Production Accounting of Film and TV projects entails the accounting of all costs related to the project. This includes all supplier spends, petty cash receipts, payroll costs and statutory charges.
A commissioning party / funder will agree to and sign off on a Production budget for the Producer to then spend against. This budget is detailed by function and costs must be spent within those functions, if overspent/underspent on a function category, a variance needs to be explained.