Project Billing Instructional Guide - Unanet Technologies

Debits and Credits
This section provides a brief guide
how credits and debits are handled in
Unanet for assets income and
liabilities. The table shows how debits
and credits increase or reduce assets
liabilities and income.
The sign with which the charge will be included in the reports is dictated by
the combination of the Credit/Debit designation and the account type (Asset,
Liability, or Income).
In Unanet, the Accounts are mapped as follows:
Billing transactions (Billed & Unbilled) -> Asset
Revenue transactions (Deferred & Recognized) -> Income
Tax -> Liability
When a charge is posted to a journal, two journal transactions are generated
in order to “hit” both sides, the debit and the credit.
For example:
Let’s say we wanted to bill a $200 labor charge with a $10 tax, and $5
discount, where discount is expected to be billed and recognized as
regular labor. Following are the entries generated in the Unanet
General Journal:
Date Account Debit Credit [Amount]
1/1/2010
(Post dt)
Post(billing) – labor charge
Unbilled (asset) $200 200
Deferred Revenue (liability) $200 200
1/1/2010
(Post dt)
1/2/2010
(Invoice dt)
1/2/2010
(Invoice dt)
1/2/2010
(Invoice dt)
Post(billing) – labor charge
Deferred Revenue (liability) $200 -200
Recognized Revenue (liability) $200 200
Invoice – labor charge
Unbilled (asset) $200 -200
Billed (asset) $200 200
Invoice - tax
Billed $10 10
Tax (liability) $10 10
Invoice - discount
Billed $5 -5
Discount (liability) $5 -5
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Copyright © 2011 Unanet Technologies