Accounts

PowerHub's Accounts section allows you to do some basic financial record keeping for your Projects and Portfolios. While not intended as a complete replacement for full-fledged accounting solutions, PowerHub's Accounts feature is ideal for logging pertinent financial information and tracking project-related transactions across numerous accounts.

 

Transactions are used to enter and record various debits and credits associated with specific financial accounts. They're entered via the journal and recorded within account ledgers.

 

Keep in mind that each account you create functions as an expense account, meaning debits increase account balances and credits decrease them.

 

This article will also discuss:

  1. Adding an Account
  2. Journal
  3. Interacting with Accounts

 

 

Adding an Account

 

To add a new account, head to the Accounts section of the Project, Portfolio, or Workspace you want to add to. Then, use the Image_2019-01-15_at_11.06.22_AM.png Add New button to get started.

 

 

Image_2019-01-22_at_1.10.14_PM.png

 

 

To get an account up and running, you only have to give it a name and Key (marked with *). You can also write a description and assign it a reference ID (used by the system like an account number).

 

 

Image_2019-01-22_at_1.15.43_PM.png

 

 

When your happy with these settings, click Save & Close to finalize the account.

 

 

Journal

 

An account isn't much without transactions, and that's where the Journal comes in. Use it to enter individual transactions across your accounts.

 

  

Image_2019-01-22_at_2.16.19_PM.png

You'll want to start with the Journal module of the Accounts section.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Then, click the Add New Image_2019-01-22_at_2.23.06_PM.png button to create a new transaction.

 

 

Image_2019-01-22_at_2.24.19_PM.png

 

 

 

To save the transaction, you must enter a transaction date, description, and assign it to an account. While not mandatory, you'll probably want to enter the debit or credit amount at this stage as well (remember that debits increase account balances and credits decrease them).

 

 

Image_2019-01-22_at_2.35.12_PM.png

 

 

You can use the Image_2019-01-22_at_2.23.06_PM.png Add New Account button to add additional account entries if the transaction applies to more than one account.

 

Finally, click the Save or Save & Close button to complete the Transaction.

 

 

Interacting with Accounts

 

Once you've started entering transactions, you can interact with your accounts in a few different ways.

 

The Image_2019-01-22_at_1.24.25_PM.png Ledger serves as a record of transactions for a given project account.

 

 

Image_2019-01-22_at_1.26.12_PM.png

 

 

Each account utilizes a distinct ledger to display transaction history. If we look at the ledger from the same account used to demonstrate a transaction earlier, our entry is displayed with an overall balance reflecting the sum of all transactions. 

 

 

Image_2019-01-22_at_2.45.45_PM.png

 

 

The Transaction ID link (a blue number in the image above) ties the ledger line item to its corresponding Journal entry.

 

 

 

 

 

 

 

 

 

 

 

Image_2019-01-22_at_2.48.08_PM.png

 

 

 

 

 

The Edit .png.png menu allows you to make changes to all of the options you had setting up the account, except for the Key which must remain the same.

 

You can also use the Image_2019-01-22_at_3.07.25_PM.png More Actions button for access to Image_2019-01-22_at_3.04.59_PM.png Print and Image_2019-01-22_at_3.06.36_PM.png Export options.

 

 

Image_2019-01-22_at_3.01.54_PM.png

 

 

The Image_2019-01-22_at_3.19.32_PM.png Export and Image_2019-01-22_at_3.20.27_PM.png Print processes are very similar. Each displays same information and export options, but presents that information in a printer friendly layout for the print option.

 

Tip: use the grey arrow at the top left of the export screen to get back to your Accounts if you want to switch between the Export and Print layouts.

 

 

Image_2019-01-22_at_3.14.01_PM.png

 

 --

 

If you need further assistance, please submit a Ticket or contact your Customer Success Specialist directly.

 

 

Was this article helpful?

Comments

0 comments

Please sign in to leave a comment.