In Projects, the transactions going around the project can be viewed and new transactions can be created as well.
To Edit a transaction, simply click on that particular transaction and a model will open up where the changes could be made.
New Transaction
To make a new transaction, click on ‘New Transaction’. A new modal will open up where the details have to be entered. Add Transaction Type, Against and Description of the transaction. The Date Created and Created By can’t be changed as they are filled by Admin.
The Transaction Types include Change Order, Draw, Materials, Adjustment and Payments. Everything depends on the type of Transaction it is.
Change Order
When the Change Order transaction is selected, Work Order and Change Order fields appear. Select the WO and the amount you wish to change.
Draw
When Draw Transaction is selected, Payment Term and the Invoiced Date has to be chosen. Paid Date, Paid Date Variance will be filled once the project has been invoiced and the project is in the paid state.
Materials
When Material Transaction is selected, fill the Against field and add the description. In some cases, it happens that the vendor asks for advance payments from the clients to purchase the material which they return once they have the cash in hand. If the vendor returns the advance amount then the ‘Refund Material’ is checked and no payments are deducted from the final amount. However, if the vendor does not return it then it is deducted from the final amount.
Adjustment
When the Adjustment transaction is selected, it means that some advance payment is required.
Choose the field against which the Adjustment is required, add CO and description.
Payments
When the Payments transaction is selected, add the payment received date and the description.
The description rows can be added or deleted as required.