How to Record Journal Entries for Project-wise/Product-wise Income & Expenses?

If you want to maintain journal entries for different products or projects separately, you can do that with the help of Account Groups.

Let’s say you are running two different projects - Project A and Project B, and you want to maintain separate income/expense records for each as detailed below:

Project A Income

1. Service Sales

2. Product Sales

3. Other Income

Project A Expenses

1. Installation Charges

2. Transportation Expense

3. Raw Material Purchase

Project B Income

1. Service Sales

2. Product Sales

3. Other Income

Project B Expense

1. Installation Charges

2. Transportation Expense

3. Raw Material Purchase

For this, you will have to create different Account Groups such as -

1. Project A Income

2. Project A Expenses

3. Project B Income

4. Project B Expenses

For example, to record my Project A Income, I have created an Account Group named Project A under Account Type “Income”:

Similarly, I will create a different Account Group for Expenses.

Once the Account Groups are created, you will need to create separate Accounts under each Account Group, such as -

1. Service Sales Account

2. Product Sales Account

3. Other Income Account

For example. I have created a new Account for Service Sales under Project A Income Account Group:

Similarly, you can start creating different Accounts linked to a particular Account Group.

That's it! If you still have questions, please drop an email at care@refrens.com OR message us on live chat support for quick assistance!

Learn more about creating Account Groups >

Learn more about creating Accounts >

Learn more about Advanced Accounting on Refrens >

Updated on: 10/07/2025