Project Accounting - Am I Doing It Right??

[datavet]

Hello!

I have spent much time reading the forum on how to accomplish accounting for
projects. I would like to ask if I am proposing to do this correctly using
GnuCash.

This is what I understand:

If I have two project I would like to track, I would need to create accounts
for each project. So, for example, I would have:

Project One (P1)

P1 Inventories
P1 Inventories: Land held for development
P1 Inventories: Property held for remodeling

P1 Work in Progress
P1 Work in Progress: Land and land development
P1 Work in Progress: Accumulated allocations, land, and land development
costs

++++++++

Project Two (P2)

P2 Inventories
P2 Inventories: Land held for development
P2 Inventories: Property held for remodeling

P2 Work in Progress
P2 Work in Progress: Land and land development
P2 Work in Progress: Accumulated allocations, land, and land development
costs

Is this the correct way to accomplish job costing in GnuCash? Would this
allow me to preform separate P&L reports on each project?

Thank you very much for any guidance or suggestions.

Kate---



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