In the 17 years I’ve worked with Great Plains, I’ve received more questions about
Project Accounting allows you to keep track of revenues and expenses for a specific project, job, drug, or other work subcategory of your company. It also allows you to group projects together and report on the grouping. Reporting includes both actual and budget figures.
Some of the questions I ask when trying to decide whether Project Accounting is needed include:
- Do you need to post employees’ time against projects?
- Do you need to post employee expenses against projects?
- Do you need flexibility in billing for the projects?
- Do you take retainers and apply those to work as it’s performed?
- Do you have retainage?
- Do you need to track WIP?
If your answer to any of those questions is “yes”, it’s likely you should take a closer look at Microsoft Dynamics GP Project Accounting.
Other bullets about Project Accounting:
- Each project can be set up as Time and Materials, Fixed Fee or Cost Plus
- GL accounting can be based on combinations of factors and can be masked for specific projects. For instance, if you have a department segment in your chart of accounts, costs can grab the main account segment from the setup of a cost category (budget line item) but grab the department segment from the project itself.
- Costs can have a set overhead percentage added automatically for some or all costs
- Costs can have a markup percentage added automatically for billing purposes or can be billed at a specific unit price. Other choices are also available.
- You do not have to bill out for a project. You can use PA or a specific project only to accumulate costs if you wish.
- PA interfaces directly with Purchase Order Processing (POP), flowing non-inventory costs directly into the project upon receiving.
There are many, many more great features in Project Accounting. Hopefully the above information gives you a better overall understanding of what the module is designed to do.
At Intelligent Technologies, Inc., we have several people on staff to
Beth Hodge, Microsoft Business Management Solutions Professional