Welcome to Orgzit's Project Profit/Loss and expense management solution. Let me help you get started with managing your projects and expenses in Orgzit. This involves learning how Orgzit works and entering your own projects and expenses data and viewing the expense reports. It takes less than 5 minutes to complete this.
Step 1 of 7: Overview of your screen
Your screen should be looking something like the above screenshot right now. You are currently in the “Project PnL and expense management” workspace.
Each tab in this workspace is known as a “Table” and you are currently in the “Projects” table.
The records in this screen represent projects.
You should be able to see a small number of dummy projects for a construction company, only to help you get started.
The projects have data associated with them which you can see in the columns (known as fields in Orgzit).
Now, let’s jump into creating and managing the expenses of a project.
Step 2 of 7: Let’s create a project
a. Close to the top right corner of your screen, you will see a button called "+Project".
b. Clicking on this button will open a popup with a form for creating a project.
c. On the new project form, you need to fill the data in the respective fields. Some of these fields can be filled from the dropdown menu available against the field.
For eg: The field called "Project Manager" is a dropdown field that lets you select from a list of existing users in the workspace.
d. Fields with a red star next to them are required fields. Be sure to fill them or else you will get an error.
e. Click on the "Create" button to create the project.
f. Congratulations! You have created your first project in Orgzit and are now on your way towards streamlining Project Profit/Loss for your business.
Step 3 of 7: Let’s add project revenue
a. Let’s view the complete details of the project you just created. You can do this clicking on the arrow button that appears to the left of each Project.
b. You should be able to see a popup with the full project details, looking like the below screenshot.
c. Scroll down this popup and you will see a blue button “New Project Revenue” in “related apps section”.
d. Clicking on "+New Project Revenue" button will open a popup where you can enter the revenue details.
e. After entering the revenue information, click on “Create” button. A record will be added in the “Project revenue” table.
f. Note that every project has a field named "Project Pnl" which represents the overall profitability of a project. The field is updated automatically when a revenue is added or when an expense is approved.
Step 4 of 7: Let’s create an expense docket
An Expense Docket represents a group of expenses for a specific purpose. For instance, if you took a trip to California for visiting the client, you could create an expense docket with the description "Trip to California for visiting Client".
a. Switch to the "Expense Dockets" table by clicking on the tab named “11-Expense Dockets”.
b. Close to the top right corner of your screen, you will see a button called "+Expense docket".
c.Clicking on this button will open a popup with a form for creating an expense docket.
d. On the form, you need to fill the data in the respective fields. Some of these fields can be filled from the dropdown menu available against the field.
For eg. The field called "Project" which lists the existing projects.
e. Let me explain you the purpose of the field "Type of Transaction" field.
Paid by Employee
These are the expenses paid by the employee from his own funds. For such expenses, the employee should receive a reimbursements from the company.
Paid by Company Account
These are expenses that have been paid using the company's funds. That is, any expense paid by the company account and not the employee’s personal account. Such expenses do not have to be reimbursed by the company to the employee.
f. The "Project" is also an important field that deserves a description. All expenses entered in the system are associated with one project. This is irrespective of the type of transaction.
By associating expenses with a project, the system is able track all the expenses for each of the projects. This can be used to compute the Profit/Loss summary of the project.
g. Click on the "Create" button to create the expense docket.
Bonus Tip: Expense Dockets have limited access. That is, a user cannot view all expense dockets. Expense dockets are viewable only to the person who has submitted the expense docket. Management & Account users can view all expense dockets.
Step 5 of 7: Let’s add expense items under expense dockets
a. Let’s view the complete details of the expense docket you just created.
You can do this clicking on the double arrow button that appears in the beginning of the row for each expense docket.
b. You should be able to see a popup with the complete expense docket details. It should look similar to the below screenshot.
c. Scroll down the popup and you will see a section named “Related Apps". This section lists the child records for this expense docket.
d. You should see a blue button named “+ New expense item”.
e. Clicking on this button will open a popup where you can fill the expense item's details.
f. After feeding the data, click on the “Create” button. A record will be added in the “Expense items” table.
g. There can be several expense items under one expense docket. So, feel free to add multiple expense items.
Awesome! You have created an expense docket. To keep things brief here, we have a separate article covering the complete expense docket process. Kindly refer this article for the complete expense docket process details.
Step 6 of 7: Let’s view reports about project's revenues & expenses
Your Orgzit Project Profit/Loss and Expense management solution comes with several useful reports.
There are many reports available at your disposal in the Reports panel, two most popular reports are listed below:
- Total Revenue Earned By Project
- Total Expenses Incurred By Project
To view the reports, follow the steps:
a. Switch to the "Projects" table by clicking on the tab named “02-Projects”.
b. Click on the "Reports" button, appearing on the top-right side of the screen.
c. A reports panel will pop out from the right listing all the reports available for the current table.
d. Look for the report named “Total Revenue Earned By Project" and click on it. This will show you a report with a breakdown of your revenue by project.
e. Repeat the previous step run the report named “Total Expenses Incurred By Project”. This will show you a report with a breakdown of your expenses by project.
f. Feel free to explore the other reports available. I’m sure you will find many of them useful for managing your Project Profit/Loss and Expenses.
Congratulations! You've completed an end-to-end example of how to manage project revenues and expenses in Orgzit.
Step 7 of 7: Orgzit way of Project Expense management
Do you every find yourself wishing for the following?
- I wish I knew how much a project costed
- I wish I could eliminate paperwork for employee expense processing
- I wish it took less time to do employee expense processing
- I wish I could easily find past expense and payout information
- I wish I could analyze my project revenues & expenses in different ways
With the Orgzit Project Profit/Loss and Expense Management solution, you can now easily achieve the above things and more.
What you've seen in this guide is only a beginning and there's a lot more you can do with Orgzit. Want to learn more?
Use the button below to schedule a meeting with an Orgzit business solutions expert. Our clients tell us that just a 30 mins discussion has uncovered thousands of dollars worth of business efficiencies for them.