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

Service Sales

Product Sales

Other Income

Project A Expenses

Installation Charges

Transportation Expense

Raw Material Purchase

Project B Income

Service Sales

Product Sales

Other Income

Project B Expense

Installation Charges

Transportation Expense

Raw Material Purchase

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

Project A Income

Project A Expenses

Project B Income

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 -

Service Sales Account

Product Sales Account

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: 08/04/2025