to add the Project Name, and any details (optional). You can also set a budgeted cost for each project to keep track of your expenses and margins.
Click the ‘Save’ button to add the project to the system. You can add in as many projects as needed.
View Individual Projects
When you select a project from the main list, you will see all related transactions and six key metrics that provide a summary on revenue, costs, net income, estimates, unpaid invoices and unpaid bills.
The following quick actions are available:
Profit & Loss: This takes you directly to the Profit and Loss report for this specific project. It displays all associated income, expenses, and balances.
Mark Completed: This marks the project as completed and will hide it from the project list when creating new income and expense transactions
Edit Project: This lets you modify the project name, description, currency and budgeted cost targets that will be compared with actual costs.
Note: The "Dashboard" page includes a "Your Projects" section that highlights the top 5 active projects, ranked by income.
Tracking Income and Expenses
Once you have a project set up, it's easy to track income and expenses associated with it.
Here's an example of entering for Invoices
An example of entering from the Bills to Pay page
Project Reports
Once you've entered income and expenses associated with a project, you can report on this in two ways:
Profit and Loss Report
Projects page
Profit and Loss Report
To get a summary of the income and expenses associated with a particular project, go to the Profit and Loss report page. From there, use the Filter by Project field to select the project you wish to report on to view summary of the income and expenses associated with the project.
Projects page
More detailed reporting on a project can be found on the Projects page. You can see a breakdown of all the individual invoices and bills associated with the project, and click on them to view additional details.
Special Notes:
The bulk edit feature can be used to add projects to multiple ‘like’ transactions when all the selected items are of the same transaction type.
A project will display the main client’s name (if applicable) and activity date range, which is useful for job costing and reporting specific start and end dates.